Initial development drilling by Geopacific Resources at the Busai deposit of the Woodlark Gold Project in Papua New Guinea has returned near-surface, high-grade gold mineralisation. Assay results from the first two diamond holes have confirmed the company’s revised geological interpretation of the structural control of Busai mineralisation.

The results also confirm the broad widths and grade of previous drilling, providing excellent guidance for delineating additional resources within and adjacent to the current pit design.

This confirmation provides confidence to Geopacific’s aim of delineating a 1.2 million ounce gold reserve target.

There were numerous intersections in the first hole, including 2.9 metres @ 8.87 g/t gold, 7 metres @ 3.32 g/t, 19 metres @ 0.89 g/t, 3 metres @ 8.51 g/t and 16 metres @ 1.16 g/t.

Among the numerous intersections in the second hole were 3 metres @ 6.37 g/t, 5 metres @ 1.40 g/t, 4 metres @ 2.55 g/t and 8.4 metres @ 1.28 g/t.

One rig continues to drill at Busai with the other two rigs now targeting the higher grade Kulumadau deposit where most of the reserve inventory is expected to originate from.

Geopacific managing director Ron Heeks said, “The results are as we expected. They confirm our revised interpretation and provide excellent guidance for further drilling as work to increase the reserve inventory advances. These holes clearly demonstrate the potential to significantly extend the depth of the current pit designs to capture more mineralisation.”

The new drilling results demonstrate that wide zones of mineralisation do exist at Busai and that extending the pit deeper on these zones should be possible.

The company anticipates that the drilling program of about 15,000 metres in the development plan will enable the upgrade of sufficient mineralisation to reach the target reserve.

Busai is one of three main deposits on Woodlark Island that comprise a global resource of 45.1 million tonnes @ 1.5 g/t for 2.12 million ounces.

www.geopacific.com.au

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