Geopacific Resources Limited (ASX:GPR) Announces Woodlark Gold Project Update
Project Update
Geopacific Resources Limited (ASX:GPR) is set to commence a fully-funded 30,000 metre drilling program for its 1.7 Moz Woodlark Gold Project in May 2025. The Definitive Feasibility Study (DFS) is expected to be completed by the end of calendar year 2025. Funds from the recently completed $40 million Entitlement Offer will be deployed to advance the project and unlock its significant value and upside potential.
Drilling Program
The company plans to execute 30,000 metres of reverse circulation (RC) and diamond drilling to extend known gold mineralisation and explore new targets. Quest Exploration Drilling (QED) has been selected as the preferred drilling contractor, with two rigs starting in May 2025 and a third rig potentially joining in July 2025. Mobilisation of earthmoving equipment for road upgrades and drill pad preparation is scheduled for March 2025. Initial target testing via augering and trenching will also begin in March, with results expected in May 2025.
Executive Comments
CEO James Fox stated, “Significant underlying value and upside potential exists at Woodlark. With funding for an extensive exploration and Project development work program now in place, the team is working hard to deliver on a series of key objectives, including commencing a 30,000-metre drill program and the completion of a Project DFS by the end of the calendar year. We are keen to assess the impact of the materially higher gold price and ensure the engineering design appropriately considers throughput flexibility to maximise Project returns. We look forward to updating the market as the Project activities progress.”
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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