GEOPACIFIC RESOURCES LTD — Capital/Financing Update 2017

Jun 14, 2017

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WOODLARK – Success continues 18m @ 8.89g/t Au

15 June 2017

GEOPACIFIC RESOURCES LIMITED ACN 003 208 393

The Board of Geopacific Resources Ltd (Geopacific) is pleased to provide additional assay results from development drilling at the Kulumadau deposit at the Woodlark Gold Project (Woodlark) in joint venture with Kula Gold Limited (ASX:KGD).

ASX Code: GPR

Recent drilling success at Kulumadau has focussed on two areas:

info@geopacific.com.au www.geopacific.com.au

AUSTRALIAN OFFICE

Level 1, 278 Stirling Highway Claremont, WA 6010. PO Box 439, Claremont, WA 6910. T +61 8 6143 1823

FIJI OFFICE

PO Box 9975 Nadi Airport Nadi T +679 6 72 7150 F +679 6 72 7152

• Following up a discovery intersection north of Kulumadau East confirmed additional broad, high-grade gold values downhole. The close proximity of this area to the 2012 pit designs, demonstrates the potential for its inclusion into the Reserve base.

• Improving resource classification continues to intersect gold mineralisation inside and surrounding current pit designs at grades consistent with the resource inventory.

HIGHLIGHTS

• Strong gold values surrounding 2012 pit designs

• Broad, near-surface, high-grade mineralisation

• 51m @ 2.82g/t Au from 35m in KU17DD003

DIRECTORS

Chairman: Milan Jerkovic Managing Director: Ron Heeks Executive Director: Philippa Leggat Non-Exec Director: Mark Bojanjac Non-Exec Director: Ian Clyne

• 11m @ 6.03 g/t Au from 44m and 18m @ 8.89g/t Au from 102m in KU17RC038

• 13m @ 3.19 g/t Au from 57m in KU17RC024

• 4m @ 4.82 g/t Au from 29m in KU17RC027

COMPANY SECRETARY

Matthew Smith

• 6m @ 4.99 g/t Au from 34m and 4m @ 1.13g/t Au 50m in KU17RC028

PROJECTS

CAMBODIA: Kou Sa Copper

• 4m @1.74g/t Au from 126m and 6m @ 9.17g/t Au from 133m in KU17DD006

FIJI:

Nabila Gold Rakiraki Gold Sabeto Gold-Copper Vuda Gold-Copper Cakaudrove Gold-Silver

PAPUA NEW GUINEA: Woodlark Island Gold

Geopacific Managing Director Ron Heeks said

“Drilling at Woodlark is ongoing with all 3 rigs drilling at Kulumadau. Positive results continue with wide intersections of good grade mineralisation around and below the 2012 pit designs.

“Current results highlight an evolving zone of robust mineralisation just north of Kulumadau East and the depth potential of the East zone. These results can only add to the Resource and Reserve inventory of the project. ”

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Follow up drilling success to the north of the Kulumadau East deposit

The results of RC hole KU17RC009, which were announced on 21 March 2017, and the new results are visible in the cross section below. The results being broad intersections of high-grade mineralisation from surface were sufficiently attractive to warrant follow-up drilling, which has resulted in further success.

Mineralisation encountered in both the diamond and RC drilling falls outside the current Reserve inventory and is approximately 100m north-east of the 2012 proposed East Kulumadau pit boundary as seen in the drillhole location plan Figure 3.

Mineralised intersections were encountered in both sheared volcaniclastic rocks as well as late-stage breccias.

The nature of the significant intersections being broad widths of high-grade, near-surface mineralisation is visible in the cross section below. Results included:

• 51m @ 2.82g/t Au from 35m (KU17DD003)

• 18m @ 8.89 g/t Au from 102m (KU17RC038)

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Figure 1: Cross section showing selected results to the north of the Kulumadau East deposit

Follow up RC drilling is currently underway to assess the orientation, true thickness, strike and depth continuity of the mineralisation. A series of relatively shallow RC holes are currently underway. These are designed to test the dimensional aspects of the mineralisation.

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Kulumadau deposit

Both RC and diamond drilling methods were used at the Kulumadau Deposit with Geopacific achieving 1,790 metres of diamond and 4,041 metres of RC drilling in and around the area. A number of RC holes were drilled as pre-collars, intended for completion with diamond tails.

Many of the RC pre-collars intersected gold mineralisation which falls outside the modelled mineralised Resource envelopes.

Gold mineralisation at the Kulumadau Deposit is generally associated with clay-rich, multiple-phase breccias that are poorly consolidated. The highly-broken nature of ground conditions has impacted drilling progress and led to the collapse and discontinuation of certain diamond holes.

Kulumadau East

The Kulumadau East Deposit was discovered with sterilisation drilling and was consequently characterised by shallow holes, some of which end in mineralisation. The impact of this being a shallow, flat-bottomed 2012 pit design with a depth of 80 metres visible in Figure 2.

Geopacific has targeted drilling to capture and extend the mineralisation below the 2012 pit designs. Diamond drill hole KU17DD006 achieved this, identifying significant zones of mineralisation before continuation was impacted by poor ground conditions. Significant intercepts are displayed in Figure 2 with new results labled in yellow.

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Figure 2: Cross section at the Kulumadau East deposit

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Kulumadau West

Drilling at Kulumadau West is infill drilling aimed at increasing certainty around mineralisation to upgrade its JORC status. The main focus involves testing the depth extensions of the mineralisation and infilling existing drilling to improve the resource category of deeper ore blocks from Inferred to Measured and Indicated. This may allow their inclusion into future Reserve calculations. Drilling began in the north-west of the deposit and the rigs are being moved, drilling progressively towards the south.

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Figure 3: Drillhole location map of Kulumadau

Geotechnical holes

Geopacific has assayed historical geotechnical drill core which was previously unsampled. Results revealed several previously unrecognised significant intersections:

• 3m @ 14.88g/t Au from 46m in hole 11WKUD004

• 14m @ 1.19g/t Au from 74m and 11m @ 1.69g/t Au from 94m in hole 12WKUD003

These mineralised results confirm that certain geotechnical readings used for 2012 pit designs were based on material which is known to be soft and broken-up when compared to the harder, more competent wallrock. This indicates the potential to steepen the wall angles, which could dramatically reduce the amount of waste mined while allowing extraction of the same amount of Ore.

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CONTACT

For further information on this update or the Company generally, please visit our website at www.geopacific.com.au or contact:

Mr. Ron Heeks Managing Director

Ms. Philippa Leggat Executive Director Corporate

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Competent Person’s Statement

The information in this announcement that relates to exploration results is based on information compiled by or under the supervision of Jim Kerr, a Competent Person who is a Member of The Australasian Institute of Mining and Metallurgy and General Manager, Geology for Geopacific. Mr Kerr has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and the activity he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Kerr consents to the inclusion in the announcement of the matters based on his information in the form and context in which it appears.

The information in this announcement that relates to the Mineral Resource estimates for Kulumadau, Busai and Woodlark King is based on information compiled by Mr. John Doepel, Principal Geologist for Continental Resource Management Pty Limited (Resource Report, Woodlark Island). CRM has acted as independent consulting geologist to WML since 2005 and has undertaken several visits to the island and to the sample preparation facilities. Mr. Doepel is a Member of The Australasian Institute of Mining and Metallurgy and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the ’Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Doepel consents to the inclusion in the announcement of the matters based on his information in the form and context in which it appears.

Forward Looking Statements

All statements other than statements of historical fact included in this announcement including, without limitation, statements regarding future plans and objectives of Geopacific Resources Limited are forward-looking statements. When used in this announcement, forward-looking statements can be identified by words such as ‘may’, ‘could’, ‘believes’, ‘estimates’, ‘targets’, ‘expects’ or ‘intends’ and other similar words that involve risks and uncertainties.

These statements are based on an assessment of present economic and operating conditions, and on a number of assumptions regarding future events and actions that, as at the date of this announcement, are expected to take place. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of the company, its directors and management of Geopacific Resources Ltd that could cause Geopacific Resources Limited’s actual results to differ materially from the results expressed or anticipated in these statements.

Geopacific Resources Ltd cannot and does not give any assurance that the results, performance or achievements expressed or implied by the forward-looking statements contained in this announcement will actually occur and investors are cautioned not to place undue reliance on these forward-looking statements. Geopacific Resources Ltd does not undertake to update or revise forward-looking statements, or to publish prospective financial information in the future, regardless of whether new information, future events or any other factors affect the information contained in this announcement, except where required by applicable law and stock exchange listing requirements. Woodlark is permitted fully by the PNG Government, subject to meeting the conditions of the licence. Woodlark’s approvals cover a 1.8 million tonne per annum conventional Carbon-in-Leach processing plant. One of these approvals is the 20-year mining lease, which includes a condition on the completion of construction and commissioning of the Project by 4 July 2017. Geopacific applied to amend the currency of the approval and that process is progressing. Geopacific continues to update the relevant authorities with whom the application rests.

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Appendix A: Table 1

Significant Intersections

Hole No.	Hole **Type **	Easting	Northing	RL	Dip	Azim UTM	End Depth	From	Intercept	Comment
11WKUD004	DD	469094	8995749	63	-60	210	65.7	46	3.0m @ 14.88g/t Au	Historical Geotech hole
12WKUD003	DD	469674	8995878	70	-60	270	149.6	39 74 94	1.0m @ 0.93g/t Au 14.0m @ 1.19g/t Au 11.0m @ 1.69g/t Au	Historical Geotech hole
KU17DD001	DD	469225	8996111	108	-60	270	59	No significant intersections		Hole terminated in poor ground
KU17DD002	DD	469162	8996100	108	-80	270	52.3	35 39	1.0m @ 0.97g/t Au 1.0m @ 0.51g/t Au	Hole terminated in poor ground
KU17DD003	DD	469775	8996094	76	-80	270	158.2	35 95.6 101 114 119 135	51.0m @ 2.82g/t Au 2.4m @ 2.30g/t Au 8.0m @ 1.06g/t Au 2.7m @ 0.89g/t Au 1.0m @ 1.12g/t Au 1.0m @ 1.46g/t Au
KU17DD004	DD	469185	8996114	104	-69	270	225.6	25 60 128 146 160 173 183 197	1.0m @ 0.91g/t Au 2.0m @ 1.71g/t Au 12.0m @ 0.75g/t Au 2.0m @ 0.89g/t Au 2.0m @ 1.05g/t Au 4.0m @ 3.19g/t Au 5.0m @ 1.23g/t Au 4.0m @ 1.77g/t Au
KU17DD005	DD	469732	8995875	65	-61	270	177.3	33 111 139 167	2.0m @ 0.94g/t Au 1.0m @ 0.96g/t Au 1.0m @ 0.54g/t Au 1.0m @ 1.36g/t Au
KU17DD006	DD	469754	8995833	69	-54	270	174.4	90.2 105 113 122 126 133 142 149 172	3.8m @ 1.36g/t Au 2.0m @ 0.72g/t Au 6.0m @ 0.89g/t Au 1.0m @ 0.91g/t Au 4.0m @ 1.74g/t Au 6.0m @ 9.17g/t Au 2.0m @ 0.97g/t Au 1.0m @ 1.34g/t Au 1.0m @ 3.11g/t Au	Hole terminated in poor ground
KU17DD007	DD	469730	8995905	64	-60	270	173.1	22 143	2.7m @ 0.54g/t Au 1.0m @ 6.72g/t Au

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Hole No.	Hole **Type **	Easting	Northing	RL	Dip	Azim UTM	End Depth	From	Intercept	Comment
								165	8.1m @ 1.36g/t Au
KU17DD008	DD	469334	8996026	80	-60	270	63.7	36.2 46	1.1m @ 1.03g/t Au 5.0m @ 0.89g/t Au
KU17DD009	DD	469332	8996000	80	-60	270	94.9	31	1.0m @ 2.09g/t Au
KU17DD009								61 71.9 83 90	1.2m @ 1.14g/t Au 1.7m @ 0.92g/t Au 4.0m @ 4.72g/t Au 1.0m @ 0.56g/t Au
KU17RC020	RC	469379	8996207	102	-61	270	74	No significant intersections		Pre-collar
KU17RC021	RC	469449	8996202	100	-61	270	66	No significant intersections		Pre-collar
KU17RC022	RC	469695	8996223	93	-60	270	96	No significant intersections		Pre-collar
KU17RC023	RC	469748	8996221	89	-60	270	114	No significant intersections		Pre-collar
KU17RC024	RC	469438	8995859	68	-60	270	78	27 37 57 75	7.0m @ 0.95g/t Au 1.0m @ 0.91g/t Au 13.0m @ 3.19g/t Au 2.0m @ 1.50g/t Au	Pre-collar
KU17RC025	RC	469491	8995843	66	-60	270	107	76	2.0m @ 1.07g/t Au	Pre-collar
KU17RC026	RC	469566	8995852	72	-61	270	74	30	8.0m @ 0.79g/t Au	Pre-collar
KU17RC027	RC	469578	8995875	63	-61	270	102	29	4.0m @ 4.82g/t Au	Pre-collar
KU17RC028	RC	469598	8995870	63	-60	270	102	20 34 50 60 84	8.0m @ 0.91g/t Au 6.0m @ 4.99g/t Au 4.0m @ 1.13g/t Au 8.0m @ 0.54g/t Au 2.0m @ 0.86g/t Au	Pre-collar
KU17RC029	RC	469598	8995836	65	-61	270	90	25 41 56 63 72 87	2.0m @ 3.77g/t Au 1.0m @ 1.36g/t Au 1.0m @ 1.05g/t Au 1.0m @ 4.27g/t Au 1.0m @ 0.53g/t Au 2.0m @ 2.29g/t Au	Pre-collar
KU17RC030	RC	469444	8995727	61	-60	270	60	34 44 56	2.0m @ 0.95g/t Au 4.0m @ 0.85g/t Au 4.0m @ 0.98g/t Au	Pre-collar
KU17RC031	RC	469415	8995757	63	-61	270	102	80 88 92 98	4.0m @ 0.62g/t Au 2.0m @ 0.72g/t Au 2.0m @ 0.64g/t Au 2.0m @ 0.51g/t Au	Pre-collar
KU17RC032	RC	468986	8996102	130	-61	90	54	No significant intersections		Pre-collar
KU17RC033	RC	469671	8996118	79	-59	270	150	No significant intersections

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Hole No.	Hole **Type **	Easting	Northing	RL	Dip	Azim UTM	End Depth	From	Intercept	Comment
KU17RC034	RC	469756	8996062	76	-59	270	90	23	2.0m @ 0.75g/t Au	Pre-collar
KU17RC035	RC	469759	8996129	76	-60	270	150	12 34 50 99 125	2.0m @ 1.82g/t Au 8.0m @ 0.63g/t Au 2.0m @ 1.32g/t Au 1.0m @ 0.90g/t Au 1.0m @ 0.66g/t Au
KU17RC035								138	2.0m @ 1.04g/t Au
KU17RC036	RC	469840	8996075	72	-60	60	90	28 35	2.0m @ 1.42g/t Au 3.0m @ 2.16g/t Au	Pre-collar
KU17RC037	RC	469825	8996107	72	-60	270	162	10 28 36	2.0m @ 1.40g/t Au 2.0m @ 0.67g/t Au 5.0m @ 0.95g/t Au
KU17RC038	RC	469833	8996075	72	-59	270	162	15 20 23 31 37 44 60 97 102 126	1.0m @ 0.55g/t Au 1.0m @ 0.53g/t Au 1.0m @ 0.56g/t Au 1.0m @ 0.75g/t Au 2.0m @ 0.94g/t Au 11.0m @ 6.03g/t Au 12.0m @ 1.60g/t Au 2.0m @ 1.21g/t Au 18.0m @ 8.89g/t Au 1.0m @ 0.77g/t Au
KU17RC039	RC	469819	8996131	72	-60	270	45	7 15	1.0m @ 0.71g/t Au 1.0m @ 0.70g/t Au	Pre-collar
KU17RD007	RC / DD	469325	8995953	77	-59	270	276.6	45 53 126 150 236	1.0m @ 1.66g/t Au 1.0m @ 3.38g/t Au 9.0m @ 1.13g/t Au 3.0m @ 0.91g/t Au 1.0m @ 0.66g/t Au	RC to depth of 84m
KU17RD014	RC / DD	469298	8996197	99	-59	270	188	10	1.0m @ 1.02g/t Au	RC to depth of 60m Hole terminated in poor ground

Notes:

• Sampling was conducted using diamond or RC drilling.

• Diamond drilling samples collected as half core, cut by diamond saw.

• RC samples collected on 1m intervals with approximately 2kgs collected from riffle splitter for analysis.

• Sample preparation undertaken by ITS Laboratories on Woodlark Island (refer Appendix B for details)

• Gold analysis by Fire Assay 50gm charge by Intertek Genalysis Laboratories, Townsville, Australia.

• Mineralised intercepts calculated as a weighted average, using a 0.5g/t Au lower cut, maximum of two metres of internal waste.

• Collar coordinates in PNG94 Geodetic System. Azimuths true bearing.

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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 techniques	Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc.). These examples should not be taken as limiting the broad meaning of sampling. Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.	Sampling was conducted using diamond drilling (DD) and reverse circulation drilling (RC). Sampling of the diamond drilling comprised half core samples taken based on lithological, alteration, and mineralisation breaks observed in geological logging. RC drilling samples were collected in 1m intervals. The entire sample was riffle split using a 75%/25% splitter yielding approximately 3kg sub split for assaying. The 75% split was stored in plastic sample bags and removed from site on the completion of the hole to a bag farm for future reference if required. All samples were sent for fire assay gold and four- acid multi-element analysis by ICPMS method. Blank, duplicate, and standard samples were inserted in at various intervals based on Geopacific’s QAQC procedure to ensure sample representivity and repeatability of the sampling results.

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CRITERIA	JORC CODE EXPLANATION	COMMENTARY
	Aspects of the determination of mineralisation that are Material to the Public Report. In cases where ‘industry standard’ work has been done this would be relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information.	Core was cut in half using a core saw. Where core competency was low, whole core was wrapped in plastic clingfilm to help maintain integrity of the sampled interval while being cut. For RC drilling, drill cuttings were delivered as 1m samples collected from a cyclone into large plastic bags. Samples were weighed on site prior to further handling. Dry 1m samples were split 75%/25% in field to yield a sample of approximately 3kg in weight. RC drilling was largely confined to dry samples only, with the hole being terminated if it became impossible to yield a dry sample. For wet samples, the 1m RC sample bag is laid flat and spear sampled in multiple directions across the bag to create a 1m sub sample of approximately 3kg in weight. Drill cuttings were site-evaluated by the logging geologist and for apparent unmineralised zones, 4 metre composite samples were created from each corresponding individual 1m sample split using a 25%/75% splitter through the unmineralised zone. Field duplicates were collected at the drill site. All 1m splits were retained for future resampling if required. Samples were prepared on the on-site sample prep laboratory operated by ITS Pty Ltd PNG (Intertek Services Ltd). Standard preparation of samples is to crush ~2kg through a jaw crushed, with a blank bottle wash between each sample. Crushed sample is then transferred to a LM-2 pulveriser for reduction to pulp. A 150gm pulp sample is split from the master sample and submitted for analysis. Coarse reject material and pulps are bagged and stored on site for future reference. Samples were sent for fire assay gold analysis using a 50g charge, as well as multi-element analysis using multi-acid digest with ICP finish at Intertek’s Townsville laboratory.
Drilling Techniques	Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc.) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc.).	Diamond drilling was undertaken using triple tube methodology in a variety of core sizes including PQ and HQ and NQ depending on the ground conditions and depth of investigation. RC drilling by standard face sampling hammer, with drill cuttings reporting to a cyclone for collection.

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CRITERIA	JORC CODE EXPLANATION	COMMENTARY
Drill Sample Recovery	Method of recording and assessing core and chip sample recoveries and results assessed.	Core recovery is recorded by measuring the core recovered from the drillhole against the actual drilled metres. All RC samples were weighted on collection from the cyclone to assess sample yield and possible loss / contamination.
	Measures taken to maximise sample recovery and ensure representative nature of the samples.	The use of triple tube drilling as well as shorter runs in zones of broken ground were used to maximise the sample recovery.
	Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.	Sample recovery was good throughout the drillholes, consistently above 90%, and as such there is no sample bias introduced because of sample recovery.
Logging	Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.	All drill samples were geologically logged by Geopacific geologists using Geopacific’s logging procedure. Geotechnical logging of drill core for Rock Quality Designation (RQD), hardness, degree of fracturing and weathering is undertaken by Geopacific staff using Geopacific’s logging procedure. RC chips were washed and stored in 1m interval compartments in plastic chip trays for logging and future reference.
	Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc.) photography.	Drill samples were logged both qualitatively (e.g. lithology, alteration, structure, etc.) and quantitatively (e.g. veining and mineralisation percentage, structural orientation angles, etc.). Drill core is photographed both dry and wet and is stored in plastic core trays in our exploration core yard. RC chips were also photographed in chip trays.
	The total length and percentage of the relevant intersections logged.	All holes are logged their entire length.
Sub-sampling techniques and sample preparation	If core, whether cut or sawn and whether quarter, half or all core taken.	Core is halved by core saw, with one half sent for sample preparation and analysis. The remaining core is stored in the core trays on site.
	If non-core, whether riffled, tube sampled, rotary split, etc. and whether sampled wet or dry.	Samples were riffle split on the rig into small plastic bags. Each 1m sample interval was split, yielding approximately 3kg of sample for analysis. Where samples were wet, a spear was used to collect approximately 3kg sub sample. Samples were logged as either wet or dry.

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CRITERIA	JORC CODE EXPLANATION	COMMENTARY
	For all sample types, the nature, quality and appropriateness of the sample preparation technique.	Samples are crushed to a nominal 2mm by a jaw crusher, with the whole sample pulverised and then split; one 150gm sample for submission with residue stored on site.
	Quality control procedures adopted for all sub- sampling stages to maximise representivity of samples.	Field blank, duplicate, and standard samples are introduced to maximise the representivity of the samples.
	Measures taken to ensure that the sampling is representative of the in-situ material collected, including for instance results for field duplicate/second-half sampling.	Field duplicates are inserted in accordance with Geopacific’s QAQC procedure.
	Whether sample sizes are appropriate to the grain size of the material being sampled.	Sample sizes are appropriate to the grain size of the material being sampled.
Quality of assay data and laboratory	The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.	Fire assay Au and four-acid digest ICP analysis are thought to be appropriate for determination of gold and base metals in fresh rock, and are considered to represent a total analysis.
tests	For geophysical tools, spectrometers, handheld XRF instruments, etc., the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.	No results from geophysical tools, spectrometers, or handheld XRF instruments are reported in this release.
	Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.	Field and lab blank, duplicate, and standard samples were used in the drilling. Results from these QAQC samples were within the acceptable ranges.
Verification of sampling and assaying	The verification of significant intersections by either independent or alternative company personnel.	Significant intersections were inspected by senior geological staff.
	The use of twinned holes.	No holes reported in this announcement are twins of previous drilling.
	Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.	Primary assay data is sent electronically from the lab to our database administrator and then entered into the Geopacific database and validated by the database administrator and senior staff.
	Discuss any adjustment to assay data.	No adjustments were made or required to be made to the assay data.

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CRITERIA	JORC CODE EXPLANATION	COMMENTARY
Location of data points	Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.	Drillhole collars were located using a total station surveying instrument. Downhole surveys are conducted on all drillholes with readings recorded every 5 metres downhole using a Reflex MEMS gyro.
	Specification of the grid system used.	Coordinates are recorded in PNG94 geodetic system
	Quality and adequacy of topographic control.	LiDAR survey data obtained over the licence area, tied in to total station collar readings provide sub- metre accuracy.
Data spacing and distribution	Data spacing for reporting of Exploration Results.	Drilling reported in this release relates to infill drilling within the Kulumadau deposit. Existing drilling within the defined deposit area is nominally spaced 25m x 25m, closer in some areas.
	Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.	Drilling results released in this announcement confirm mineralisation delineated in previous drilling and confirm both grade and geological continuity. Spacing is considered appropriate for JORC resource classification.
	Whether sample compositing has been applied.	Some compositing of RC samples was undertaken. Where grades higher than 0.4 g/t Au were encountered in composite samples, individual 1m samples comprising the composite sample were re submitted for analysis and these 1m re samples used in calculating the reported significant intersection.
Orientation of data in relation to geological structure	Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.	Current interpretations of the mineralised zones in all areas indicate that the orientation of the drillholes has achieved unbiased sampling of the structures.
	If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	An interpretation of the mineralisation has indicated that no sampling bias has been introduced to the diamond drillholes reported herein.
Sample security	The measures taken to ensure sample security.	All samples are collected by GPR staff and put into numbered plastic bags, along with a corresponding sample ticket, which are immediately sealed and placed in order on a pallet with other samples in an area directly adjacent to the onsite sample preparation laboratory. The pallet containing the sealed samples is then delivered directly into the onsite sample prep lab, where chain of custody hands over to ITS Ltd.

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CRITERIA	JORC CODE EXPLANATION	COMMENTARY
Audits or reviews	The results of any audits or reviews of sampling techniques and data.	No audits have been completed, but QAQC data is monitored on a batch-by-batch basis.

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Appendix B: JORC Code, 2012 Edition – Table 1

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

CRITERIA	JORC CODE EXPLANATION	COMMENTARY
Mineral tenement and land tenure status	Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	Geopacific is negotiating a Joint Venture agreement with Kula Gold Ltd (ASX:KGD) to acquire a 75% interest by spending AUD$18.65m over three tranches. In Tranches 1 and 2, Geopacific must spend AUD$8m within the first two years to earn an initial 35% interest in operating company WML. Should Geopacific delineate a Reserve base of >1.2M Oz Au within the two-year period it will be deemed to hold a 51% interest in WML. Geopacific can increase its ownership to 60% of WML by completing the earn in expenditure (Tranche 3) without delineating the Reserve target of 1.2M Oz Au. Should that target be met as part of Tranche 3 expenditure, Geopacific will be deemed to have earned a 75% interest in WML.
Exploration done by other parties	Acknowledgment and appraisal of exploration by other parties.	This announcement is based on work done by Kula Gold Ltd and Geopacific Resources Limited.
Geology	Deposit type, geological setting and style of mineralisation.	Most of Woodlark Island is covered by a veneer of Plio-Pleistocene limestones (coronus) of variable thickness with associated marine clays and basal conglomerates. A central elevated portion of the island (horst structure) contains Miocene volcanic rocks intruded by late stage, high K porphyritic intrusives and contains the known historical mines. Gold mineralisation within the Woodlark Island Gold Project is principally hosted by andesites and their sub-volcanic equivalents within the Miocene age stratigraphic unit known as the Okiduse Volcanics. The mineralisation is variously associated with lodes, quartz veins, stockwork zones and breccias developed within proximal phyllic and marginal propylitic alteration envelopes regionally associated with intrusive breccia complexes. Gold mineralisation is consistent with low sulphidation, base metal carbonate, epithermal systems typical of the south-west Pacific.

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CRITERIA	JORC CODE EXPLANATION	COMMENTARY
Drill hole Information	A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: o easting and northing of the drill hole collar o elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar o dip and azimuth of the hole o down hole length and interception depth o hole length If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.	See Appendix A, Table 1.
Data aggregation methods	In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut-off grades are usually Material and should be stated.	No top-cuts were used in the reporting of these significant intercept. The interval selected using a cut off value 0.5g/t Au and were calculated using weighted averaging.
	Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.	Shorter intercepts of higher grade within larger reported intercepts are subsequently highlighted within the summary drilling table.
	The assumptions used for any reporting of metal equivalent values should be clearly stated.	N/A
Relationship between mineralisation widths and intercept lengths	These relationships are particularly important in the reporting of Exploration Results. If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (e.g. ‘down hole length, true width not known’).	Information from other drilling in the area as well as geological mapping indicate that the downhole intervals may be close to the true width, but more structural information is needed to determine the exact orientation of the mineralised zones.
Diagrams	Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.	Diagrams relevant to the report content are included in the body of the report.

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CRITERIA	JORC CODE EXPLANATION	COMMENTARY
Balanced reporting	Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	Refer to Appendix A, table 1.
Other substantive exploration data	Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	Refer to text.
Further work	The nature and scale of planned further work (e.g. tests for lateral extensions or depth extensions or large-scale step-out drilling). Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	Refer to text.

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Appendix B: JORC Code, 2012 Edition – Table 1

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

CRITERIA	JORC CODE EXPLANATION	COMMENTARY
Mineral tenement and land tenure status	Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	Geopacific is negotiating a Joint Venture agreement with Kula Gold Ltd (ASX:KGD) to acquire a 75% interest by spending AUD$18.65m over three tranches. In Tranches 1 and 2, Geopacific must spend AUD$8m within the first two years to earn an initial 35% interest in operating company WML. Should Geopacific delineate a Reserve base of >1.2M Oz Au within the two-year period it will be deemed to hold a 51% interest in WML. Geopacific can increase its ownership to 60% of WML by completing the earn in expenditure (Tranche 3) without delineating the Reserve target of 1.2M Oz Au. Should that target be met as part of Tranche 3 expenditure, Geopacific will be deemed to have earned a 75% interest in WML.
Exploration done by other parties	Acknowledgment and appraisal of exploration by other parties.	This announcement is based on work done by Kula Gold Ltd and Geopacific Resources Limited.
Geology	Deposit type, geological setting and style of mineralisation.	Most of Woodlark Island is covered by a veneer of Plio-Pleistocene limestones (coronus) of variable thickness with associated marine clays and basal conglomerates. A central elevated portion of the island (horst structure) contains Miocene volcanic rocks intruded by late stage, high K porphyritic intrusives and contains the known historical mines. Gold mineralisation within the Woodlark Island Gold Project is principally hosted by andesites and their sub-volcanic equivalents within the Miocene age stratigraphic unit known as the Okiduse Volcanics. The mineralisation is variously associated with lodes, quartz veins, stockwork zones and breccias developed within proximal phyllic and marginal propylitic alteration envelopes regionally associated with intrusive breccia complexes. Gold mineralisation is consistent with low sulphidation, base metal carbonate, epithermal systems typical of the south-west Pacific.

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CRITERIA	JORC CODE EXPLANATION	COMMENTARY
Drill hole Information	A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: o easting and northing of the drill hole collar o elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar o dip and azimuth of the hole o down hole length and interception depth o hole length If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.	See Appendix A, Table 1.
Data aggregation methods	In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut-off grades are usually Material and should be stated.	No top-cuts were used in the reporting of these significant intercept. The interval selected using a cut off value 0.5g/t Au and were calculated using weighted averaging.
	Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.	Shorter intercepts of higher grade within larger reported intercepts are subsequently highlighted within the summary drilling table.
	The assumptions used for any reporting of metal equivalent values should be clearly stated.	N/A
Relationship between mineralisation widths and intercept lengths	These relationships are particularly important in the reporting of Exploration Results. If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (e.g. ‘down hole length, true width not known’).	Information from other drilling in the area as well as geological mapping indicate that the downhole intervals may be close to the true width, but more structural information is needed to determine the exact orientation of the mineralised zones.
Diagrams	Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.	Diagrams relevant to the report content are included in the body of the report.

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CRITERIA	JORC CODE EXPLANATION	COMMENTARY
Balanced reporting	Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	Refer to Appendix A, table 1.
Other substantive exploration data	Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	Refer to text.
Further work	The nature and scale of planned further work (e.g. tests for lateral extensions or depth extensions or large-scale step-out drilling). Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	Refer to text.

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