Geopacific Resources Limited

Mine operator, Geopacific Resources Limited, when announcing its optimization–focused work program, revealed how power consumption has been determined as the single largest cost driver.

The company says they now are now focused on optimizing areas of the Project that may yield reductions in power consumption.

Metallurgical testwork is being carried out on areas most likely to provide opportunities. These are considered to be the grinding and pumping circuits in the processing plant.

Mine operators Geopacific Resources Limited announced in a statement that many technical aspects of the mine have been investigated in detail and consequently, work is centered on assessing optimisation opportunities.

They include modular construction techniques; refining the processing plant flow sheet and technology.

Geopacific says considerable effort is being applied to optimising mining with areas of interest, including optimal mine design, refining grade-scheduling to shorten the capital paycheck period and equipment selection.

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.

This Earn-in arrangement with Kula Gold Limited is to acquire up to 80 per cent of the Woodlark Gold Project.

Kula retains a 95 per cent share following Geopacific’s entitlement to a 5% share on the election to proceed to the second tranche of the agreement and the execution of the formal agreements.

“The agreements are complete and we are delivering our development plan for Woodlark as promised. This is another step in the right direction of moving Woodlark aling the path to production,” says Geopacific Managing Director, Ron Heeks,

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 Board of Geopacific announced on Dec 1, that drilling is now underway to allow for the company to deliver a 1.2 million ounce gold reserve.

This is expected to make the project sufficiently viable to be attractive to project financiers.

Managing Director Ron Heeks says “the drill rigs have arrived on site to begin development drilling, as we initially indicated. Drilling begins at the Busai area, follows shortly after that at the Kulumadau area.”