Geopacific Drilling Extends High-Grade Gold Zones at Woodlark

Drilling Success at Multiple Woodlark Prospects

Geopacific Resources (ASX:GPR) has wrapped up a comprehensive drilling program at its 1.98 million ounce Woodlark Gold Project in Papua New Guinea, revealing a series of high-grade gold intercepts that extend mineralisation near established resources. The campaign targeted near-mine extensions and emerging targets across multiple prospects including Woodlark King NW, Little MacKenzie, Busai Deeps, Great Northern, and Wayai Creek.

Notable results include a broad 36 metres at 1.48 g/t gold from 60 metres at Woodlark King NW, and impressive high-grade hits such as 2.3 metres at 16.4 g/t at Little MacKenzie and 1.4 metres at 29.4 g/t at Busai Deeps. These intercepts underpin the potential to grow the resource base beyond the parameters established in the recent Definitive Feasibility Study (DFS).

Implications for Project Economics and Mine Planning

The DFS, completed earlier in 2026, confirmed Woodlark as a technically robust project with a post-tax net present value (NPV8%) of A$1.3 billion and an internal rate of return (IRR) of 50.6%, forecasting annual production exceeding 100,000 ounces of gold at all-in sustaining costs under A$2,000 per ounce. The new drilling results add potential upside to these figures by improving confidence in geological models and resource continuity across key deposits.

At the Great Northern prospect, drilling confirmed consistent mineralisation with both broad moderate-grade zones and narrower high-grade shoots, such as 2.7 metres at 9.34 g/t including 0.7 metres at 14.6 g/t. Similarly, Wayai Creek's southern extension returned shallow, continuous mineralisation with intercepts like 9 metres at 4.2 g/t gold, supporting resource growth near surface.

Resource and Reserve Status

The total Woodlark Mineral Resource remains substantial at 70.1 million tonnes grading 0.88 g/t gold for 1.98 million ounces, divided into measured, indicated, and inferred categories. The Ore Reserve estimate stands at 34.3 million tonnes at 1.09 g/t gold for 1.2 million ounces, underpinning the DFS economics. These estimates use cut-off grades between 0.3 and 0.4 g/t gold depending on the deposit.

Geopacific’s Managing Director, Hamish Bohannan, emphasised that the drilling strengthens geological understanding and supports a clear growth pathway for the project. The company is integrating assay data with existing geological and geochemical datasets to prioritise future exploration and refine mine planning.

Ongoing Exploration and Next Steps

Complementing the drilling, Geopacific has launched a regional soil and auger sampling program across twelve prospects on Woodlark Island to infill historic geochemical data and test new areas. Results are pending, with the aim to define gold anomalies and guide follow-up drilling.

Field mapping continues alongside geochemical sampling, and the company is considering additional geophysical surveys to enhance targeting. With the drilling phase complete, the focus shifts to detailed geological interpretation and resource model updates that will inform future mine development strategies.