Geopacific is focused on developing and expanding the +1Moz Woodlark Gold Project, which is located on an island in the Milne Bay Province of Papua New Guinea.
Woodlark’s Definitive Feasibility Study was released on 7 November 2018 and demonstrates a compelling development option, both from a technical and financial perspective. Feasibility is driven by low costs, a positive operating environment and a simple processing route. The Study was completed by Lycopodium Pty Ltd and the full Executive Summary is available here.
Woodlark is situated in the ‘pacific rim of fire’ and surrounded by world-class gold mines. Two neighbouring mines, also located on islands, are Newcrest’s Lihir at 66 million ounces of gold and St Barbara’s Simberi at 6 million ounces.
Geopacific inherited over $150 million in historic spend on Woodlark, which included a wealth of drilling data from over 275,000 metres of drilling.
Geopacific’s team has undertaken a rigorous process of review, validation and reinterpretation of geological data to create a robust view on existing resources.
Woodlark’s existing deposits, drilling successes, historic mining pedigree and numerous encouraging exploration targets provide confidence in the gold prospectivity of the island.
Woodlark Island is approximately 70km long and 20km wide and the exploration potential is apparent, given the limited exploration undertaken to date. Exploration licences (red outline in below image) cover a significant proportion of the lsland. Exploration has focussed around the areas close to existing deposits on the mining licence (yellow outline). Significant gold intersections from historic drilling outside the resource area are marked with yellow labels.