Geopacific Resources says it is three months ahead of schedule, after a third drill arrived at the Woodlark Gold Project site, in Milne Bay, before Christmas.
Managing Director, Ron Heeks, said it was their intention to have three rigs up and running before Christmas and they have achieved this.
The third drill rig, a Reverse Circulation (RC) Rig, began drilling at the Kulamadau area, and joins two diamond rigs that have been drilling for two weeks.
Geopacific Resources says the Kulumadau area has 8.6 million tons of inferred mineralization, which contains 375,000 ounces of gold, available for conversion into Measured and Indicated categories.
The company says the diamond rigs are making good progress at the Busai area, with 667 metres drilled to date. The first drill samples from Busai were scheduled to leave the Island on December 22nd, for assaying in Australia.
The three rigs will deliver a development drilling program aimed at converting sufficient inferred mineralization into the Measured and Indicated categories, which, when combined with improved economics, may enable its inclusion into reserves.
“Development momentum at Woodlark is building and we have a steady flow of drilling, metallurgical and engineering results to look forward to in the New Year,” said Hess.
Geopacific’s reserve target of 1.2 million ounces is expected to make the project viable and attractive to project financiers.
Achieving the target by spending up to $8 million will earn Geopacific 51 percent of Woodlark.