A view of the bay from the Busai deposit – shows flat topography of Woodlark Island and the protected natural harbour
Geopacific is an emerging producer, focussed on developing the multi-million-ounce Woodlark Gold Project, which is located on an island in the Milne Bay Province of Papua New Guinea.
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.
Woodlark Island is situated in the ‘pacific rim of fire’ and surrounded by world-class gold mines.
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.
Geopacific will release resource and reserve estimates in Q1 2018 and follow that with a definitive feasibility study. The aim is to present Woodlark as a robust and attractive project to potential financiers, several of which are already top 20 shareholders.
Woodlark’s existing deposits, recent drilling successes, historic mining pedigree and numerous encouraging exploration targets provide confidence in the gold prospectivity of the island. A process to start assessing the regional potential of the island has already begun.
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.