Geopacific Resources Ltd. provided an update on its ongoing exploration drilling campaign at the Woodlark Gold Project. Deeper resource extension diamond drilling at Busai has been completed. Full results of the 11 hole campaign are pending.

Highlights of the results received to date include: BUSDDH007 with 9 metres at 1.65g/t from 131m and 6 metres at 300g/t from 143m; BUSDDH011 with 3 metres at 12.6g/t from 124m; and BUSDDH004 with 3 metres at 4.23g/t from 28m and 8 metres at 1.5g/t from 65m. The high grade intercepts from multiple holes below the existing pit shell underscores the opportunity for resource growth at depth under Busai. The broader Mining Lease exploration program has also been completed.

Results from the initial phase of Mining Lease exploration highlight the prospectivity of both Watou and Talpos and demonstrate the broader regional exploration opportunities on Woodlark Island. WTRC22009 with 7 metres at 1.58g/t from 124m; WTRC22002A with 8 metres at 1.94g/t from 53m; WTRC22007 with 16 metres at 0.7g/t from 57m; and TARC2208 with 3 metres at 3.66g/t from 32m. Drilling activity on the island will now focus solely on lateral and down dip extension drilling at Kulumadau.

The ongoing resource extension drilling program, and the previously completed grade control drilling campaign are focussed on growing the existing Mineral Resource. An updated Mineral Resource expected in Fourth Quarter 2022 will be an important component of the ongoing studiesaimed at re-assessing the Project design and seeking to capitalise on targeted economies of scale. A diamond drill rig was mobilised to site in July to complement the RC rig already on site, to facilitate drilling at depth to assess extensions of the resource below the existing pits.

The diamond drill rig has initially focussed on resource extension drilling at the Busai deposit where 11 holes have been completed, enhancing the understanding of the orebody and increasing the drill density at depth. The Woodlark Project has a 1.6Moz gold resource with significant exploration upside located in Milne Bay Province, Papua New Guinea.