Geopacific Resources’ Woodlark gold project is set to be supported by a $40 million entitlement offer to boost production and growth.
Proceeds from the offer will primarily be used on a planned 30,000m drilling program to extend gold mineralisation and test new targets.
It is hoped the drilling will help to increase the current 1.67 million ounces of gold mineral resource at the site.
Geopacific chief executive officer James Fox said the company had identified several high-priority exploration targets.
“Over the next 18 months, a comprehensive near-mine and regional exploration drill program comprising approximately 5000 metres of trenching, and 30,000 metres of RC and diamond drilling will test for extensions to known, high-grade, near-surface mineralisation, generating strong news-flow and share price catalysts along the way,” he said.
“The recent study confirmed that the project is forecast to generate strong returns for its stakeholders over a long-life operation, highlighting the potential financial benefits of further resource growth.”
Once drilling has commenced, Geopacific will update its definitive feasibility study (DFS) for Woodlark to consider any new mineral resources and technical improvements.
The company will also recommence front-end engineering and design, and documentation.
“We look forward to continuing to engage and work with all our stakeholders including the Woodlark community, the PNG Government and our strategic partners to deliver an updated DFS by the end of 2025,” Fox aid.
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