OceanaGold Corporation (TSX: OGC) (ASX: OGC) is pleased to announce an update on exploration activities at the Company’s Haile Gold Mine in South Carolina, United States. This exploration update follows the update provided to the market on February 27, 2019 and results herein reflect activity completed after this date.
Selection of significant drill results:
Mick Wilkes, President and CEO of OceanaGold said, “We are encouraged by these latest drill results at Haile where exploration activities focused on both infill and extensional drilling. As we continue to mine the ore body and continue our exploration program of drilling, mapping and core logging, we have identified important structures that are feeding into our drilling strategy including target generation to stimulate further organic growth in the Haile district.”
The Company has drilled 70 drill holes for 14,221 metres using four surface diamond drill rigs at Haile since the February 2019 update. Infill and extensional drilling have targeted low-cost reserve growth areas in and around the Ledbetter, Snake, Red Hill and Haile deposits (Figure 1). Infill and delineation drilling continue to support block models and provide increased confidence for near term production forecasting (Figures 1 & 2).
A total of 24-km of brownfields drilling is ongoing and planned to be completed in 2019. Drilling in the fourth quarter will focus on Ledbetter infill holes to convert Inferred blocks to Measured & Indicated categories and to expand reserves.
Table 1 – Significant Haile Drill Hole Intercepts from February to August 2019
All drill data in relation to the Haile exploration results 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 Haile 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.
In 2019, the Company expects to produce between 500,000 to 550,000 ounces of gold and 14,000 to 15,000 tonnes of copper at All-In Sustaining Costs ranging between $850 and $900 per ounce sold.
Competent/Qualified Person’s Statement
The exploration results were prepared in accordance with the standards set out in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (“JORC Code”) and in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects of 7 the Canadian Securities Administrators. The JORC Code is the accepted reporting standard for the Australian Stock Exchange Limited.
Information relating to Haile exploration results in this document has been verified by, is based on and fairly represents information compiled by or prepared under the supervision of John Jory, a Certified Professional Geologist and Member of the American Institute of Professional Geologists and an employee of OceanaGold. Mr Jory has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the JORC Code and is Qualified Persons for the purposes of the NI 43 101. Mr Jory consents to the inclusion in this public report of the matters based on their information in the form and context in which it appears.
Figure 1: Selected Drill Holes and Significant Gold Intercepts (February-August 2019) (CNW Group/OceanaGold Corporation)
Figure 2: Ledbetter cross section A-A’ with new drill holes and intercepts (CNW Group/OceanaGold Corporation)
Figure 3: Red Hill cross section B-B’ with new drill holes and intercepts (CNW Group/OceanaGold Corporation)
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We acknowledge the [financial] support of the Government of Canada.