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MELBOURNE, Feb. 25, 2019 /CNW/ - OceanaGold Corporation
(TSX: OGC) (ASX: OGC) (the "Company") is pleased to announce
a high-grade mineral Resource at its WKP prospect, located ten
kilometres north of the Waihi Gold Mine in New Zealand.
Highlights
- Indicated Resource of 0.41 million tonnes grading 18.0 g/t for
234,000 ounces of gold and 22.7 g/t for 296,000 ounces of silver on
the East Graben Vein
- Inferred Resource of 1.05 million tonnes grading 11.9 g/t for
401,000 ounces of gold and 16.8 g/t for 568,000 ounces of silver on
the East Graben and T-Stream veins
Mick Wilkes, President and CEO of
OceanaGold said, "I'm very pleased to announce this major milestone
for the Company at our newest high-grade discovery at WKP. This
quality resource further demonstrates the strong organic growth
potential of our business and the prudent investments we're making
in exploration to create value for shareholders. This significant
discovery at WKP is also a tremendous outcome for New Zealand, as it has the potential to create
additional employment opportunities and generate significant
socio-economic benefits for the country and communities."
"For the past year, we have been focused on drilling at the East
Graben vein, currently one of three major veins discovered to date.
Drilling of the East Graben vein over the past 3-4 months has
focussed on resource definition drilling however, a much more
extensive zone of mineralisation has been identified over a current
strike length of 1,000 metres that is open in both directions with
a 200-metre vertical extent open for a further 100-200 metres
up-dip."
"In addition to the East Graben vein, we have discovered
significant high-grade footwall and hangingwall veins with
follow-up drilling planned for this year. Our exploration budget
for WKP has increased significantly from that of 2018 and we expect
to continue drilling to expand the East Graben and other veins in
the area including the T Stream and Western Veins. Overall in 2019,
we expect to drill 14,500 metres of diamond drilling at WKP."
The Inferred Resource of 1.1 million tonnes at a gold grade of
11.9 g/t is comprised of material from several veins along the East
Graben vein trend with the East Graben main vein contributing
460,000 tonnes at 12.2 g/t gold for 180,000 ounces representing
approximately 45% of the inferred metal. The footwall veins to the
East Graben main vein contributes 325,000 tonnes at a grade of 13.9
g/t gold for a further 36% of the contained inferred metal
totalling 145,000 ounces of gold. The remainder of the gold
mineralisation is made up of T Stream and East Graben Hanging wall
veins.
Table 1: Updated WKP Project Mineral Resource Table
Resource
Category
|
Cut-off
g/t Au
|
RESOURCES
|
Mt
|
Au
g/t
|
Au
Koz
|
Ag
g/t
|
Ag
Koz
|
Indicated
|
3.0
|
0.41
|
18.0
|
234
|
22.7
|
296
|
Inferred
|
3.0
|
1.05
|
11.9
|
401
|
16.8
|
568
|
Notes:
|
- No Provision has been made for dilution and
mining recoveries.
- The tabulated resources are estimates of
metal contained as troy ounces of gold and do not include
allowances for processing.
- All figures are rounded to reflect the
relative accuracy and confidence of the estimates and totals may
not add correctly.
- There is no certainty that Mineral Resources
that are not Mineral Reserves will be converted to Mineral
Reserves.
|
All drill data in relation to the WKP Resource 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 the WKP 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.
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 resources and 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 WKP Mineral Resource and Exploration
Results in this document has been verified by, is based on and
fairly represents information compiled by or prepared under the
supervision of Mr Peter Church, a
Chartered Professional of the Australasian Institute of Mining and
Metallurgy and an employee of OceanaGold. Mr Church 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 Church consents to the inclusion in this
public report of the matters based on their information in the form
and context in which it appears.
Cautionary Statement for Public Release
Certain information contained in this public release may be
deemed "forward-looking" within the meaning of applicable
securities laws. Forward-looking statements and information relate
to future performance and reflect the Company's expectations
regarding the generation of free cash flow, execution of business
strategy, future growth, future production, estimated costs,
results of operations, business prospects and opportunities of
OceanaGold Corporation and its related subsidiaries. Any statements
that express or involve discussions with respect to predictions,
expectations, beliefs, plans, projections, objectives, assumptions
or future events or performance (often, but not always, using words
or phrases such as "expects" or "does not expect", "is expected",
"anticipates" or "does not anticipate", "plans", "estimates" or
"intends", or stating that certain actions, events or results
"may", "could", "would", "might" or "will" be taken, occur or be
achieved) are not statements of historical fact and may be
forward-looking statements. Forward-looking statements are subject
to a variety of risks and uncertainties which could cause actual
events or results to differ materially from those expressed in the
forward-looking statements and information. They include, among
others, the accuracy of mineral reserve and resource estimates and
related assumptions, inherent operating risks and those risk
factors identified in the Company's most recent Annual Information
Form prepared and filed with securities regulators which is
available on SEDAR at www.sedar.com under the Company's name. There
are no assurances the Company can fulfil forward-looking statements
and information. Such forward-looking statements and information
are only predictions based on current information available to
management as of the date that such predictions are made; actual
events or results may differ materially as a result of risks facing
the Company, some of which are beyond the Company's control.
Although the Company believes that any forward-looking statements
and information contained in this press release is based on
reasonable assumptions, readers cannot be assured that actual
outcomes or results will be consistent with such statements.
Accordingly, readers should not place undue reliance on
forward-looking statements and information. The Company expressly
disclaims any intention or obligation to update or revise any
forward-looking statements and information, whether as a result of
new information, events or otherwise, except as required by
applicable securities laws. The information contained in this
release is not investment or financial product advice.
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SOURCE OceanaGold Corporation