Over the past week, shares of Geopacific Resources Ltd [ASX:GPR] were met with strong turbulence. Trading at 25 cents on Thursday 30 August, then souring to 30 cents by Monday 3 September — an increase of almost 50%, before it plummeted by 10.71% at Yesterday’s close, Tuesday 4 September.
Shares of Geopacific Resources are trading at 26 cents at time of writing, up 4%.
The gold-copper development company based in Australia has assets in the Asia-Pacific region.
New high grade gold could help Geopacific Resources’ share price
An update of Geopacific’s ongoing regional geochemical soil sampling program at the woodlark gold project revealed several new high-grade gold anomalies.
The company is undertaking a thorough soil sampling in conjunction with rock chip sampling.
The woodlark project includes both the Watou and Talpos prospect, which found rock chip values up tp 48.41t and soil gold values up to 3.36t at Tapos, respectively.
The update demonstrates the immediate and growing potential of Woodlark Island. As well as this, it may also play a key role in a turnaround for Geopacific’s future share price.
Managing director of Geopacific Resources commented on the finding:
‘Soil sampling continues to produce impressive results, highlight the potential of a much larger mineral field. Interestingly some of the new anomalies are directly along strike from known areas of mineralisation or actual planned open pits. This demonstrates the immediate potential to increase resources along strike from current areas as well as identifying new zones. We look forward to drilling these new zones when the soil campaign is complete and the drill targets are prioritised.’
Geopacific Resources upcoming news
In other news Geopacific Resources has progressed to the third earn-in period of its farm-in agreement.
Under this agreement, GPR will be issued shares in Woodlark Mining Limited effective immediately, increasing its shares to 51%. Along with this, Matthew Smith will be appointed as director of Woodlark Mining’s board.
All this could bring some positive increases to Geopacific Resources’ share price in the near future. But investors will likely have to be patient in order to see any substantial movements.
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