GEOPACIFIC RESOURCES LTD
Aussie miner focuses on PNG, Viti may move in
An Australian miner which was among the more active exploring Fijian prospects has closed its operations here.
Geopacific Resources Limited is concentrating on Woodlark Island, 600 km east of Port Moresby, in the Milne Bay Province of Papua New Guinea.
The gold-copper development company headquartered in
Perth and listed on the Australian Stock Exchange (ASX), had ceased operations in Fiji, says acting Director Mineral Resources Deparment Raymond Mohammed
One of Geopacific’s most active exploration sites had been the Nabila project south of Nadi. Mr Mohammed confirmed.
He said Fijian-based Viti Mining Limited had tendered prospecting licences for two of the former Geopacific sites, including Nabila.
Mr Mohammed said the reason behind Geopacific closing from here was some of its mineral exploration tenements had expired and the company did not apply for renewal.
It had decided to pursue mineral development interest elsewhere.
He noted that whereas some exploration tenements were surrendered or relinquished by the company as it could not fulfill its mineral exploration licence obligations.
Fijian Gold Projects
Geopacific’s Interim Financial Report For The Half Year Ended 30 June 2020 stated: “All licences have been relinquished or are in the process of being relinquished and AU$105,000 (FJ$162,482.19) of bonds have been recovered. The company has commenced the process of winding up the Fijian Group of Companies.”
Repeated attempts to get comments from Geopacific were unsuccessful.
Mr Mohammed highlighted that the company was involved in mineral exploration via its three subsidiaries operating in Fiji, namely Geopacific Ltd, Beta Ltd and Millenium Mining Ltd.
“Millenium and Beta was operational for over 30 years
while Geopacific was over 20 years. “Geopacific had exploration sites at Rakiraki, Vuda and Sabeto, Nabila and Viani.”
All the Geopacific exploration sites, he says had prospects synonymous with gold occurrence or mineralisation.
Meanwhile, other investors or mineral explorers have shown interest in Geopacific’s former exploration sites.
“Once the tenement relinquishment or surrender process was completed by the Department, these areas were declared open ground or mineral prospects available for exploration and at this point in time, these prospects are under new application from interested investors.”
In 2012 the company had applied for a special prospecting license for precious metals and minerals in the Nadovu area in Naitasiri, but the application was later withdrawn by the company in 2014. Asked if these sites were still viable for extracting precious commodities, Mr Mohammed stressed that viability or otherwise can only be proven after progressive and detailed exploration works.
“Given the current gold price, there has been a lot of interest received in gold exploration.
“And currently the Department is processing exploration licenses applications over the prospects or areas previously held by Geopacific Resources Limited’s three subsidiaries.”
Review of Geopacific’s Interim
Financial Report also highlighted:
For the half year ended 30 June 2020, the Group made a net loss after income tax of AU$3,753,386 (FJ$5,808,615.80) (2019: AU$3,784,944 (FJ$5,857,453.92) ).
At 30 June 2020, the Group had net assets of AU$67,855,034 (FJ$105,009,435.89)
(31 December 2019: AU$70,478,375 (FJ$109,069,201.87)) including AU$36,082,584 (FJ$55,839,803.89) of capitalised mine properties under development (31 December 2019: AU$30,803,497).
At balance date, the Group had
AU$29,189,828 (FJ$45,171,942.87) in cash and cash equivalents(31 December 2019: AU$37,505,067 (FJ$58,039,970.08)) with the decrease for the period driven by spending in relation to the civil works programme on Woodlark Island.
Woodlark Gold Project – Papua New Guinea Geopacific is actively advancing development of the 1.6 Moz1 Woodlark Gold Project.
It is located on Woodlark Island, 600 km east of Port Moresby, in the Milne Bay Province of Papua New Guinea.
Viti Mining Pte Limited
Viti Mining Limited (VML) a local manganese and gold explorer had tendered applications for a Special Prospecting Licence for Nabila and Viani sites.
Mr Mohammed said: “Viti Mining Limited has applied for Viani and Nabila Prospects.
“Both applications are currently being processed by the Department.”
Gold is the main prospect at the sites.