Geopacific Resources : Watou and Talpos RC drilling

ASX: GPR

28 July 2022

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Watou and Talpos RC drilling - reinforces Mining Lease and

regional exploration potential

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

Highlights

• Drill holes in to the Talpos and Watou targets generated several positive results including:

Talpos

1. TARC22008: 11 metres at 3.04g/t Au from 49 metres and 11 metres at 0.74g/t Au from 63 metres; and

1. TARC22003: 3 metres at 2.66g/t Au from 32 metres.

Watou

• 1. WTRC22006B: 10 metres at 2.80g/t Au from 68 metres, including 4 metres at 5.35g/t Au from 69 metres.
• The Company has received the first 18 holes from the recently undertaken regional drilling campaign at the Project.
• Results highlight the potential of the Talpos and Watou targets, located at the southern end of the Mining Lease, and demonstrate the broader regional exploration opportunities on Woodlark Island.
• A further 7 holes from the exploration campaign have been completed with samples currently in the laboratory awaiting assay.
• The RC drilling program is ongoing and drilling activities will accelerate following the arrival of a diamond drill rig.
• These results at Watou and Talpos continue to grow the broader geological understanding of the Woodlark Gold Project and reinforce the potential for resource growth to be delivered by testing priority exploration targets across the Mining Lease.

Chief Executive Officer, Tim Richards commented

"The infill, resource extension and now Mining Lease exploration drilling programs are essential inputs into the ongoing Woodlark Island re-evaluation and optimisation process. These drilling programs deliver key technical inputs that are integral for project reassessment.

Geopacific remains on target to deliver a resource update in Q4 2022 along with further drilling to validate of the exploration potential on the Mining Lease and potentially other targets."

Geopacific Resources Limited

www.geopacific.com.au

For personal use only

Mining Lease Exploration

Geopacific continues to execute the resource and exploration strategy outlined in the May 2022 Corporate presentation. The company continues to deliver on the drilling activities and timeline outlined in the 2022 Planned work program.

Post the completion of the grade control drilling campaign at Kulumadau, the Company commenced an exploration drilling program across the broader Mining Lease. The Mining Lease contains a number of targets that have not previously been subject to drilling and the campaign is designed to begin to test the prospectivity of these targets.

The Talpos and Watou targets in the southern end of the Mining Lease were the initial focus of the campaign, and to date an initial 25 exploration holes have been drilled. Mining Lease exploration drilling will continue into the future, to test these and other targets.

Figure 1: Mining Lease exploration target areas

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Figure 2: Plan and section view of Talpos drilling

Figure 3: Plan and section view of Watou drilling

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	Richard Clayton Non-Executive Director	Woodlark Island Gold
ASX Code: GPR	Hansjörg Plaggemars Non-Executive Director
[e-mail]	Michael Brook Non-Executive Director
http://www.geopacific.com.au	Tim Richards Chief Executive Officer
T [phone]	Matthew Smith CFO and Company Secretary
HEAD OFFICE
Level 1, 278 Stirling Highway
Claremont WA 6010.
PO Box 439, Claremont WA 6910.

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Appendix A: Woodlark Project Significant Intercepts

	North	East	RL	Dip/	Total			Down-hole
	Azimuth	Depth		Mineralised Intersection
Hole ID						From	To	Interval	Gold
	m	m	M	Degrees	m	grade
						m	m	m	g/t Au
TARC22001	8988302	474689	241	-60/270	150		No significant results

TARC22002	8988302	474686	241	-60/090	114		No significant results
TARC22003	8988200	474667	244	-60/270	150	32	35	3		2.66
TARC22004	8988200	474687	244	-60/090	150		No significant results
TARC22005	8988101	474685	249	-60/270	150		No significant results
TARC22006	8988101	474687	249	-60/090	150		No significant results
TARC22007	8988052	474786	228	-60/270	150		No significant results
TARC22008	8988052	474789	229	-60/090	150	49	60	11		3.04
Including						49	53	4		4.81
and						58	59	1		8.90
						63	74	11		0.74
						88	90	2		1.14
						99	103	4		1.10
						108	112	4		0.52
TARC22009	8988005	474947	203	-60/270	150		No significant results
TARC22010	8988005	474953	203	-60/090	150	2	3	1		1.99
						6	7	1		2.00
						70	71	1		0.79
TARC22011	8987958	475107	169	-60/270	150		No significant results
TARC22012	8987958	475111	169	-60/090	150		No significant results
TARC22013	8987907	475295	164	-60/270	150		No significant results
TARC22014	8987906	475297	161	-60/090	150		No significant results
WTRC22004	8986859	471859	66	-60/045	150		No significant results
WTRC22005	8986821	471891	71	-60/045	150	127	129	2		0.61
WTRC22006A	8986752	471963	65	-60/225	108		No significant results
WTRC22006B	8986752	471964	65	-60/045	150	58	59	1		5.60
						68	78	10		2.80
Including						69	73	4		5.35
						80	81	1		0.46

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Appendix B: JORC Code, 2012 Edition - Table 1

Section 1: Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

CRITERIA		JORC CODE EXPLANATION	COMMENTARY
Sampling		Nature and quality of sampling (e.g. cut channels,	Sampling was conducted using diamond drilling
techniques		random chips, or specific specialised industry	(DD) and Reverse Circulation Drilling (RC).
		standard measurement tools appropriate to the	Sampling of the diamond drilling comprised half
		minerals under investigation, such as down hole	core samples taken based on lithological,
		gamma sondes, or handheld XRF instruments, etc.).	alteration, and mineralisation breaks observed in
		These examples should not be taken as limiting the	geological logging. Generally, sampling is at 1m
		broad meaning of sampling.	intervals.
		Include reference to measures taken to ensure	1 in 50 samples is a duplicate sample, taken from
		sample representivity and the appropriate	quarter core.
		calibration of any measurement tools or systems	Core recovery is routinely recorded for each drill
		used.	run
			RC drilling samples were collected in 1m intervals
			from a cyclone and weighed. The entire sample is
			riffle split using a 75% / 25% splitter, yielding
			approximately 3kg sub split for assaying. The 75%
			split is stored in plastic sample bags and removed
			from site on the completion of the hole to a bag
			farm for future reference if required.
			The sample splitter is cleaned with compressed air
			and water if necessary to ensure no contamination
			between samples.
			1 in 50 samples is a duplicate sample, collected as a
			re-split of the residual sample material.
			All samples were submitted to ITS Pty Ltd PNG
			(Intertek Services Ltd) - operated sample
			preparation laboratory on site.
			Sample pulps were sent for fire assay gold at
			Intertek's Lae analytical laboratory with four-acid
			multi-element analysis by ICPMS method at
			Intertek Genalysis Townsville analytical laboratory.
			Blank, duplicate, and standard samples were
			inserted at various intervals based on Geopacific's
			QAQC procedure to ensure sample representivity
			and repeatability of the sampling results.

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