Geopacific Resources Reports 19% Rise in Gold Resources at Papua New Guinea Project; Shares Jump 8%

MT Newswires Live

05/20

Geopacific Resources (ASX:GPR) said its combined mineral resource estimate (MRE) for the Woodlark Gold Project in Papua New Guinea has increased 19% to 70 million tonnes at 0.9 grams per tonne (g/t) gold for about 2 million ounces of contained gold, according to a Wednesday Australian bourse filing.

The ore reserve estimate now stands at 34.3 million tonnes at 1.1 g/t gold for 1.2 million ounces, comprising 2.3 million tonnes at 2.5 g/t gold of proved classification and 32 million tonnes at about 1 g/t gold of probable classification, the filing added.

The updated estimates for the Busai, Kulumadau, and Woodlark King deposits stand at 65.3 million tonnes at 0.9 g/t gold for 1.8 million ounces of gold, inclusive of ore reserves, with measured and indicated categories comprising roughly 96% of the 2026 MRE, it added.

The company's shares jumped 8% in recent Wednesday trade.

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