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.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
The SAIMM started as a learned society in 1894 after the invention of the cyanide process that saved the South African gold mining industry of the...
VISIT SHOWROOM
Multotec, recognised industry leaders in metallurgy and process engineering help mining houses across the world process minerals more efficiently,...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
