Geopacific Resources : Drilling success continues to highlight upside potential

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ASX: GPR

30 May 2022

Drilling success continues to highlight upside potential

Geopacific Resources Limited ('Geopacific' or 'the Company'; ASX: GPR) is pleased to provide further updates on its successful grade control and resource extension drilling at the Woodlark Gold Project ('the Project').

Highlights

• The Company has continued to receive positive results from its ongoing drilling campaign at the Project, highlighting the upside potential within the existing pit shells and the broader exploration potential across the Mining Lease.
• The trend of positive shallow high-grade results received from grade control drillingat the Kulumadau pit continues (all within 60 metres of surface), including:

1. 080KUL116 with 41 metres at 10.4g/t Au (426 gram metres), from surface;

1. 080KUL120 with 28 metres at 10.05g/t Au (281 gram metres) from 32 metres;

1. 080KUL129 with 30 metres at 4.92g/t Au (148 gram metres), from surface;

1. 080KUL132 with 12 metres at 9.77g/t Au (117 gram metres), from 24 metres; and

• 1. 080KUL130 with 29 metres at 3.64g/t Au (106 gram metres), from surface.
• Results from a further 13 drill holes have been received from resource extension drillingat Kulumadau, with encouraging results including:
• 1. KURC21020 with 8 metres at 2.31g/t Au, from 47 metres; and

• 1. KURC21019 with 12 metres at 1.68g/t Au, from 70 metres.
• A further 11 resource extension holes have been completed with samples currently in the laboratory awaiting assay.
• The ongoing drilling program is focussed on growing the Kulumadau and Busai deposits in addition to targeting the near pit potential identified at Kulumadau East and other prospective areas within the Mining Lease.

Chief Executive Officer, Tim Richards commented

"The grade control and resource extension drilling campaign continues to deliver positive results and demonstrates the upside potential that exists to expand the Mineral Resources at the Project. With results from over 50 holes received, the grade control drilling campaign has increased our understanding of the geology that exists within the pits providing additional data to be utilised in future mine planning models. The ongoing drilling campaign will target further near-pit exploration potential with a focus on the recent encouraging results from the previously undrilled Kulumadau East region. I look forward to updating the market in coming periods as we continue to receive further drilling results."

Geopacific Resources Limited

www.geopacific.com.au

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Woodlark Grade Control and Exploration drilling

The Company continues to receive positive results from its recently completed grade control campaign and the ongoing exploration drilling campaign at the Project (refer ASX releases of 4 March 2022 and 16 February 2022).

Results from the final 25 holes in the grade control drill campaign at Kulumadau have been received, highlighting the upside potential within the existing pit shells. The results include a series of near surface, high gram-metre intercepts (Figure 1) within the Kulumadau pit.

Figure 1: Kulumadau grade control drilling cross section

All grade control hole assays have now been received. The grade control drilling has continued to define consistent intercepts within the existing pit shell at Kulumadau, particularly KULSTG001 a deeper hole (drilled primarily for metallurgical purposes) which reported high grade intercepts across the length of the hole to the depth of the current pit shell design.

The grade control drilling campaign has provided a greater level of geological understanding of the mineralogy and grade dispersion within the existing pit shell.

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Figure 2: Mining Lease exploration target areas

The campaign demonstrated the significant mineralogy that exists outside the existing pit shells (Figure 3), with extension drilling results to date from Kulumadau and Busai reinforcing the Company's view of the potential for pit extension, with all three planned pits at the Project open along strike and at depth. A further 15 Busai resource extension holes are awaiting assay.

A further 19 drill holes in the resource extension drilling campaign at Kulumadau were also received, with encouraging high-grade intercepts. The resource extension drilling during the quarter also highlighted the potential at Kulumadau East (Figure 4).

The ongoing drilling campaign will continue to focus on Woodlark's near-pit exploration potential within the existing Mining Lease (Figure 2). This work will ensure that any development of mining infrastructure on site will be appropriately sized for the potential mineral resource that exists within the Project.

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Figure 3: Kulumadau resource extension drilling cross section

Figure 4: Kulumadau East resource extension drilling cross section

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This announcement was authorised by the Board of Geopacific.

For further information, please visit www.geopacific.com.auor contact Mr Tim Richards, CEO.

Company details	Board & Management	Projects
Geopacific Resources Limited	Andrew Bantock Non-executive Chairman	PAPUA NEW GUINEA
ACN 003 208 393	Ian Murray Non-Executive Director	Woodlark Island Gold
ASX Code: GPR	Colin Gilligan Non-Executive Director
[e-mail]	Tim Richards Chief Executive Officer
http://www.geopacific.com.au	Matthew Smith CFO and Company Secretary
T [phone]
HEAD OFFICE
Level 1, 278 Stirling Highway
Claremont WA 6010.
PO Box 439, Claremont WA 6910.

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