Geopacific Resources Limited (ASX: GPR) (Geopacific, the Company) is pleased to report an increase in Mineral Resources at its 100 per-cent owned Woodlark Gold Project in Papua New Guinea (Woodlark, the Project.
The increase comes from two surface satellite gold deposits, Great Northern and Wayai Creek (MREs).
Both are hosted within existing mineralised camps; Great Northern to the northeast of Kulumadau, and Wayai Creek southwest of Woodlark King. All the Project mineral resources are broadly associated with outcropping volcanics and contained within the boundaries of ML508. The MREs were estimated on behalf of the Company by independent consultants, MHGEO, and reported in accordance with the JORC Code (2012) using a lower cutoff of 0.4 g/t Au. A summary of the MREs by the Competent Persons and JORC Table 1 were also prepared and form part of this ASX announcement.
The cut-off grade used is consistent with the assumed open pit mining method, and with the Company's recently reported Woodlark Scoping Study (Study), that confirms the technical and financial merits of the Project, which is forecast to generate strong operating margins and significant free cash flow over 12-years. The new MREs at Great Northern and Wayai Creek were not assessed as part of the Study and therefore provide the potential for additional upside.
Geopacific CEO James Fox said: 'This latest increase in mineral resources follows the recent Scoping Study that demonstrates the Project is capable of generating strong financial returns for its stakeholders over a long-life operation. The addition of new gold resources at Great Northern and Wayai Creek, highlights the potential to enhance the overall project value at Woodlark.
Total Woodlark Mineral Resource Estimate The total Woodlark MRE, including the new MREs and the previously updated and higher-grade mineral resource at the Kulumadau gold deposit5 , now hosts 48.3 Mt at 1.07 g/t Au for 1.67 Moz Au, a breakdown by classification is outlined. No new estimates were undertaken for existing gold deposits at Kulumadau, Busai, Woodlark King, and Munasi, these are included in this report to show the Woodlark MRE. The new MREs impact the Woodlark MRE by increasing the contained tonnes and gold by approximately 6%. Approximately 87.6% of the Woodlark MRE is in the higher confidence Measured and Indicated categories, with the new MREs at Great Northern and Wayai Creek reporting to the Inferred category. The Munasi gold deposit, located to the south-east of Busai, also hosts predominantly Inferred mineralisation. Further drilling and technical work is required for Inferred mineralisation to be considered as a potentially economic feed source for the Project, or for any inclusion in futures studies. There is a low level of geological confidence associated with Inferred mineral resources, and there is no certainty that further drilling will result in increased classification and the estimation of Measured and/ or Indicated mineral resources.
Information Summary The MREs have been supported and informed by: Great Northern o Drilling by Highlands Gold in 1992, and Geopacific in 2018 - 31 drillholes, eight of which are DD with the remainder RC o Extensive surface mapping (HGL, 1992) with limited surface channel assays, and further surface mapping by GPR in early-2024 Wayai Creek o Drilling by BHP 1990, Misima Mines 2000, with the most recent drilling by Geopacific in 2022 - 38 drillholes, two of which are DD with the remainder being RC o Extensive database of surface mapping and channel assays (HGL, 1992, & WML, 2014 to 2015) Limited controls were placed on available geology, oxidation and interpretation and an approximate base of fresh rock was used at both Great Northern and Wayai Creek. No geological domaining was applied and implicit modelling was used to generate gold grade shells (indicator interpolation at 0.1 g/t Au cut-off). Density data from the nearby Kulumadau deposit was used as a proxy for densities used in the MREs as most of the mineralisation at Woodlark exhibits similar geology. Historic bulk density data at Great
Northern is being assessed and will be included any future updates. An Ordinary Kriging approach was applied with search orientations informed by the surface channel assays, mapped geology, and mineralisation on-section and along the strike. Mineralised wireframes were generated as domains for kriging. Great Northern, and Wayai Creek, 3D oblique cross section views generated from the MREs highlights the continuity of mineralisation and that neither has been closed off along strike and down-dip.
Geological Setting Gold mineralisation at Woodlark is principally hosted by the Miocene age volcanic rocks, and associated with lodes, quartz veins, stockwork zones, and breccias developed within alteration envelopes associated with intrusive breccia complexes. Gold mineralisation is consistent with low sulphidation, base metal carbonate, epithermal systems which are typical of the South-West Pacific. The zones of alteration and the associated mineralisation contained is interpreted to be controlled by lithology, stratigraphy, and structure. High-grade mineralisation exists within the lower-grade envelopes at Great Northern and Wayai Creek and requires additional drilling to assess. The majority of Woodlark Island is covered by a veneer of post mineralisation limestone (coronus) of variable thickness, with associated marine clays and basal conglomerates. Potential for additional gold discoveries remain under this cover and the along-strike extensions of existing MREs are important targets.
The dominant structure is the WNW-trending Kweiyau Fault, which down-faults Kiriwina Formation to the south, against volcanics to the north, and therefore has been active in Pleistocene time. This late normal movement is interpreted based on slickensides preceded by a strike-slip component related to the mineralisation. Minor N-S to NE-SW striking splays from the main fault have been mapped as soft blue to greygreen clay shears. Gold mineralisation occurs as lenses within the Kweiyau Fault but truncated by the northsouth to northeast-southwest minor structures. The mineralisation consists of quartz-sulphide (pyrite, chalcopyrite, galena) clay breccias which pinch and swell. The Wayai Creek gold deposit is located approximately 1 km to the south of Woodlark King gold deposit adjacent to a regional N-S feature which is observed in LiDAR. Mineralisation is hosted in Miocene Talpos Creek Formation which form part of the Watou Mountain Eruptive Centre (Lindley, 2016 & 2021) consisting of lavas, tuffs and ash deposit. Mineralisation is inferred to be hosted in tensional quartz veins that have developed due to lateral movement along the regional N-S feature, which has developed jogs at the intersection of northwest and northeast conjugate structures. Further reactivation of the northwest structure has resulted in mineralised hydrothermal breccias being emplaced in association with mafics and felsic dyke intrusions. Subsequent post mineralisation faulting has disrupted the vein and breccia zones. Legacy surface mapping and sampling conducted by BHP and HGL (1980s & 1990s) and more recent Kula Gold (2014 to 2015) surface trench mapping and sampling is being compiled. This will improve the understanding of the geological and structural controls to the Wayai Creek mineralisation. The Little MacKenzie prospect has been traced for approximately 1 km at surface with soils analysis and mapping and the mineralisation interpreted to be hosted in the Talpos Creek Formation Volcanics has not been adequately tested with drilling to form a mineral resource. The Woodlark King Mining Centre mineralisation may represent apotheosis to larger mineralised system at depth.
Contact:
Tel: +61 8 6143 1820
Email: info@geopacific.com.au
Competent Persons Statement
The information in this announcement that relates to exploration results is based on information compiled by or under the supervision of Michael Woodbury, a Competent Person who is a Fellow, and Chartered Professional (CP) of The Australasian Institute of Mining and Metallurgy, and Member of Australian Institute of Geoscientists. Mr Woodbury has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and the activity he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Woodbury consents to the inclusion in the announcement of the matters based on his information in the form and context in which it appears. The information in this report that relates to Woodlark Mineral Resources is based on information compiled and reviewed by Mr Chris De-Vitry, a Competent Person who is a Member of the Australian Institute of Geoscientists and a full-time employee of Manna Hill Geoconsulting Pty Ltd. Mr De-Vitry has sufficient experience which is relevant to the style of mineralisation and type of deposits under consideration and to the activity which he has undertaken to qualify as a Competent Person as defined in the JORC Code 2012 and is a qualified person for the purposes of NI43-101. Mr De-Vitry has no economic, financial or pecuniary interest in the Company and consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.
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