Geopacific Resources Limited has reported first assay results from the 15,000m drill program on the Woodlark Gold Project, PNG.
The first hole at the Busai deposit reported a number of high grade intercepts within a broader zone of 92m at 1 grams per tonne (g/t) from surface.
Further, gold mineralisation has been intersected below the base of the previous Busai open pit design, indicating the potential to extend the depth of the pit (currently only 65m) and significantly add to reserves.
The company says these infill and extensional opportunities are abundant at Woodlark, with three drill rigs to continue generating results over the coming months.
Geopacific continues to target a 1.2 million ounces resource (Moz) reserve at Woodlark to earn a 51 per cent interest within 2 years, with 80 per cent achieved upon completion of BFS and project financing.
We continue to like Woodlark, with a 2.1Moz, 0.77 thousand ounces (koz) open pittable reserve at 2.2g/t, free-milling metallurgy and abundant free dig potential.
Geopacific says the 1.2Moz reserve target looks achievable with ongoing drilling focused on upgrading the 800koz of inferred resources sitting adjacent or within open pit designs.