Geopacific has upped the mineral resource for its Woodlark gold project which now stands at 1.67 million ounces (Moz).
The new mineral resource is an increase of 103,000oz and stems from the completion and interpretation of historic drilling at two satellite gold deposits, Great Northern and Wayai Creek.
Both deposits are found within existing mineralised camps, with all project mineral resources broadly associated with outcropping volcanics.
“This latest increase in mineral resources follows the recent scoping study that demonstrates the project is capable of generating strong financial returns for its stakeholders over a long-life operation,” Geopacific chief executive officer James Fox said.
“The addition of new gold resources at Great Northern and Wayai Creek highlights the potential to enhance the overall project value at Woodlark.”
Geopacific is now progressing a new drilling campaign to target extensions in known, high-grade, near-surface mineralisation.
“Various technical and environmental studies to support the project development are well underway, and planning for a new drill campaign is being progressed to target extensions to known, high-grade, near-surface mineralisation with substantial resource growth potential,” Fox said.
“We look forward to continuing to identify and progress opportunities to de-risk and advance the project.”
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