Geopacific Resources : Near Surface Drilling Success

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ASX: GPR

16 February 2022

Near surface drilling success showcases Woodlark potential

Highlights

• Shallow high-grade results continue from grade control drillingat Kulumadau (all within 60 metres of surface), including:

1. 080KUL146 with 58 metres at 4.67g/t Au (271 gram metres), from surface;

1. 080KUL160 with 39 metres at 5.33g/t Au (208 gram metres), from 21 metres; and

• 1. 080KUL147 with 16 metres at 3.96g/t Au (63 gram metres), from 35 metres.
• Highly encouraging results received from resource extension drillingat Busai and Kulumadau (all within 100 meters from surface), including:
  Busai:
• 1. BSRC21140 with 14 metres at 5.01g/t Au, from 73 metres;

1. BSRC21141 with 8 metres at 2.14g/t Au, from 19 metres;

1. BSRC21136 with 11 metres at 1.99g/t Au, from 16 metres; Kulumadau:

1. KURC21027 with 17 metres at 0.97g/t Au, from 22 metres; and

• 1. KURC21024 with 12 metres at 0.76g/t Au, from 65 metres.
• A further 50 grade control holes and nine resource extension holes have been completed with samples currently in the laboratory awaiting assay.
• The ongoing drilling program focus has now shifted to exploration, targeting significant near pit potential including areas previously inaccessible due to the proximity of the local community.
• Targets include numerous high grade prospective areas within the Mining Lease with visible gold at surface.

Chief Executive Officer, Tim Richards, said:

"The drilling campaign continues to deliver exceptional results. Grade control drilling supports our view that there is considerable upside potential within the existing pit shells, whilst first results from resource extension drilling highlight the exciting opportunity for further discoveries across the mining lease. We look forward to receiving further results as assays are received and our step out drilling program continues."

Geopacific Resources Limited

www.geopacific.com.au

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Summary of recent Woodlark drilling results

Geopacific Resources Ltd ('Geopacific' or 'the Company'; ASX: GPR) is pleased to provide an update on drilling results at the Woodlark Gold Project ('the Project').

Results from grade control drilling at the Company's Kulumadau pit continue to highlight upside within the existing pit shells and identify potential for near term resource growth.

In addition, the initial phase of resource extension drilling focussed around the Busai and Kulumadau pits reinforces the potential for pit extension, with all three planned pits at the Project open along strike and at depth.

"These results reinforce our view that the current pit shells are constrained by data, not geology," Mr Richards said.

Grade control drilling

Further results from the grade control RC drill campaign at Kulumadau (ref ASX release 30 September 2021 and 23 December 2021) have been received. This drilling was undertaken to further define near surface ore zones at stage 1 of the Kulumadau pit.

Drilling to date indicates potential upside to the high-grade zone in Figure 1.

A reconciliation of the grade control model to the Mineral Resource (ref ASX release 12 March 2018) will be undertaken upon receipt of all outstanding samples. This will allow the Company to quantify whether resource upside exists within the existing Kulumadau pit shell.

Figure 1: Kulumadau grade control cross sections

Exploration Drilling Focus

A larger drill rig was mobilised to site in January 2022 to facilitate the drilling of deeper holes to test down

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dip and extension targets associated with the current pits. The drill results (Figures 2 & 3) indicate mineralisation extends down dip of the current pit shells, which provides positive indications of the potential to increase the size of the Kulumadau and Busai pits.

Figure 2: Kulumadau cross section

Figure 3: Busai cross section

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Drilling will continue into Q2 2022, focussed on Woodlark's significant near pit growth potential, including areas previously inaccessible due to the proximity of the local community as well as other high priority exploration targets within the mining lease.

Figure 4: Mining lease exploration target areas

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 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]	Sir Charles Lepani Non-Executive Director
http://www.geopacific.com.au	Tim Richards Chief Executive Officer
T [phone]	Matthew Smith CFO and Company Secretary
HEAD OFFICE	Mike Meintjes Company Secretary
Level 1, 278 Stirling Highway
Claremont WA 6010.
PO Box 439, Claremont WA 6910.

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Appendix A: Woodlark Project Significant Intercepts

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Hole ID	North	East	RL	Dip/	Total			Down-hole
m	m	M	degrees	m	From	To	Interval	Gold
						m	m	m	g/t Au
080KUL158	8995914	469116	85	-60/270	57	8	39	31	6.72

						50	56	6		4.81
Including						13	14	1		17.3
						17	19	2		25.3
						25	26	1		35.7
						52	56	4		6.57
080KUL159	8995910	469120	87	-60/270	60	14	43	29		7.62
						45	49	4		1.87
Including						14	15	1		87.7
						21	22	1		18.6
080KUL171	8995925	469113	84	-60/270	60	0	7	7		0.56
						13	54	41		3.90
Including						23	24	1		37.7
						27	28	1		10.2
						36	37	1		22.9
						40	41	1		13.7
080KUL172	8995925	469119	84	-60/270	60	0	50	50		4.61
Including						13	14	1		22.3
						20	21	1		10.9
						29	30	1		10.1
						31	35	4		25.2
080KUL173	8995924	469125	85	-60/270	55	0	2	2		0.88
						11	55	44		4.66
Including						11	13	2		11.6
						22	25	3		19.2
						32	37	5		11.2
						40	41	1		11.6
080KUL174	8995924	469131	85	-60/270	37	0	2	2		2.86
						21	37	16		7.08
Including						21	22	1		23.5
						28	36	8		10.2
BSRC21026	8993602	473100	65	-90/0	90		No significant Results
BSRC21037	8993552	472975	64	-90/0	30		No significant Results
BSRC21036	8993552	472950	64	-90/0	70	44	47	3		3.23
Including						46	47	1		8.53

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