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Papua New Guinea
Woodlark Project

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 Location:
612 km E from Port Moresby, Papua New Guinea

  Project Contacts:
Level 1, 278 Stirling Highway
Claremont
Western Australia, Australia
6010
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  • Overview
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  • Geology
  • Mining
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  • Production
  • Reserves
  • Costs & Financials
  • Personnel
  • Filings & News

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Overview

StatusTemporary Suspension
Mine TypeOpen Pit
Commodities
  • Gold
Mining Method
  • Truck & Shovel / Loader
Mine Life13 years (as of Jan 1, 2018)
Geopacific has subsequently advised on 3 February 2022 that it has taken further steps which include suspending all detailed engineering and civil works at the Project pending a review of the Company’s strategic options. The suspension of these activities is to preserve cash reserves whilst the Company undertakes its review.

Despite the suspension, the Project retains considerable inherent value. Geopacific is firmly focussed on Woodlark Island’s potential to deliver strong returns in the future from an orebody that remains open both laterally and at depth.

The Company remains on track to deliver the Mineral Resource update by the end of2022.
Latest NewsGeopacific Resources Ltd: Woodlark Project Mineral Resource Update     December 23, 2022


Owners

Source: p. 91
CompanyInterestOwnership
Geopacific Resources Ltd. 100 % Indirect

Contractors

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Deposit Type

  • Volcanic hosted
  • Epithermal
  • Breccia pipe / Stockwork


Summary:

Woodlark Island (locally known as Muyuw Island) is located on the northern margin of the Woodlark Basin, some 600 km east of Port Moresby.

There are some series of gold deposits at the Woodlark Project: Kulumadau, Busai, Woodlark King, Munasi.

The geology of the island consists of basement Palaeocene-Eocene tholeiitic basalt and sediments (Loluai formation) overlain by mid-Miocene calc-alkaline to shoshonitic volcanics (Okiduse formation), which host the majority of known gold mineralisation. The island is relatively flat, with the highest point, Mt Kabat just 243 m above sea level. Most of the island is covered by a Pleistocene age coral reef formation (Kiriwina formation), masking prospective volcanic sequences.

Busai and Kulumadau are both interpreted as structurally controlled epithermal gold deposits. The deposits show evidence of complex paragenetic assemblages and variable degrees of structural overprint. The main difference between the two deposits is the overwhelming amount of brecciation and cataclasis at Kulumadau as compared to Busai. Both deposits remain open at depth and along strike.

Due to the significant presence of post- mineralisation Kiriwina formation sediments masking much of the prospective geology, very little regional scale exploration exists.

The extensive resource drilling database, geophysical surveys and limited surface exploration all indicate the widespread occurrence of gold mineralisatio ........


Mining Methods

  • Truck & Shovel / Loader


Summary:

The project will involve open-cut mining of gold reserves at the Kulumadau, Busai and Woodlark King deposits using multi-staged pit designs, with a stripping ratio of 3.9:1 over the life of the mine. Waste rock will be deposited in engineered waste rock dumps located adjacent to each pit.

Mining Plus was engaged to complete the mining components of the DFS, including optimisation, design and scheduling and preparation of a detailed operating and capital cost estimate to enable the generation of an Ore Reserve.

The study has shown that the three mining areas can be developed in a practical sequence to mine 1.1 Moz of gold and provide sufficient feed to the processing plant for 13 years.

The optimisation resulted in four discrete pits, two at Woodlark King and one each at Busai and Kulumadau.

Individual designs were completed for each discrete area of Busai and Kulumadau, plus a number of starter pits were designed to allow reduced pre-strip durations and the early access to high grades ore.

Mine Schedule.
The mine schedule was developed to ensure 2.4 Mtpa of ore is available to feed the processing plant once commissioned.

The initial pre-strip period is 9 months and involves the stripping of 5.5 Mt from Stage 1 and Stage 2 pits at Kulumadau and the build-up of 450,000 tonnes of ore on the stockpile at 1.45 g/t Au.

The planned mining rates are maintained below 10 Mtpa for the first three years ........


Crushing and Grinding
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Processing

Flow Sheet: Subscription required

Summary:

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Projected Production:

CommodityUnitsAvg. AnnualLOM
Gold koz 100967
All production numbers are expressed as metal in doré.

Operational Metrics:

Metrics
Stripping / waste ratio 3.9 *
Waste tonnes, LOM 118.9 Mt *
Ore tonnes mined, LOM 30.3 Mt *
Total tonnes mined, LOM 149.2 Mt *
Plant annual capacity 2.4 Mt *
Tonnes processed, LOM 30.3 Mt *
Annual mining rate 10 Mt *
Annual ore mining rate 2.4 Mt *
* According to 2018 study.

Reserves at November 7, 2018:
Cut off grade at a 0.4 g/t.

CategoryTonnage CommodityGradeContained Metal
Proven 18.6 Mt Gold 1.17 g/t 697 koz
Probable 10.4 Mt Gold 1.02 g/t 340.6 koz
Proven & Probable 28.9 Mt Gold 1.12 g/t 1,038 koz
Measured 21.24 Mt Gold 1.1 g/t 754 koz
Indicated 18.94 Mt Gold 0.98 g/t 597 koz
Inferred 6.8 Mt Gold 1 g/t 222 koz
Total Resource 47 Mt Gold 1.04 g/t 1,573 koz

Commodity Production Costs:

CommodityUnitsAverage
All-in sustaining costs (AISC) Gold AUD 1,033 / oz *  
C1 cash costs Gold AUD 952 / oz *  
Assumed price Gold AUD 1,650 / oz *  
* According to 2018 study / presentation.

Operating Costs:

Units2018
OP mining costs ($/t mined) AUD 2.51 *
Processing costs ($/t milled) AUD  ......  Subscription required
G&A ($/t milled) AUD  ......  Subscription required
* According to 2018 study.
Subscription required - Subscription is required.

2018 Study Costs and Valuation Metrics :

MetricsUnitsLOM Total
Total CapEx $M AUD  ......  Subscription required
OP OpEx $M AUD  ......  Subscription required
Processing OpEx $M AUD 417.3
G&A costs $M AUD 135.6
Income Taxes $M AUD  ......  Subscription required
Total Taxes $M AUD  ......  Subscription required
Gross revenue (LOM) $M AUD  ......  Subscription required
Pre-tax NPV @ 8% $M AUD  ......  Subscription required
After-tax NPV @ 8% $M AUD  ......  Subscription required
Pre-tax IRR, %  ......  Subscription required
After-tax IRR, %  ......  Subscription required
Pre-tax payback period, years  ......  Subscription required
After-tax payback period, years  ......  Subscription required
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Pipelines
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Heavy Mobile Equipment:

Mine Management:

Job TitleNameProfileRef. Date
....................... Subscription required ....................... Subscription required Subscription required Nov 15, 2022
....................... Subscription required ....................... Subscription required Subscription required Nov 15, 2022
Subscription required - Subscription is required.


Corporate Filings & Presentations:

DocumentYear
Corporate Presentation 2022
Press Release 2022
................................... Subscription required 2021
................................... Subscription required 2021
................................... Subscription required 2021
................................... Subscription required 2021
................................... Subscription required 2020
Feasibility Study Report 2018
Subscription required - Subscription is required.

News:

NewsDate
Geopacific Resources Ltd: Woodlark Project Mineral Resource Update December 23, 2022

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