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Geopacific Resources Drilling at Papua New Guinea Gold Project Returns High-Grade Intercepts; Shares Gain 3%

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Geopacific Resources (ASX:GPR) said a drilling program at its Woodlark gold project in Papua New Guinea returned "significant" high-grade gold intercepts, providing potential upside to a recent definitive feasibility study, according to a Wednesday filing with the Australian bourse.

The most significant gold intersections include 36 meters at 1.48 grams per tonne grade of gold from 60 meters; 2.3 meters at 16.40 g/t from 114.7 meters; 7.2 meters at 3.30 g/t from 97.8 meters; 1.4 meters at 29.40 g/t from 257 meters; 2.7 meters at 9.34 g/t from 110 meters; and nine meters at 4.20 g/t from 141 meters, among others.

Much of the drilling focused on areas close to existing mineral resources and planned infrastructure, providing potential for resource growth and mine life extension, the company said.

Its shares rose 3% in recent Wednesday trade.

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