Woodlark Island Gold Project
Woodlark Island is located within a proven mining jurisdiction in PNG and home to a number of the world’s largest gold mines including Misima and Porgera (Barrick Gold Corporation), Lihir Island (Newcrest Mining Limited) and Hidden Valley (Harmony Gold Mining Co. Ltd and Newcrest Mining Limited).
A number of operational milestones have been achieved at Woodlark Island, highlighted by the signing of a Mining Lease for the development of the 1.8Mtpa gold mining operation.
Project Highlights – Near-term Production Opportunity
- 2.1Moz Resource and 766,000 oz Reserve equating to 9 year mine life
- Completed Bankable Feasibility Study confirms gold production of over 100,000oz per year
- Excellent exploration upside potential with targeted expansion of existing gold Resource underway
- Access to key infrastructure including roads, an airstrip and deep water harbour
- PNG Government acquired 5% equity participation in development of Woodlark Island
Targeted Resource Expansion Program
A systematic Helimag survey covering the central and most prospective part of Woodlark Island was completed in Q3 2014, allowing Kula to establish a significantly improved regional Exploration Model.
The improved Exploration Model has proven to be a successful on-ground targeting tool, identifying 10 priority targets, with the majority of these targets not previously drill tested. Positively, initial drilling at the Kulumadau North target has indicated the mineralisation style is identical to 900,000oz Mineral Resource at nearby Kulumadau (1km south).