Special Report: As gold prices reach new highs, Geopacific Resources has identified more priority drilling targets with strong potential to bolster the existing 1.56Moz Woodlark Resource.
While key licences are already in place and plant engineering is at more than 90% at Woodlark, Geopacific (ASX:GPR) is doing continued exploration targeting to underpin the Resource update and revised Feasibility Study set for release in mid-CY2024.
And with prices of the yellow metal forecast to continue rising amid expected rate cuts later this year and ongoing geopolitical uncertainty, GPR is well poised to join the ranks of Australian-based goldies benefitting from renewed interest in the traditional store of wealth.
Near-surface resource potential
The fresh target zones found via detailed exploration assessments and field work at the PNG project are close to current resources, and the known mineralisation in each remains open and largely untested.
Numerous near-surface intercepts from Great Northern that support a potentially higher resource grade include 20m at 4.39 grams per tonne (g/t) of gold from 40m and 18m at 4.40 g/t gold from only 22m.
Highlights from Wayai Creek include 5m at a whopping 16.69g/t gold from 14m and 8m at 2.63g/t gold from 16m.
GPR has also uncovered a large mineralised surface spanning up to 1km at Little MacKenzie, strategically positioned along the Woodlark King Mining area’s strike.
In the Bains (and south) areas surface mapping has revealed promising alterations, with channel samples already collected and awaiting analysis. Data compilation efforts are well underway and anticipated to wrap up by the end of this month.
Geopacific CEO James Fox said: “Following on from the recently completed geological review which highlights the growth potential of the 1.56Moz gold resource at Woodlark, further assessment of the integrated geological database and new fieldwork has identified 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 feasibility mid-year to reflect the project de-risking outcomes, increased resource inventory, and strong gold price environment.”
Porphyry-style prospect
The Woodlark project spans 529sqkm of the highly prospective Woodlark Island, and Geopacific is the only explorer/miner in the region.
The style of gold mineralisation at Woodlark is commonly associated with large scale porphyry copper-gold deposits.
Currently more than 90% of the existing resource is already in the higher confidence measured and indicated categories.
With the aim of growing the resource and building further confidence in it, the exploration team has been focussed on capturing new data, and digitising historic data, to support the key elements of the targeting process.
Next steps
Over the next three months field mapping will continue over identified priority areas, with each of these having the potential to host economic gold mineralisation.
At the same time soils collected last year are being scanned with a pXRF and anomalous samples will be dispatched for gold and multi-element analysis.
Drill chips over Woodlark prospective targets will then be scanned with pXRF to provide improved mineral chemistry from outside of the known deposits which will provide vectors to blind or buried mineralisation.
The 2014 heliborne magnetic survey will be re-processed, and surface geochemistry reviewed to generate new surface and/or buried targets that have not been previously recognised.
Gold in soils results will be available late this month from the original 2018 soils sample sieved rejects.
Pic supplied (GPR)
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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