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Geopacific Resources Ltd.
Summary
| Project: | Woodlark | |
|---|---|---|
| Deposit: | Busai | |
| Location: | Papua New Guinea | |
| Commodities: | Gold | |
| Date: | 1/31/2017 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 31-1-2017: 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. 22m @ 1.98g/t Au from 126m. The Board of Geopacific Resources Ltd (Geopacif | |
| Resources: | (Resource, Total): 37.2Mt @ 1.5g/t Au for 1.82Moz Au (0.5g/t cut-off) at Woodlark | |
| CP/QP: | [Overall Report]: Jim Kerr (Internal) | |
| ABSTRACT: | The Board of Geopacific Resources Ltd (Geopacific) is pleased to provide the second set of assay results from development drilling at the Busai deposit, at the Woodlark Gold Project (Woodlark). Assay results for these diamond holes are encouraging. The results build on those released last week, confirming the potential to extend the current pit designs to capture additional mineralisation surrounding the south-west area of the Busai Main deposit. Confirmation of the re-evaluated geological model and the broad bands of continuous grade mineralisation in these holes demonstrate that significant tonnes could be added to the model which gives confidence in Geopacific’s aim of delineating a 1.2-million-ounce gold Reserve target. Geopacific Managing Director Ron Heeks said “We are pleased with these results. It is very encouraging to see such strong, wide gold intersections below the current pit design. The potential to increases tonnes and ounces while reducing the stripping ratio is obvious, which gives additional confidence to our plan to increase the current Reserve inventory at Busai.” Mineralisation beneath the current Busai pit design is currently excluded from the Reserve calculations because it is largely in the Inferred category and requires infill drilling. Geopacific aims to re-categorise Inferred Resources into Measured and Indicated (M&I) through this current programme of drilling, with the intent of increasing the Reserve inventory. | |
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