GEOPACIFIC RESOURCES LTD — Capital/Financing Update 2018

Feb 5, 2018

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6 February 2018
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New results from gold discovery at Woodlark

The Board of Geopacific Resources Ltd (Geopacific) is pleased to provide assay results showing new gold intersections from the Boscalo area of the Woodlark Gold Project (Woodlark) in Papua New Guinea (PNG).

Highlights

• Additional, near-surface gold mineralisation identified

• Results include:

• 11m @ 6.75g/t Au

• 7m @ 5.87g/t Au

• 3m @ 11.99g/t Au

• Potential for repetition across large regional goldfield

New zones confirmed

Originally thought to be an extension of Kulumadau East mineralisation, Geopacific confirmed in December 2017 that Boscalo represents the discovery of a significant new zone of gold mineralisation situated beneath shallow cover adjacent to the Kulumadau East deposit.

The main zone strikes to the north-west and is currently delineated over a two hundred metre strike length using shallow RC drilling. Mineralisation remains open at depth and along strike. In addition to the main zone, a parallel zone of mineralisation between Boscalo and Kulumadau East has also been identified, further confirming the significant potential for additional gold discoveries in the area.

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Figure 1: Oblique section showing Kulumadau East and results at the Boscalo discovery.

Geopacific Resources Limited ASX Code: GPR (ASX code: KGD) www.geopacific.com.au

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Boscalo

Boscalo was first identified with several broad and high-grade intercepts in June (released 15 June 2017: Woodlark – Success continues 18m @ 8.99g/t Au) .

The close proximity of Boscalo and the parallel zone to the Kulumadau East deposit is evident in the drillhole location plan, showing the potential for this mineralisation to be included into future pit designs.

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Figure 2: Drillhole location plan showing results at the Boscalo discovery, north of Kulumadau East.

The mineralisation at Boscalo is typical of low sulphidation epithermal deposits. Mineralisation is associated with intensely hydrothermally-altered breccias developed within volcanic rocks. The orientation of the mineralised zone at Boscalo is different to Kulumadau East, striking to the north-west as opposed to the more north-south strike of Kulumadau East. Higher grade zones fall within a much broader, mineralised envelope, as indicated on the oblique section in figure 1. The majority of holes have been drilled to a shallow depth of 120 metres with some holes reaching 140 metres.

Managing director, Ron Heeks said

“The Boscalo discovery is an indicator of gold mineralisation that lies hidden beneath the shallow limestone veneer. Woodlark’s existing deposits only scratch the surface of the regional potential and our work to identify attractive exploration targets is progressing well. We are excited by the apparent discovery potential across our 60km[2] mining lease and 580km[2] of exploration licences.”

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Status of the Joint Venture with Kula Gold

Geopacific has met the conditions required to execute the standard option of Tranche 2 under the Joint Venture Agreement with Kula. Once new Reserve estimates for Woodlark have been completed, Geopacific will assess the options and make a decision. Completion of Tranche 2 remains subject to Geopacific issuing an election notice to Kula.

Information on the Tranche 2 options and their impact on increasing Geopacific’s ownership is detailed in the table below.

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Tranche 2 Geopacific direct Geopacific total
ownership of Woodlark
ownership of
(includes Geopacific’s 85%
includes two options Woodlark interest in Kula)
Option 1: Standard
• 15,000m of diamond drilling  40% * 91%
• Spend $8m 
OR
Option 2: Incentive
51% * 93%
• Deliver 1.2Moz Au Reserve estimate 
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*** Note: Geopacific already controls Woodlark with total ownership of 86%, as Kula is a controlled subsidiary.**

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 Ms. Philippa Leggat

Managing Director Executive Director Corporate

Company details Board Projects Geopacific Resources Limited Milan Jerkovic Chairman PAPUA NEW GUINEA ACN 003 208 393 Ron Heeks Managing Director Woodlark Island Gold ASX Code: GPR Philippa Leggat Executive Director CAMBODIA info@geopacific.com.au Mark Bojanjac Non-Exec Director Kou Sa Copper FIJI http://www.geopacific.com.au Ian Clyne Non-Exec Director Nabila Gold, Rakiraki Gold, Sabeto GoldT +61 8 6143 1820 Matthew Smith Company Secretary Copper, Vuda Gold-Copper, Cakaudrove HEAD OFFICE Gold-Silver

Level 1, 278 Stirling Highway, Claremont WA 6010. PO Box 439, Claremont WA 6910.

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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.

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 by the PNG Government, subject to meeting the conditions of the licence.

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Appendix A: Table 1 Significant Intersections

Hole No Drill Method	Easting Northing RL	Dip Azi m Depth (m) From (m)	Intercept
KU17RC065 RC	469757 8995979 71	-60 45 120 29	7m @ 1.67g/t Au
		47	1m @ 0.72g/t Au
		114	1m@0.52g/t Au
KU17RC066 RC	469813 8996040 75	-61 45 120 57	3m @ 11.99g/t Au
		65	1m @ 0.67g/t Au
		69	11m @ 6.75g/t Au
		84	2m@ 3.20g/t Au
KU17RC067 RC	469840 8996070 72	-60 45 120 12	2m @ 1.21g/t Au
		22	6m @ 1.66g/t Au
		36	2m @ 1.83g/t Au
		100	1m@1.06g/t Au
KU17RC068 RC	469678 8995907 70	-60 45 140 93	7m @ 3.70g/t Au
		110	2m @ 0.64g/t Au
		133	1m@3.54g/t Au
KU17RC069 RC	469690 8995964 80	-60 45 120 28	2m @ 0.59g/t Au
		47	1m @ 3.60g/t Au
		68	3m@0.66g/t Au
KU17RC070 RC	469760 8996034 84	-60 45 120 0	2m @ 0.64g/t Au
		49	1m @ 0.51g/t Au
		54	1m @ 0.54g/t Au
		61	2m @ 0.56g/t Au
		64	15m @ 5.80g/t Au
		82	1m @ 0.56g/t Au
		95	2m @ 3.29g/t Au
		101	1m @ 1.47g/t Au
		106	2m@1.01g/t Au
KU17RC071 RC	469728 8996007 69	-60 45 126 0	2m @ 0.58g/t Au
		65	1m @ 0.74g/t Au
		87	4m @ 0.92g/t Au
		98	1m @ 1.06g/t Au
		103	4m @ 1.50g/t Au
		115	2m@0.84g/t Au
KU17RC072 RC	469768 8995906 72	-60 45 140 32	2m @ 1.40g/t Au
		70	1m @ 0.93g/t Au
		121	1m@0.55g/t Au
KU17RC073 RC	469787 8995932 73	-60 45 140 32	2m @ 1.70g/t Au
		72	2m @ 0.66g/t Au
		76	10m @ 4.81g/t Au
		90	6m @ 0.63g/t Au
		112	25m@ 1.03g/t Au
KU17RC074 RC	469790 8995895 71	-61 45 120 84	1m @ 0.58g/t Au
		91	1m @ 1.74g/t Au
		99	1m@0.67g/t Au
KU17RC075 RC	469766 8995944 70	-60 45 132 41	1m @ 7.64g/t Au
		81	1m@0.63g/t Au

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Hole No Drill Method	Easting Northing RL	Dip Azi m Depth (m) From (m)	Intercept
KU17RC076 RC	469796 8995967 69	-60 45 120 44	2m @ 1.19g/t Au
		54	1m @ 0.75g/t Au
		66	1m @ 0.60g/t Au
		72	6m @ 1.97g/t Au
		93	4m @ 6.96g/t Au
		101	1m@0.51g/t Au
KU17RC077 RC	469806 8996006 71	-60 46 132 38	15m @ 1.97g/t Au
		60	5m @ 1.91g/t Au
		68	1m @ 2.57g/t Au
		72	1m @ 0.78g/t Au
		117	6m@ 1.26g/t Au
KU17RC078 RC	469791 8996063 82	-61 45 132 26	4m @ 0.65g/t Au
		59	1m @ 0.65g/t Au
		65	2m @ 1.50g/t Au
		85	1m@2.80g/t Au
KU17RC079 RC	469818 8995932 65	-60 46 120	No significant intersection
KU17RC080 RC	469849 8995957 67	-60 45 120	No significant intersection
KU17RC081 RC	469877 8995985 68	-60 45 144 24	7m @ 0.79g/t Au
		41	1m @ 6.52g/t Au
		58	1m @ 0.91g/t Au
		62	13m @ 1.10g/t Au
		80	3m @ 0.87g/t Au
		92	2m @ 0.65g/t Au
		97	2m @ 4.78g/t Au
		103	1m @ 0.60g/t Au
		116	7m @ 0.99g/t Au
		137	1m@0.51g/t Au
KU17RC082 RC	469871 8996019 70	-61 45 120 34	1m @ 1.14g/t Au
		50	1m @ 3.67g/t Au
		66	1m @ 0.61g/t Au
		80	1m @ 1.55g/t Au
		84	1m@0.75g/t Au
KU17RC083 RC	469821 8995965 66	-60 45 120 22	2m @ 0.74g/t Au
		35	5m @ 1.55g/t Au
		43	6m @ 0.62g/t Au
		53	1m @ 0.59g/t Au
		60	1m @ 1.00g/t Au
		75	6m @ 0.93g/t Au
		87	5m @ 0.94g/t Au
		118	1m@0.57g/t Au
KU17RC084 RC	469910 8996050 72	-60 45 120 37	3m @ 0.87g/t Au
		46	1m @ 1.65g/t Au
		52	1m @ 0.53g/t Au
		55	5m@ 1.19g/t Au
KU17RC085 RC	469873 8996055 71	-60 45 120 34	1m @ 1.00g/t Au
		41	7m @ 5.87g/t Au
		68	1m@0.59g/t Au
KU17RC086 RC	469661 8995892 69	-60 45 160 124	2m@1.62g/t Au

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Notes

• Sampling was conducted using reverse circulation (RC) drilling

• RC samples were collected on a 1m interval with approximately 2kg collected from a riffle splitter

• 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 Reverse Circulation Drilling (RC). 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 and four- acid multi-element analysis by ICPMS method at Intertek Genalysis Townsville analytical laboratory. 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.
	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.	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 kiln dry samples, crush ~2kg through a jaw crusher, 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.

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CRITERIA	JORC CODE EXPLANATION	COMMENTARY
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.).	Geopacific Resources RC drilling utilised a dual- purpose Sandvik D880 rig, capable of drilling RC and diamond. RC drilling used a 139mm face sampling hammer and cyclone return. All RC holes were pvc collared to 12m minimum. A 350psi / 850cfm compressor plus booster compressor were utilised for RC drilling. All holes were downhole surveyed using a Reflex EZ Gyroscope
Drill Sample Recovery	Method of recording and assessing core and chip sample recoveries and results assessed.	RC drilling samples were all weighed on collection form the cyclone, with relative moisture content noted. A back-calculation of sample weight relative to estimated specific gravity is made to assess for potential downhole blowouts (where the hole diameter gets enlarged by the action of the compressed air against the wallrock at certain intervals, potentially causing downhole contamination).
	Measures taken to maximise sample recovery and ensure representative nature of the samples.	RC drilling utilised a booster compressor to assist with keeping holes dry as deep as possible. All holes are cement collared to prevent outside circulation sample loss.
	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.	Historically, some diamond drill core loss was recorded in particularly poor ground, especially at Kulumadau West diamond drilling. Gold mineralisation in the cataclasite zones is typically preferentially within the fine, muddy breccia matrix as opposed to the harder, resistant breccia clasts. Unless great care is taken through these zones, DD drilling may inadvertently wash away the mineralised clays, resulting in overall core loss and significantly reduced gold grades in the sampled interval. Geopacific has gone to great lengths to improve drilling methodology and practice and as a result, has consistently achieved good core recoveries. Overall, there is no discernible bias recorded against gold values and sample recoveries in Geopacific DD and RC holes.
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 Rock Quality Designation (RQD), hardness, degree of fracturing and weathering is undertaken by Geopacific staff using Geopacific’s logging procedure.

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CRITERIA	JORC CODE EXPLANATION	COMMENTARY
	Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc.) photography.	Drill core and RC chips 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.
	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.	NA
	If non-core, whether riffled, tube sampled, rotary split, etc. and whether sampled wet or dry.	RC drilling used a cyclone and riffle splitter for dry samples. If samples were damp, cuttings were heaped, quartered, spear sampled, with the process repeated 8 times per sample to generate a representative sample. Unless drilling a precollar, RC drilling is terminated if the sample cannot be delivered dry. For precollar RC drilling, RC drilling is outside the target ore zone and as there is no expectation of encountering mineralisation, there is minimal concern over potential sample contamination for this section of the drill hole if the sample is delivered wet. 4 metre composite samples are collected for this style of drilling to ensure analytical coverage of the entire hole.
	For all sample types, the nature, quality and appropriateness of the sample preparation technique.	Samples are kiln dried, crushed to a nominal 2mm by a jaw crusher, with the whole sample pulverised to 85% passing 75µm 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. Two blank samples, two reference standard samples and two duplicate samples are included per 100 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. This includes two blank samples and two field duplicate samples. Field duplicated for RC drilling are created by splitting a 1m sample twice into two separate samples. For DD core, core is quartered, with quarter core per sample interval used.
	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.

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CRITERIA	JORC CODE EXPLANATION	COMMENTARY
Quality of assay data and laboratory tests	The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.	50gm 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.
	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 included in this report.
	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 drilling. Laboratory blanks, duplicates and reference standards are routinely used. Results from these QAQC samples were within the acceptable ranges, with the only exception being the detection of very low values of gold in a blank sample. The weak gold value in a blank sample was attributed to a preceding sample containing significant amounts of free gold, which appeared to have contaminated the jaw crusher in the sample prep laboratory. A full review of equipment cleaning and increased attention to the bottle wash process has eliminated any repeat of this occurrence.
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.	Not applicable.
	Discuss any adjustment to assay data.	No adjustments were made or required to be made to the assay data.
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. Survey control points were established in 2007 across the project and provide excellent ground control for total station surveying. Downhole surveys using a Reflex EZ Gyro were conducted on all drillholes with readings recorded every 5 metres downhole. Historical drilling utilised both a single shot down hole camera and a multi shot downhole camera to determine downhole dip and azimuth readings.
	Specification of the grid system used.	Coordinates are recorded in PNG94 geodetic system

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CRITERIA	JORC CODE EXPLANATION	COMMENTARY
	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 resource calculation results.	Drilling reported in this report relates to infill and extensional drilling within Kulumadau and are nominally spaced 50m x 25m, dependant on accessibility to terrain.
	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 report confirm mineralisation delineated in previous drilling and confirm both grade and geological continuity.
	Whether sample compositing has been applied.	Some RC drilling utilised 4m composites for initial sampling of zones considered unlikely to host mineralisation. All samples were split at 1m intervals and where deemed appropriate, composited using a 75/25 riffle splitter. Where composite samples returned a gold value greater than 0.25g/t Au, the zone was re sampled using original 1 metre sample splits collected when the hole was drilled.
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 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.
Audits or reviews	The results of any audits or reviews of sampling techniques and data.	QAQC sample data is constantly collected and reviewed for each sample submission.

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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.	Woodlark Mining Limited (WML) holds a 100% interest in Mining Lease 508, within which all reported resources in this report are located. WML is owned 95% by Kula Gold Limited (Kula), a Public Company incorporated in New South Wales, Australia, and 5% by Geopacific Resources Limited (Geopacific), a Public Company incorporated in Western Australia, Australia. Geopacific is the largest shareholder of Kula with an 85% holding. Geopacific’s total interest in WML is 86%, which includes both the direct interest and the indirect interest through Kula. Geopacific became the Project Manager in October 2016 and has been responsible for all activities on the Project since that time. Mining Lease 508 was granted to Woodlark Mining Limited on the 4th of July 2014 and is valid for 21 years, renewable.
Exploration done by other parties	Acknowledgment and appraisal of exploration by other parties.	This report is primarily based on work done by Geopacific Resources Limited.

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CRITERIA	JORC CODE EXPLANATION	COMMENTARY
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.
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.

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CRITERIA	JORC CODE EXPLANATION	COMMENTARY
	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’).	The orientation of drilling relative to strike and dip of mineralisation encountered suggests there is some variability to how perpendicular drillholes have intersected mineralised zones. All drilling attempts to intersect mineralised as close to perpendicular as is possible. All intercepts are downhole and not true width calculations.
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.
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 body of the Report.
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 body of the Report.

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