Geopacific Resources has decided to advance the Faddy’s Prospect at its Nabila project in Fiji because it holds the greatest potential for near-term commercialisation. The decision follows a recent review of its Fijian projects.
On April 25, 2016, Lion One Ltd announced that it was actively reviewing the best opportunities to take its Tuvatu project into production. Tuvatu is within easy trucking distance of Geopacific’s Faddy’s Prospect.
Following Lion One’s announcement Geopacific held advanced, positive discussions with Lion One regarding the potential for toll treating ore from Faddy’s at Lion One’s proposed Tuvatu processing plant.
Faddy’s Prospect is at an advanced stage of exploration with more than 230 holes already drilled. The drilling has consistently returned high-grade gold results.
Geopacific believes the advanced, high-grade nature of the project and the toll milling option presents the best opportunity for it to commercialise Faddy’s Prospect and create short-term cash flow.
The company is mobilising a diamond drill rig to the prospect with drilling expected to recommence this month. The rig will be used to undertake infill drilling of the higher grade central portion of the mineralisation then stepped out to consolidate the potential of this zone along strike.
A review of metallurgy has indicated that the planned Tuvatu plant is capable of processing the mineralisation and further metallurgical testwork will be undertaken to confirm this.
Geopacific managing director Ron Heeks said, “This is exciting news which opens up the potential to take Faddy’s Prospect into production on a relatively short timeline.
“While high-grade in nature, current extents of mineralisation are insufficient to support the development of a standalone processing plant at Faddy’s. The option to toll treat ore in the future provides a near-term solution and minimises the need for capital expenditure, allowing Geopacific to commercialise this asset.”
Geopacific’s five projects are on the two main islands of Fiji – Viti Levu and Vanua Levu. The Nabila, Rakiraki, Sabeto and Vuda are in the highly prospective north-east trending zone that also hosts the world-class Vatukoula and Mt Kasi gold mines.