Woodlark Island Gold Project – A Clear Path to Gold Production
- Kula Gold’s JV partner Geopacific (ASX:GPR) aims to:
- develop the Project as a >150,000oz gold per annum producer;
- increase the mine life to > 10 years;
- have a short development time.
- Geopacific plans to achieve this by:
- increasing reserves from 766,000oz gold to >1.2Moz gold;
- rebasing the Definitive Feasibility Study ; and then
- moving into production.
Kula Gold and Geopacific recently entered into a binding term sheet for an earn-in and joint venture transaction on the Woodlark Island Gold Project, as reported on 11 July 2016. After developing its plan and opting to proceed within six months, Geopacific will commit to spend $8 million within 24 months, including a minimum of 15,000 metres of diamond drilling. Geopacific’s target is to increase the Ore Reserves of the Project to >1.2Moz of gold.