OceanaGold Corporation (TSX: OGC) (ASX: OGC) is pleased to announce the intersection of high-grade mineralisation along two large veins (Martha and Empire) beneath the Martha Pit at Waihi in New Zealand. These results stem from the latest round of drilling from two drill drives beneath the Martha pit and form part of a more extensive ongoing exploration program that includes surface and underground drilling.
Selection of Significant Intercepts
Mick Wilkes, President and CEO of OceanaGold said, “The latest drill results further demonstrates the significant mineralisation that resides beneath the Martha Pit. These results are from a drill program that form only a subset of a much more extensive drill program along kilometres of combined strike and hundreds of metres of vertical vein extent. The exploration program is designed to unlock the million-ounce resource target at Waihi which we expect would sustain current mining operations out to 2030 at historical production levels.”
He added, “Over the course of the next 18 months, we will continue with our drill programs and expect to make periodic updates to Waihi’s mineral resource throughout this period. Our strategy is to own and operate high-margin, long-life assets and the Martha Project aligns well with this strategy as we expect it can deliver significant value for shareholders and benefits local stakeholders at Waihi.”
On March 28, 2018, the Company announced the Martha Project which comprises an underground mine (“the Martha Underground Mine”) and the recommencement of open pit mining operations from Phase 4 of the Martha Pit. Consent applications were subsequently lodged May 25, 2018.
Since the November 2017 update, drilling at the Martha Project has focussed on resource development from two underground drill drives utilising up to four drill rigs. Over the course of the coming 12 months more than 47,000 metres alone will be drilled from both underground and surface on this project.
Drilling continues from drill drives that are being extended from the current underground mine approximately 900 metres on two levels under the Martha open pit (Figure 1, 920DD, 800DD). Drilling with up to four diamond rigs is testing the Martha, Empire, Royal and Edward veins with a known combined strike extent of 3,200 metres over a 500-metre vertical range. This latest drilling exceeds expectations and includes; 5.0 metres at 65.3 g/t gold; 9.0 metres at 29.4 g/t gold; 3.6 metres at 31.9 g/t gold and 7.9 metres at 14.1 g/t gold (Figures 2 and 3, Appendix A). These recent intersections represent structures of similar widths and grades to those that have been historically mined from the underground (Figures 2 and 3). In addition, a large number of mineralised veins have been intersected around the Empire and Martha veins, outside of the targeted shapes, that will contribute to the updated model.
The exploration target within the Martha Underground (Figure 1) is expected to yield tonnages of between 3.5 million and 5.0 million tonnes and grades ranging between 5.0 g/t and 7.0 g/t gold for 500,000 to 700,000 ounces of gold. This exploration target is conceptual in nature and was generated from an assessment of surface and underground drilling data collected by the Company as well as historical and archived geological and mining data from over a century of mining activity at Waihi. It is anticipated that the permitting process for the Martha Project will be completed by the end of 2019, with resource potential to allow continuity of mining operations at Waihi to at least 2030.
Drilling from the two underground drill drives are expected to continue for the remainder of the year in conjunction with other drill programs at Waihi and regionally.
All drill data including the JORC Code Table 1 for the Waihi exploration results can be found on the Company’s website at http://www.oceanagold.com
OceanaGold Corporation is a mid-tier, high-margin, multinational gold producer with assets located in the Philippines, New Zealand and the United States. The Company’s assets encompass the Didipio Gold-Copper Mine located on the island of Luzon in the Philippines. On the North Island of New Zealand, the Company operates the high-grade Waihi Gold Mine while on the South Island of New Zealand, the Company operates the largest gold mine in the country at the Macraes Goldfield which is made up of a series of open pit mines and the Frasers underground mine. In the United States, the Company operates the Haile Gold Mine, a top-tier, long-life, high-margin asset located in South Carolina. OceanaGold also has a significant pipeline of organic growth and exploration opportunities in the Americas and Asia-Pacific regions.
OceanaGold has operated sustainably over the past 27 years with a proven track-record for environmental management and community and social engagement. The Company has a strong social license to operate and works collaboratively with its valued stakeholders to identify and invest in social programs that are designed to build capacity and not dependency.
In 2018, the Company expects to produce 480,000 to 530,000 ounces of gold and 15,000 to 16,000 tonnes of copper with All-In Sustaining Costs that range from $725 to $775 per ounce sold.
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