Woodlark could have average all-in sustaining costs of A$1110 per ounce over the life of the 10-year operation, with an IRR of 33% estimated.

The operation would comprise open cut mining and current reserves of 34.7 million tonnes grading 0.99 grams per tonne, with resources presently estimated at 47 million tonnes.

Lycopodium has been appointed to finalise the definitive feasibility study.

Geopacific will hold 93% of the project at the completion of the DFS.

Geopacific started the current quarter with $6.5 million cash.

Shares in Geopacific were up 11% to 4c in morning trade, capitalising the company at $72 million.

The stock is up about 40% since late last year.