Special Report: Geopacific Resources is on target to realise the significant potential contained within its Woodlark Gold Project, with an expected extension to its current 1.56Moz resource estimate and revised scoping study due for release in June.
Detailed exploration assessment work by Geopacific (ASX:GPR) has identified priority drill targets at its 100% owned Woodlark development project in Papua New Guinea where key licences are already in place and plant engineering is at more than 90%.
The company also continues to refine exploration plans with gold and multi-element (ME) assays pending on soil samples taken from outcropping volcanics holding potential for new gold deposits.
The upcoming new mineral resource estimates at Great Northern and Wayai Creek will be followed by drill planning at another priority target area, Little MacKenzie, where a considerable surface gold footprint of up to 1 km strike extent, and supported by open gold intercepts has been mapped.
Just last month the Company highlighted historical intercepts at Wayai Creek that returned 5m at a whopping 16.69 grams per tonne (g/t) gold from just 14m while Great Northern yielded 18m at 4.40g/t gold from 22m.
Porphyry style
The style of gold mineralisation at Woodlark is commonly associated with large scale porphyry copper-gold deposits, which host some of the world’s largest reservoirs of gold.
Woodlark is on 529km2 of highly prospective Woodlark Island, where the company is the only explorer/miner. Currently more than 90% of Woodlark’s existing resource is already in the higher confidence measured and indicated categories.
Growth prospect
“We are focused on the significant growth potential of the 1.56Moz gold resource at Woodlark and have been conducting further assessment of the integrated geological database from multiple previous owners of the project,” chief executive officer James Fox said.
“The combination of recent and historic data has delivered a better understanding of the high-grade component of the Woodlark system and has also directed new fieldwork which has identified the potential for near-surface gold mineral resources at Great Northern, Wayai Creek, and Little MacKenzie.
We will advance these prospects, and work towards delivering an updated Project Study mid-year to reflect the Project de-risking outcomes and increased resource inventory.”
What’s next
Geopacific has now sent off the final batch of 1,283 soil samples from Woodlark for full gold and ME analysis. When returned, those results will be used to identify targets with the potential to host new gold deposits.
The company’s exploration team has also mapped extensive alteration at Boscalo North, Great Northern, plus Bains and Bains South areas, with sample assay results expected from next month.
Field mapping will also continue over the next three months across favourable areas with the aim of validating existing data and supporting more testing through trenching prior to drilling.
Building its data base
Bains and Bains South had not been previously mapped in detail but were judged worthy of further assessment given recently identified anomalous gold and ME in soil signatures, along with extensive alteration at those locations.
Geopacific has been growing its geological database from new and historical information, including building a drillhole database from 1,908 drillholes for an extensive 248,556 metres over the past 18 months.
Historical surface sampling across Woodlark Island dates back as far as the 1960s. Various compilations of the surface geochemistry have been attempted over the years, but as yet no complete integrated database has existed. This is something Geopacific is now rectifying, with a focus on capturing new and digitising historical data.
Expert consultants Intrepid Geophysics and SensOre have been engaged to help the in-house exploration team with the large-scale assessment process. This will use a range of methods including remodelling geophysics and incorporating the surface geochemistry, to identify new or blind or buried targets.
Location of exploration target areas of focus at Woodlark (Updated May ‘24).
This article was developed in collaboration with Geopacific Resources, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
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