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MELBOURNE, Oct. 30, 2018 /CNW/ - OceanaGold Corporation
(TSX: OGC) (ASX: OGC) (the "Company") is pleased to announce
updated exploration results highlighting continued high-grade gold
intersections from the Martha Project (the "Project") at the
Company's Waihi Gold Mine ("Waihi") located in New Zealand.
Selection of Significant Drill Results (true width)
- 10.7 m @ 36.01 g/t Au Empire
vein
- 13.6m @ 5.98 g/t Au Martha
vein
- 3.4 m @ 22.71 g/t Au Martha F/W
vein
- 2.7 m @ 28.43 g/t Au Rex
vein
- 10.2 m @ 7.22 g/t Au Martha
vein
- 4.2 m @ 15.99 g/t Au Empire
vein
- 6.4 m @ 10.49 g/t Au Dreadnought
vein
- 4.1 m @ 13.45 g/t Au Empire F/W
vein
- 6.4 m @ 7.77 g/t Au Empire
vein
- 4.4 m @ 10.59 g/t Au Martha H/W
vein
- 4.8 m @ 8.16 g/t Au Dreadnought
vein
Mick Wilkes, President and CEO of
OceanaGold said, "These latest drilling results from the Martha
Underground continue to increase our confidence in the potential
resource at Waihi, and further continues to identify areas of
high-grade mineralisation that sit deeper and laterally to our
exploration targets."
He added, "These recent drill results will be included into the
Martha Underground resource model scheduled as part of the annual
Resource and Reserve update. In August, we increased the Indicated
and Inferred Resource significantly and with further exploration
drilling, we are confident of defining a sizeable resource that
will further support the extension of the mine life at Waihi."
"The Waihi operation has delivered significant value to
shareholders for a number of years. It has also contributed
significant socio-economic benefits to the town of Waihi and to
New Zealand. OceanaGold is very
proud of its track record for operating to the highest of
environmental and social standards with a long, successful and rich
history of sustainable development in New
Zealand and in other jurisdictions around the world."
Following the significant increase in Mineral Resources reported
in August 2018 for the Martha Project
at Waihi, underground drilling has continued at multiple drill
points along the two underground drill drives. Since August 2018, approximately 10,000 metres have
been drilled at Waihi with a focus on identifying and defining
mineralisation along sections of the Martha, Royal, Empire,
Dreadnought and Rex veins.
In total, these veins along with the Edward vein have a combined
strike length of approximately 3.2 kilometres with a maximum dip
extent of approximately 500 metres (Figure 1 and 2). Recent
drilling has intersected significant gold mineralisation both
deeper in the central Martha area and eastward towards the current
mining fronts approximately 200 metres away on the Empire Vein.
Drilling from surface and underground is in progress on the Rex
Vein where a significant intersection of 2.7 metres (true width) at
28.4 g/t gold supports earlier intersections on the Rex Vein of up
to 2.9 metres (true width) at 32.3 g/t gold.
In addition, the drill drives which support the underground
drill program are advancing well with the 920-drill drive now
complete, while the 800-drill drive is advancing ahead of schedule
being over 60% complete with a targeted completion at the end of
the first quarter of 2019.
The continuing intersection of high-grade mineralisation
supports the outlined exploration target reported in August with a
potential volume of between 5 million and 8 million tonnes at a
grade of between 4.0 g/t and 6.0 g/t gold. This exploration target
is based on the assessment of surface and underground drilling data
collected by the Company in addition to the significant amount of
historical and archived geological and mining data from over a
century of mining activity at Waihi. Exploration targets are
conceptual in nature; there has been insufficient exploration to
define a mineral resource of the potential volume and grade stated
and that it is uncertain if further exploration will result in the
target being delineated as a mineral resource of this size and
grade.
Table 1 – Significant Intersections from the Waihi Martha UG
Resource Drilling
Hole
ID
|
East#
(m)
|
North#
(m)
|
Collar
RL
(m)
|
Az#
|
Dip
|
From
(m)
|
To
(m)
|
True
width
(m)
|
Gold
Grade
(g/t)
|
Silver
Grade
(g/t)
|
Vein
|
|
|
800SP1MN1203
|
395966.9
|
643096.96
|
778.67
|
276.32
|
-29.10
|
282.70
|
300.50
|
13.60
|
5.98
|
14.00
|
Martha
|
|
800SP1MN1203
|
395966.9
|
643096.96
|
778.67
|
276.32
|
-29.10
|
345.00
|
349.20
|
2.70
|
6.20
|
9.10
|
Loop No.1
|
|
800SP1MN1208
|
395967.5
|
643097.78
|
778.84
|
300.02
|
-27.50
|
180.40
|
185.30
|
4.80
|
8.16
|
11.50
|
Dreadnought
|
|
800SP1MN1208
|
395967.5
|
643097.78
|
778.84
|
300.02
|
-27.50
|
194.10
|
197.10
|
2.60
|
9.49
|
17.50
|
Martha
|
|
800SP1MN1211
|
395967.1
|
643097.28
|
778.93
|
284.36
|
-25.00
|
266.30
|
285.60
|
10.20
|
7.22
|
12.70
|
Martha
|
|
800SP1MN1211
|
395967.1
|
643097.28
|
778.93
|
284.36
|
-25.00
|
183.45
|
187.15
|
2.70
|
7.26
|
10.90
|
Dreadnought
South
|
|
800SP3MN1209
|
395991.7
|
643115.16
|
779.41
|
15.62
|
-23.50
|
235.60
|
240.50
|
4.10
|
13.45
|
15.00
|
Empire FW
|
|
920DDCRN1207
|
395885.2
|
642962.62
|
921.64
|
188.12
|
22.00
|
3.60
|
6.10
|
1.50
|
13.14
|
1180.90
|
Unknown
|
|
920SP3MR1206
|
396038
|
643057.85
|
921.53
|
328.72
|
-8.40
|
350.20
|
353.35
|
3.00
|
5.61
|
17.80
|
Martha HW
|
|
920SP3MR1206
|
396038
|
643057.85
|
921.53
|
328.72
|
-8.40
|
377.50
|
379.60
|
2.00
|
6.43
|
9.70
|
Mary
|
|
800SP1MR1214
|
395967.2
|
643097.53
|
778.74
|
290.72
|
-33.60
|
180.70
|
191.40
|
6.90
|
5.05
|
6.50
|
Dreadnought
|
|
800SP1MR1214
|
395967.2
|
643097.53
|
778.74
|
290.72
|
-33.60
|
234.80
|
239.90
|
4.40
|
10.59
|
73.10
|
Martha HW
|
|
800SP1MR1219
|
395967.2
|
643097.44
|
779.42
|
289.12
|
-8.10
|
177.80
|
179.30
|
1.00
|
17.91
|
15.10
|
Empire
|
|
800SP1MR1219
|
395967.2
|
643097.44
|
779.42
|
289.12
|
-8.10
|
215.00
|
221.20
|
3.60
|
6.22
|
19.90
|
Harry
|
|
800SP1MR1224
|
395967.2
|
643097.51
|
779.72
|
290.62
|
1.20
|
123.70
|
132.80
|
6.40
|
10.49
|
13.80
|
Dreadnought
|
|
800SP1MR1224
|
395967.2
|
643097.51
|
779.72
|
290.62
|
1.20
|
159.40
|
163.75
|
4.20
|
15.99
|
37.70
|
Empire
|
|
800SP1MR1224
|
395967.2
|
643097.51
|
779.72
|
290.62
|
1.20
|
206.10
|
218.50
|
10.70
|
36.01
|
221.80
|
Empire
|
|
800SP1MR1224
|
395967.2
|
643097.51
|
779.72
|
290.62
|
1.20
|
268.90
|
273.90
|
4.70
|
6.32
|
49.30
|
Martha
|
|
800SP3MN1218
|
395989.8
|
643115.27
|
779.39
|
341.12
|
-18.00
|
150.90
|
153.40
|
2.00
|
8.07
|
13.90
|
Empire
|
|
800SP3MR1227
|
395990.8
|
643115.32
|
779.71
|
6.22
|
-8.10
|
183.00
|
187.65
|
3.70
|
6.95
|
11.50
|
Empire
|
|
800SP3MR1227
|
395990.8
|
643115.32
|
779.71
|
6.22
|
-8.10
|
196.00
|
197.10
|
0.90
|
28.90
|
33.30
|
Empire
|
|
920SP3MR1210
|
396038.2
|
643057.95
|
921.36
|
333.72
|
-15.50
|
293.20
|
296.50
|
3.20
|
5.71
|
145.30
|
Martha FW
|
|
920SP5MN1205
|
395810.5
|
642983.28
|
919.46
|
333.52
|
-0.60
|
292.10
|
296.50
|
3.40
|
22.71
|
32.90
|
Martha FW
|
|
920SP5MN1205
|
395810.5
|
642983.28
|
919.46
|
333.52
|
-0.60
|
298.30
|
303.10
|
3.40
|
9.34
|
9.70
|
Martha FW
|
|
920SP8GT1238
|
395480.7
|
642862.49
|
925.78
|
341.72
|
4.80
|
127.10
|
135.10
|
6.40
|
7.77
|
61.20
|
Empire
|
|
UW671
|
395749.8
|
642846.81
|
1117.02
|
167.22
|
-36.90
|
203.70
|
205.00
|
0.80
|
24.90
|
158.00
|
Rex HW
|
|
UW671
|
395749.8
|
642846.81
|
1117.02
|
167.22
|
-36.90
|
214.90
|
217.70
|
2.70
|
28.43
|
79.00
|
Rex
|
|
All drill data in relation to the Waihi Project 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 Waihi 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.
About OceanaGold
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 has recently increased its 2018 gold production
guidance for a second time this year and now expects to produce
515,000 to 545,000 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.
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 the
Canadian Securities Administrators ("NI 43-101"). The JORC Code is
the accepted reporting standard for the Australian Stock Exchange
Limited ("ASX").
Information relating to Waihi exploration results in this
document has been verified by Lorrance Torckler, a Fellow of the
Australian Institute of Mining and Metallurgy and an employee of
OceanaGold. Mr Torckler 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 a Qualified
Person for the purposes of the NI 43-101. Mr Torckler consents to
the inclusion in this public report of the matters based on their
information in the form and context in which it appears.
SOURCE OceanaGold Corporation