Development drilling by Geopacific Resources at the Busai deposit of the Woodlark Gold project on Papua New Guinea’s Woodlark Island continues to encounter broad widths of high-grade gold mineralisation from shallow depths.
The current drilling program is targeting existing, near-pit inferred resource mineralisation with the aim of improving its categorisation to measured and indicated status.
Infill drilling the widely spaced drilling carried out to date improves the certainty around continuity of the mineralisation and may allow its inclusion in an updated reserve calculation, which is the main aim of the program.
Assay results continue to return significant gold values along strike and beneath the 2012 pit design.
Highlights: 9 metres from 28 metres @ 17.29 g/t gold in one hole; 72 metres of mineralisation over numerous intercepts in another diamond hole, including 42 metres from 31 metres @ 2.77 g/t and 23 metres from 133 metres @ 0.69 g/t; 65 metres of mineralisation over numerous intercepts in another hole, including 73 metres from 73 metres @ 1.5 g/t.
Geopacific’s managing director Ron Heeks said, “Drilling results from Busai continue to produce good intersections of wide, high-grade mineralisation in and around the 2012 pit designs – holding the potential to be included in future reserve calculations.
Identifying the plunge to the southeast on the mineralisation has been gained from a greater understanding of the geology – a credit to the geological team.”
Drilling at Busai will continue over the following months to further extend and infill the mineralisation in and surrounding the 2012 pit design.
Meantime, Geopacific has issued the first supplementary bidder’s statement in connection with its off-market takeover bid for all of the ordinary shares in Kula Gold. The statement was lodged with ASIC on May 19.
Geopacific has offered one of its shares for every 1.4723 Kula shares. The work program at Woodlark is not impacted by the takeover process and continues in accordance with the joint venture between Geopacific and Kula.