JOHANNESBURG (miningweekly.com) – ASX-listed Geopacific Resources on Wednesday said it was on track to deliver a gold reserve estimate at its Woodlark project, in Papua New Guinea, in March, following the completion of a 30 000 m drilling programme and historic data review.
Simultaneous engineering studies have delivered realistic operating costs, derived on a first principles basis. "The costs are being incorporated into reserve estimate calculations with pit optimisation, mine design and mine scheduling currently under way," the company noted.
Meanwhile, the definitive feasibility study's (DFS's) preparation was on track, with its release scheduled for the third quarter, with the company already having engaged project management company Lycopodium to design and manage a metallurgical variability and optimisation testwork programme to facilitate an engineering, procurement and construction (EPC) contract to develop Woodlark.
"Reputable EPC contractors have been engaged in discussion, with final selection expected to follow a tender process after the DFS is released," said Geopacific.
MD Ron Heeks added that the company ensured the 2017 work programmes were completed thoroughly, to achieve resources and reserves that it could be confident about and a development-ready project.
"We are comfortable that the project development elements are running smoothly and now have the opportunity to evaluate the considerable exploration upside which is apparent right across the Woodlark project area," he added.