Voltaic has acquired a 4.2 per cent shareholding in Geopacific Resources, with the Woodlark gold project a main drawcard.
The investment will see Voltaic become more involved in the 1.67 million ounces (Moz) Woodlark project.
“The company is very comfortable to make this strategic investment alongside a major fund (Deutsche Balaton/Delphi Group) and gold mine operator (Patronus) who share the view that Woodlark has significant upside and is well progressed along the development timeline,” Voltaic chairman Daniel Raihani said.
“After considerable efforts to identify a stand-alone mature exploration project, an investment in Geopacific places Voltaic as a strategic investor in a project that meets the company’s previous search criteria.”
Voltaic’s investment in Woodlark comes just one month after Geopacific’s $40 million entitlement announcement.
Proceeds from the offer will primarily be used on a planned 30,000m drilling program at the site.
Now, with the drilling locked in and Voltaic’s investment secured, Geopacific is aiming to increase the 1.67Moz resource, something Voltaic is looking forward to seeing.
“Voltaic will retain cash reserves of $2.5 million following the completion of its investment in Geopacific,” Raihani said.
“These funds may be allocated to other investment opportunities or used to support ongoing exploration activities on its current tenements in Australia which are all currently under review.”
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