Significant movement has been recorded in share prices of Geopacific Resources, operators of the Woodlark Gold Mine in Milne Bay.
This follows the release of its new research note titled ‘Breathing new life into Woodlark’.
The research note, prepared by Petra Capital, an Australian institutional stockbroking firm, is advising potential investors to buy shares in the project given positive developments on the mine.
This is due to a resource base of 2.1 million ounces of gold, upside to base case (financial) valuation, and significant exploration potential, which may underpin a larger project.
GPR is listed on the Australian Stock Exchange (ASX) with the current share price standing at AUD$0.039 (9 toea). The research note highlights a Target Price of AUD$0.10 (22 toea). It has a total of 1,152 million shares.
The company has a market capitalisation of AUD$39.3 million (K88 million), and a valuation (company’s worth) of AUD$170 million (K380 million).
GPR also has a monthly turnover of AUD$400,000 (K897,000).
The company began drilling at Busai and then Kulumadau early last month, with results from the drilling expected soon.
GPR says the woodlark mine is one of the last multi-million ounce, permitted, unmined gold projects in the world.