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Geopacific Resources Ltd.
Summary
| Project: | Woodlark | |
|---|---|---|
| Deposit: | Busai | |
| Location: | Papua New Guinea | |
| Commodities: | Gold | |
| Date: | 1/26/2017 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 26-1-2017: Geopacific Resources Ltd. announces an Exploration/Drilling Update report for its Busai deposit at the Woodlark project. JV with Kula Gold Ltd. - Drilling results incl. 2.9m @ 8.87g/tAu from 1.1m . The Board of Geopacific Resources Ltd (Geopaci | |
| Resources: | (Resource, Total): 45.1Mt @ 1.5g/t Au for 2.12Moz Au (0.5g/t cut-off) at project | |
| CP/QP: | [Overall Report]: Jim Kerr (Internal) | |
| ABSTRACT: | The Board of Geopacific Resources Ltd (Geopacific) is pleased to provide its initial development drilling results from the Busai deposit, at the Woodlark Gold Project (Woodlark). Assay results for the first two diamond holes confirm Geopacific’s revised geological interpretation of the structural control of the Busai mineralisation. These results also confirm the broad widths and grade of previous drilling, providing excellent guidance for delineating additional Resources within and adjacent to the current pit design. This confirmation provides confidence to Geopacific’s aim of delineating a 1.2-million-ounce gold Reserve target. One rig continues to drill at Busai, with the other two rigs now targeting the higher-grade Kulumadau deposit, where most of the Reserve inventory is expected to originate from. Geopacific’s initial announcement (released 4 August 2016) on the development plan for Busai detailed that Geopacific was targeting Inferred mineralisation with development drilling to convert it to Measured and Indicated (M&I) categories in conjunction with revised operational expenses (OpEx). Click on this link to read the original announcement on Geopacific’s website. These results demonstrate the potential for Geopacific to deliver this target in accordance with the development plan. The cross section below clearly demonstrates that existing pit designs do not capture all the available mineralisation. The mineralisation surrounding the current pit designs is largely excluded because it is in the Inferred Resource category and requires infill drilling. In this cross section the base of the current pit design is quite shallow at approximately 65 metres from surface. The wide pit base indicates that the pit ended because there was insufficient suitable mineralisation available to allow economics to push it deeper. The new drilling results demonstrate that wide zones of mineralisation do exist and that extending the pit deeper on these zones should be possible. | |
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