Woodlark attractive

GEOPACIFIC Resources has updated the exploration potential of its Woodlark gold project on Woodlark Island, about 600km east of Port Moresby, Papua New Guinea.
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The Woodlark resource is 45.1 million tonnes at 1.5 grams per tonne gold for 2.12 million ounces. That includes 800,000 ounces inferred.

Recently completed geological modelling and geophysics have been added to the geological "arsenal" at Woodlark.

A recent $15 million placement has given funds to enable Geopacific to finalise and deliver a plan to achieve a 1.2 million ounce target gold reserve and earn 51% of Woodlark.

At the moment the project is owned 100% by Kula Gold.

Geopacific managing director Ron Heeks said Woodlark already had more than 2 million ounces, situated in just a couple of areas.

"Current deposits have only been tested to shallow depths and mineralisation along strike remains open in most areas," he said.

"The potential at depth and along strike, combined with the extensive potential in new areas makes it easy to see why we believe that increasing current resources is achievable."

In the short-term Geopacific's main focus is to progress Woodlark by defining a development plan that will allow the company to define the target reserve.

Work so far has highlighted substantial potential at all deposits in surrounding areas and across the wider project.

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