GEOPACIFIC RESOURCES LTD — Capital/Financing Update 2022

Feb 15, 2022

ASX: GPR

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16 February 2022

Near surface drilling success showcases Woodlark potential

Highlights

• Shallow high-grade results continue from grade control drilling at Kulumadau (all within 60 metres of surface), including:

• 080KUL146 with 58 metres at 4.67g/t Au (271 gram metres), from surface;

• 080KUL160 with 39 metres at 5.33g/t Au (208 gram metres), from 21 metres; and

• 080KUL147 with 16 metres at 3.96g/t Au (63 gram metres), from 35 metres.

• Highly encouraging results received from resource extension drilling at Busai and Kulumadau (all within 100 meters from surface), including:

Busai:

• BSRC21140 with 14 metres at 5.01g/t Au, from 73 metres;

• BSRC21141 with 8 metres at 2.14g/t Au, from 19 metres;

• BSRC21136 with 11 metres at 1.99g/t Au, from 16 metres;

Kulumadau:

• KURC21027 with 17 metres at 0.97g/t Au , from 22 metres; and

• KURC21024 with 12 metres at 0.76g/t Au , from 65 metres.

• A further 50 grade control holes and nine resource extension holes have been completed with samples currently in the laboratory awaiting assay.

• The ongoing drilling program focus has now shifted to exploration, targeting significant near pit potential including areas previously inaccessible due to the proximity of the local community.

• Targets include numerous high grade prospective areas within the Mining Lease with visible gold at surface.

Chief Executive Officer, Tim Richards, said:

“The drilling campaign continues to deliver exceptional results. Grade control drilling supports our view that there is considerable upside potential within the existing pit shells, whilst first results from resource extension drilling highlight the exciting opportunity for further discoveries across the mining lease. We look forward to receiving further results as assays are received and our step out drilling program continues.”

Geopacific Resources Limited

www.geopacific.com.au

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Summary of recent Woodlark drilling results

Geopacific Resources Ltd (‘ Geopacific ’ or ‘ the Company ’; ASX: GPR) is pleased to provide an update on drilling results at the Woodlark Gold Project (‘ the Project ’).

Results from grade control drilling at the Company’s Kulumadau pit continue to highlight upside within the existing pit shells and identify potential for near term resource growth.

In addition, the initial phase of resource extension drilling focussed around the Busai and Kulumadau pits reinforces the potential for pit extension, with all three planned pits at the Project open along strike and at depth.

“These results reinforce our view that the current pit shells are constrained by data, not geology,” Mr Richards said.

Grade control drilling

Further results from the grade control RC drill campaign at Kulumadau (ref ASX release 30 September 2021 and 23 December 2021) have been received. This drilling was undertaken to further define near surface ore zones at stage 1 of the Kulumadau pit.

Drilling to date indicates potential upside to the high-grade zone in Figure 1.

A reconciliation of the grade control model to the Mineral Resource (ref ASX release 12 March 2018) will be undertaken upon receipt of all outstanding samples. This will allow the Company to quantify whether resource upside exists within the existing Kulumadau pit shell.

Figure 1: Kulumadau grade control cross sections

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Exploration Drilling Focus

A larger drill rig was mobilised to site in January 2022 to facilitate the drilling of deeper holes to test down

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dip and extension targets associated with the current pits. The drill results (Figures 2 & 3) indicate mineralisation extends down dip of the current pit shells, which provides positive indications of the potential to increase the size of the Kulumadau and Busai pits.

Figure 2: Kulumadau cross section

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Figure 3: Busai cross section

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Drilling will continue into Q2 2022, focussed on Woodlark’s significant near pit growth potential, including areas previously inaccessible due to the proximity of the local community as well as other high priority exploration targets within the mining lease.

Figure 4: Mining lease exploration target areas

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This announcement was authorised by the Board of Geopacific.

For further information, please visit www.geopacific.com.au or contact Mr Tim Richards, CEO.

	Company details	Board & Management	Projects
	Geopacific Resources Limited	Andrew BantockChairman	PAPUA NEW GUINEA
	ACN 003 208 393	Ian MurrayNon-Executive Director	Woodlark Island Gold
	ASX Code: GPR	Colin GilliganNon-Executive Director
	info@geopacific.com.au	Sir Charles LepaniNon-Executive Director
	http://www.geopacific.com.au	Tim RichardsChief Executive Officer
	T +61 8 6143 1820	Matthew SmithCFO and Company Secretary
	HEAD OFFICE	Mike MeintjesCompany Secretary
	Level 1, 278 Stirling Highway
	Claremont WA 6010.
	PO Box 439, Claremont WA 6910.

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Appendix A: Woodlark Project Significant Intercepts

Hole ID	North	East	RL		Dip/		Total		Down-hole	Down-hole	Down-hole	Down-hole	Down-hole
	m	m	M		degrees		m		From	To	Interval	Gold
									m	m	m		g/t Au
080KUL158	8995914	469116	85		-60/270		57		8	39	31		6.72
									50	56	6		4.81
Including									13	14	1		17.3
									17	19	2		25.3
									25	26	1		35.7
									52	56	4		6.57
080KUL159	8995910	469120	87		-60/270		60		14	43	29		7.62
									45	49	4		1.87
Including									14	15	1		87.7
									21	22	1		18.6
080KUL171	8995925	469113	84		-60/270		60		0	7	7		0.56
									13	54	41		3.90
Including									23	24	1		37.7
									27	28	1		10.2
									36	37	1		22.9
									40	41	1		13.7
080KUL172	8995925	469119	84		-60/270		60		0	50	50		4.61
Including									13	14	1		22.3
									20	21	1		10.9
									29	30	1		10.1
									31	35	4		25.2
080KUL173	8995924	469125	85		-60/270		55		0	2	2		0.88
									11	55	44		4.66
Including									11	13	2		11.6
									22	25	3		19.2
									32	37	5		11.2
									40	41	1		11.6
080KUL174	8995924	469131	85		-60/270		37		0	2	2		2.86
									21	37	16		7.08
Including									21	22	1		23.5
									28	36	8		10.2
BSRC21026	8993602	473100	65		-90/0		90		No significant Results
BSRC21037	8993552	472975	64		-90/0		30		No significant Results
BSRC21036	8993552	472950	64		-90/0		70		44	47	3	3.23
Including									46	47	1	8.53

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Hole ID	North	East	RL		Dip/		Total		Down-hole	Down-hole	Down-hole	Down-hole	Down-hole
	m	m	M		degrees		m		From	To	Interval	Gold
									m	m	m		g/t Au
080KUL160	8995915	469125	82		-60/270		60		0	5	5		0.78
									7	11	4		0.87
									21	60	39		5.33
Including									37	41	4		28.2
									41	45	4		7.85
080KUL152	8995915	469084	85		-60/270		60		42	49	7		0.87
080KUL148	8995905	469130	81		-60/270		60		37	39	2		0.80
									42	44	2		2.39
									46	50	4		0.99
									55	59	4		0.57
080KUL147	8995905	469124	82		-60/270		51		0	4	4		2.50
									18	24	6		1.15
									35	51	16		3.96
080KUL146	8995905	469120	82		-60/270		60		0	58	58		4.67
Including									24	31	7		6.86
									31	34	3		27.6
									34	39	5		6.27
									42	46	4		9.23
BSRC21136	8992873	473260	71		-60/090		96		16	27	11		1.99
Including									20	22	2		7.40
									34	47	13		0.84
									85	87	2		5.6
BSRC21137	8992875	473377	88		-60/090		96		No significant Results
BSRC21138	8992875	473426	92		-60/090		96		35	42	7	0.58
									46	49	3	1.51
									57	59	2	0.84
BSRC21139	8992875	473402	88		-60/090		96		No significant Results
BSRC21140	8992850	473400	84		-60/270		96		53	55	2	0.56
									73	87	14	5.01
Including									82	83	1	38.2
BSRC21141	8992850	473433	87		-60/270		96		13	14	1	0.83
									15	16	1	0.69
									19	27	8	2.14
Including									25	26	1	11.3
BSRC21142	8992850	473382	83		-60/270		82		88	89	1	0.58
BSRC21143	8992850	473359	82		-60/090		96		No significant Results
BSRC21105	8993297	472875	56		-90/0		65		6	8	2	0.46
BSRC21106	8993300	472900	57		-90/0		47		38	42	4	0.61
BSRC21107	8993300	472925	57		-90/0		65		35	36	1	9.56
									43	57	14	0.93

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KURC21024	8996024	469322	78	-60/090	96	25	26	1	9.9
						65	77	12	0.76
KURC21025	8996025	469386	75	-90/0	60	0	2	2	1.85
						18	22	4	1.24
						24	30	6	14.6
Including						26	27	1	82.2
						44	55	11	0.47
KURC21026	8996023	469521	77	-60/270	96	3	5	2	1.06
						34	34	1	1.44
						39	43	4	0.69
KURC21027	8996027	469556	76	-60/270	96	18	20	2	1.03
						22	39	17	0.97
						47	51	4	1.23
						54	61	7	1.15
						65	69	4	0.83

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Appendix B: JORC Code, 2012 Edition – Table 1

Section 1: Sampling Techniques and Data

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. Generally, sampling is at 1m intervals. 1 in 50 samples is a duplicate sample, taken from quarter core. Core recovery is routinely recorded for each drill run 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 at Intertek’s Lae analytical laboratory with four-acid multi-element analysis by ICPMS method at Intertek Genalysis Townsville analytical laboratory. Blank, duplicate, and standard samples were inserted 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. 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, to Intertek’s Lae laboratory, with 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 diamond drilling was undertaken using triple tube methodology in PQ or HQ core diameter depending on the ground conditions and depth of investigation. Casing of DD holes was to variable depths depending on ground conditions. All core was oriented using Reflex ACT III digital orientation equipment. Pre 2021, 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. Some holes completed by Geopacific used RC drilling for a pre-collar and diamond drilling for the lower part of the hole. These holes are prefixed RD, e.g. KU17RD011 is an RC pre-collar hole with a diamond tail. All holes were downhole surveyed using a Reflex EZ Gyroscope. From mid 2021, a KL-150 was used to undertake RC drilling pending the arrival to site of the Schramm 485/650. This rig was used to drill shorter holes befitting its smaller capacity. It was fitted with a 108mm face sampling hammer and a cyclone/cone splitter sampling system. From late 2021 a Schramm 450/685 mounted on a tracked carrier was used instead of the dual purpose rig to undertake Resource definition and exploration RC drilling on the island. This rig used a 130 to 146mm face sampling hammer and was fitted with an integrated cyclone/cone splitter system.

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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 drill hole against the actual drilled metres. RC drilling samples were all weighed on collection from 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 wall rock at certain intervals, potentially causing downhole contamination).
	Measures taken to maximise sample recovery and ensure representative nature of the samples.	Triple tube drilling as well as shorter runs in zones of broken ground were used to maximise the sample recovery. A rigorous program of experimentation and refinement of drilling mud regimes was conducted, resulted in significant improvements to recoveries in poor ground conditions when compared to historical drilling in similar zones.
	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 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. Some concerns over potential smearing of gold grades in RC drilling pre 1996 were identified. These holes were removed from the database for resource calculation purposes and replaced by new RC holes.

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CRITERIA	JORC CODE EXPLANATION	COMMENTARY
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.
	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.	Core is halved, 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.	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 pre-collar, RC drilling is terminated if water inflows compromise sample integrity. For pre-collar 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. Four 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.

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CRITERIA	JORC CODE EXPLANATION	COMMENTARY
	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.
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. Representative check samples were submitted to ALS laboratories to assess the effectiveness of 50gm Fire Assay method by repeating both Fire Assay and Aqua Regia gold analyses, with acceptable results.
	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. Some modelling of As values of historical drill sample pulps using a hand held XRF instrument was undertaken.
	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 independent certified 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.	Twin holes were drilled as part of the evaluation and QAQC process for Kulumadau, Busai and Woodlark King deposits. Twin holes were utilised in the resource calculations for each respective deposits.

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CRITERIA	JORC CODE EXPLANATION	COMMENTARY
	Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.	Data entry, data validation and database protocols are an integral part of the capture and use of geological information. A rigorous industry- standard system is utilised, which is administered by an Independent third party to ensure data integrity and off-site data backup.
	Discuss any adjustment to assay data.	No adjustments were made or required to be made to the assay data. Some historical RC drill holes were removed from the database due to sample contamination concerns. These holes were re drilled.
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.	Drill hole 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
	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 used to inform the resource estimates is variably spaced from as close as 5m x 5m basis in some areas to a more nominal 25m x 40m spacing. Generally speaking, the high grade sections of both Busai and Kulumadau are very tightly drilled.
	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 referred to in this report confirm mineralisation delineated in previous drilling and confirm both grade and geological continuity. Drill spacing is deemed to be appropriate for this style of mineralisation.

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CRITERIA	JORC CODE EXPLANATION	COMMENTARY
	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 Geopacific 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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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 100% owned by Geopacific Resources Limited (Geopacific), a Public Company incorporated in Australia. Mining Lease 508 was granted to Woodlark Mining Limited on the 4 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.
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. 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.	This report does not refer to exploration results specifically.
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.	This report does not refer to exploration results specifically.
	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.	Aggregated intercepts are not reported.
	The assumptions used for any reporting of metal equivalent values should be clearly stated.	No metal equivalent values are reported.
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.

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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.	This report does not refer to exploration results specifically.
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.	Additional information generated through the exploration process and through specific, targeted work programmes is utilised in the calculation of Resources and Reserves
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.	Exploration activities undertaken by Geopacific to date have identified numerous exploration targets that are actively being assessed. Geopacific intends to maintain an active exploration presence on Woodlark Island.

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 Jeffrey Moncrieff, a Competent Person who is a Member of The Australasian Institute of Mining and Metallurgy and Manager – Planning and Growth for Geopacific. Mr Moncrieff 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 Moncrieff consents to the inclusion in the announcement of the matters based on his information in the form and context in which it appears.

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