Geopacific raises cash for Woodlark exploration
PERTH (miningweekly.com) – ASX-listed Geopacific Resources has raised A$10-million through a share placement to fund regional exploration at its Woodlark project, in Papua New Guinea.
Some 280-million shares will be issued, subject to shareholder approval, at a price of 3.6c each to raise the capital.
“Having established Woodlark as a robust gold development project, it’s encouraging to see strong financial support for our strategy to finalise the definitive feasibility study (DFS) and bring a significant exploration programme online to continue to grow the project,” said Geopacific MD Ron Heeks on Monday.
“The upcoming drill programme will define the broader exploration potential of what we believe is at least a five-million-ounce goldfield at Woodlark. This is intended to expand the project beyond the previous drilling, which concentrated on near-pit reserve drilling.”
Heeks said any new discoveries had the potential to ultimately improve the forecast gold production profile in excess of the current 100 000 oz/y and extend the mine life.
“Any upside from the Woodlark DFS or exploration will improve the already strong project economics.”
A recent prefeasibility study into the Woodlark project found that it could deliver a production rate of more than 100 000 t/y over a ten-year mine life, with the project expected to cost A$180-million to develop.
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