Positive results paving the way for Geopacific to give Woodlark the tick

THE gold and copper firm Geopacific Resources Ltd is to make a development decision on the Woodlark gold project in Milne Bay after receiving positive pre-feasibility study results.
Geopacific has a portfolio of assets in the Asia-Pacific region and has set its sights firmly on production.
The study demonstrates that Woodlark is a robust, low-cost, low-stripping ratio, open-pit operation that can deliver an annual average of 100,000 ounces of gold over 10 years.
The company is now progressing a definitive feasibility study which is expected to be completed in the September quarter of this year.
Managing director Ron Heeks said: “We are extremely pleased with how the project has evolved over the past year.
“Our PFS indicates a robust, open-pit mine plan with strong, steady-state production over a long mine life.
“Woodlark benefits from flat topography, wide zones of ore from the surface, a substantial proportion of free-dig material, as well as the proximity of the plant to the pits and waste dumps.
“Our PFS presents a low-cost solution for treating low-grade ore, to improve returns and deliver a project payback estimated at two years.
“We expect the project to grow further from the substantial, demonstrated exploration upside.”
The completion of the PFS sees Geopacific increase its interest in the Woodlark joint venture with Kula Gold Ltd to 93 per cent.
Woodlark is 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.