OceanaGold Corporation (TSX: OGC) (ASX: OGC) is pleased to announce the intersection of additional high-grade gold mineralisation along the East Graben vein at the Company’s WKP prospect in New Zealand. These drill results add strike length, support the high-grade results reported in July 2018 and form part of a more extensive ongoing exploration drill programme.
Significant Intercepts (true widths)
Mick Wilkes, President and CEO of OceanaGold said, “The drill results at WKP continue to yield significant high-grade intercepts. The latest results indicate an extension to the known current strike length of the East Graben vein, which remains open in both directions. We continue to drill here as well as other major vein structures being discovered.” He added, “Drilling at WKP commenced with one drill rig in August of 2017 and as the drill program delivered positive results, we allocated additional resources and investment to support the exploration program. With the latest results, two rigs are dedicated to resource definition drilling and follow up drilling is planned on other areas of high-grade mineralisation.”
The Company commenced exploration of the WKP prospect in August 2017 and to date has drilled 10,386 metres from 19 holes. Since the July 2018 exploration update, 2,381 metres have been drilled at WKP focussing on the potential of the East Graben Vein; one of three major low sulphidation epithermal gold-silver veins identified so far within the WKP prospect area (Figure 1). In addition to these known veins, multiple high-grade veins in the hangingwall and footwall of the East Graben Vein have been intercepted and require further drilling.
The drilling completed since the July 2018 exploration update has continued to successfully intersect high-grade mineralisation, increasing the strike length by a further one third to a total delineated strike length of approximately one kilometre. The high-grade mineralisation is open in both directions, with 200 metres of vertical extent which is open for a further 100 – 200 metres up-dip (Figure 2).
Exploration activities will now mainly be focused on infill resource drilling within areas that have returned best true width intercepts, including 5.0m @ 39.04 g/t gold and 3.6m @ 35.79 g/t gold (Figure 2, Table 1).
For the remainder of 2018, the Company expects to complete 5,300 metres of infill resource definition diamond drilling and to further drill testing of the other major veins on the prospect.
Table 1: Recent Significant Diamond Drill Intersections (July 2018 to September 2018)
|Drill Hole ID||East#
|Silver Grade (g/t)||Vein|
|WKP53||2760147||6429860||181||171.6||-27.4||179.0||182.1||0.8||12.23||46.1||East Graben HW|
|WKP53||2760147||6429860||181||171.6||-27.4||245.7||246.5||0.3||12.00||101.0||East Graben HW|
|WKP53||2760147||6429860||181||171.6||-27.4||253.2||254.1||0.5||13.20||15.0||East Graben HW|
|WKP54||2760147||6429860||181||159.5||-25.1||140.0||141.1||0.7||20.40||69.0||East Graben HW|
|WKP54||2760147||6429860||181||159.5||-25.1||225.0||225.7||0.4||50.60||157.0||East Graben HW|
|WKP54||2760147||6429860||181||159.5||-25.1||536.1||540.8||3.6||35.79||43.3||East Graben FW|
|WKP54||2760147||6429860||181||159.5||-25.1||547.0||548.5||0.9||32.41||22.7||East Graben FW|
|WKP55||2760406||6430099||180||120.7||-46.9||130.1||131.0||0.9||5.57||5.0||East Graben HW|
|WKP55||2760406||6430099||180||120.7||-46.9||305.9||307.8||1.0||6.59||10.3||East Graben FW|
|WKP55||2760406||6430099||180||120.7||-46.9||319.5||320.2||0.5||7.92||26.0||East Graben FW|
|WKP55||2760406||6430099||180||120.7||-46.9||348.3||350.6||2.3||5.08||19.2||East Graben FW|
|WKP56||2760406||6430099||180||84.3||-42||160.0||162.0||2.0*||19.65||11.0||East Graben HW|
|WKP56||2760406||6430099||180||84.3||-42||214.0||215.0||0.8||6.28||9.0||East Graben HW|
|WKP56||2760406||6430099||180||84.3||-42||407.0||408.3||0.7||7.33||6.0||East Graben FW|
|* Downhole length as true width not able to be determined|
All drill data and additional information in relation to the WKP prospect can be found on the Company’s website at http://www.oceanagold.com/investor-centre/filings/. In line with ASX listing requirements, OceanaGold has appended the information required by JORC Table 1 for WKP exploration results to its ASX announcement. JORC Table 1 is not required under National Instrument 43-101. Readers are referred to the ASX website at www.asx.com.au or the OceanaGold website at www.oceanagold.com to view JORC Table 1.
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 since 1990 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.
The Company expects to produce 500,000 to 540,000 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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