Tuesday, October 23, 2018

Geopacific identifies significant operational cost improvements for Woodlark Gold Project

WOODLARK Gold Project operator Geopacific Resources Ltd says it had identified some significant cost cutting improvements in its plan for commercialising the Woodlark Island based project.

The company has announced that it has pushed back the release of the Woodlark Gold Project’s Definitive Feasibility Study (DFS) to later in the current December quarter in order to incorporate the benefits identified since the March 2018 Pre-Feasibility Study (PFS).

Geopacific managing director, Ron Heeks, said the recently received outcomes of the DFS have identified optimisation opportunities and cost savings that have allowed the company to re-assess key aspects of the project.

He said the DFS base case has shown the benefits of, and will now model, all material being processed via the carbon in leach (CIL) processing circuit without requiring an early-stage upgrade plant. This simplified reconfiguration is being factored into all aspects of the DFS, resulting in additional studies that are currently being completed.

“Geopacific is very pleased with the new cost profile determined by Mining Plus and Lycopodium and looks forward to integrating the benefits and delivering an even more robust and economic project.

“The improved operational costs reflect the low strip ratio, soft ore, low reagent usage and the close proximity of the local workforce,” Mr Heeks said.

“The numbers were attractive enough to enable our re-evaluation of the process path and determine the most appropriate deployment of capital. The slightly revised timeline is expected to deliver a robust.

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