The recently completed $40 million entitlement offer at Geopacific’s Woodlark gold project will be put to use advancing and unlocking the site’s potential.
Geopacific has planned for 30,000m of RC and diamond drilling to extend Woodlark’s known gold mineralisation and test new targets.
PNG-based drilling company Quest Exploration Drilling has been selected as the preferred drill contractor.
“Significant underlying value and upside potential exists at Woodlark,” Geopacific chief executive officer James Fox said.
“With funding for an extensive exploration and project development work program now in place, the team is working hard to deliver on a series of key objectives, including commencing a 30,000m drill program and the completion of a project definitive feasibility study by the end of the calendar year.”
Drilling is set to commence in May, with earthmoving equipment and fuel supplies locked in for shipping to Woodlark during March. High-priority zones, including Little Mackenzie, Wayai Creek and Boscalo North, will also be advanced.
“We are keen to assess the impact of the materially higher gold price and ensure the engineering design appropriately considers throughput flexibility to maximise project returns,” Fox said.
“We look forward to updating the market as the project activities progress.”
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