Papua New Guinea

Woodlark Project

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Categories

Overview

Mine TypeOpen Pit
StatusTemporary Suspension
Commodities
  • Gold
Mining Method
  • Truck & Shovel / Loader
Mine Life... Lock
SnapshotGeopacific 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.

Owners

SourceSource
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 mineralisation well outside the defined resources. Major regional structures associated with known gold resources are evident on geophysical images and form the principal targets for exploration.

Reserves

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Mining Methods

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Comminution

Crushers and Mills

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Processing

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Production

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

Operational metrics

Metrics
Annual ore mining rate 2.4 Mt *
Annual mining rate 10 Mt *
Plant annual capacity 2.4 Mt *
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 *
Tonnes processed, LOM 30.3 Mt *
* According to 2018 study.

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

Currency2018
OP mining costs ($/t mined) AUD 2.51 *  
Processing costs ($/t milled) AUD  ....  Subscribe
G&A ($/t milled) AUD  ....  Subscribe
* According to 2018 study.

Project Costs

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

Heavy Mobile Equipment

Fleet data has not been reported.

Personnel

Mine Management

Job TitleNameProfileRef. Date
....................... Subscription required ....................... Subscription required Subscription required Jan 10, 2024
....................... Subscription required ....................... Subscription required Subscription required Jan 10, 2024

Aerial view:

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