The Company has a dominant and strategic tenement holding across the highly prospective Woodlark Island and there are significant resource extension and step-out growth opportunities. There has been limited recent exploration outside of the resource areas adding to growth potential.
In 2022, the Company completed 23km of resource infill, extension and exploration drilling which improved confidence in high-grade areas and identified new zones of mineralisation adjacent to the existing deposits.
The updated the Mineral Resource in December 2022 improved confidence in the resource with 94% in the Measured and Indicated categories and delivered valuable data to re-optimise the Woodlark development plan.
In addition, the community relocation project opened up new sites which enabled the drilling of a largely untested area adjacent to the Kulumadau deposit.
Evaluation of the updated Mineral Resource and historical studies has highlighted the potential to further optimise the project. The majority of the potential value of the project is contained in the higher-grade portion of the Mineral Resource and the high-grade focus aligns with the exploration strategy.