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MELBOURNE, Sept. 12. 2019 /CNW/ - OceanaGold Corporation
(TSX: OGC) (ASX: OGC) (the "Company") is pleased to
announce an update on exploration activities at the Company's Haile
Gold Mine ("Haile") in South
Carolina, United States.
This exploration update follows the update provided to the market
on February 27, 2019 ("February 2019 update") and results herein reflect
activity completed after this date.
Selection of significant drill results:
- Red Hill: 45.8 m @ 2.42 g/t Au
- Red Hill: 39.5 m @ 2.78 g/t Au
- Red Hill: 45.3 m @ 4.32 g/t Au
- Ledbetter: 28.3 m @ 5.34 g/t
Au
- Snakeshoe: 40.5 m @ 2.93 g/t
Au
- Ledbetter: 26.2 m @ 5.75 g/t
Au
- Haile: 85 m @ 11 g/t Au,
including 2.5 m @ 286 g/t Au
- Ledbetter: 81 m @ 3.57 g/t
Au
- Haile: 71 m @ 1.64 g/t Au
- Ledbetter: 46.5 m @ 4.99 g/t
Au
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
Drill Hole
ID
|
Project
|
East
NAD83
Z17N
|
North
NAD83
Z17N
|
Collar
RL m
|
Az
|
Dip
|
From
(m)
|
To
(m)
|
Width
(m)
|
Grade
(g/t Au)
|
DDH0854
|
Snake West
|
542909
|
3826481
|
141
|
132
|
-75
|
162.2
|
215.1
|
53.0
|
0.89
|
DDH0856
|
Snake West
|
542824
|
3826688
|
141
|
123
|
-79
|
371.2
|
416.9
|
45.7
|
1.18
|
DDH0857
|
Snake West
|
542774
|
3826511
|
140
|
143
|
-87
|
192.6
|
279.8
|
87.2
|
0.57
|
DDH0862
|
Snake West
|
542732
|
3826586
|
139
|
140
|
-72
|
203.1
|
254.2
|
51.1
|
0.52
|
DDH0864
|
Red Hill
|
542543
|
3826292
|
141
|
125
|
-66
|
70.6
|
93.1
|
22.5
|
3.83
|
DDH0866
|
Red Hill
|
542543
|
3826292
|
141
|
166
|
-60
|
54.6
|
90.2
|
35.6
|
2.35
|
DDH0868
|
Red Hill
|
542613
|
3826288
|
141
|
121
|
-72
|
36.6
|
57.33
|
20.7
|
2.07
|
DDH0870
|
Red Hill
|
542670
|
3826262
|
141
|
169
|
-68
|
45.7
|
50.5
|
4.9
|
10.62
|
DDH0874
|
Red Hill
|
542614
|
3826251
|
141
|
193
|
-52
|
20.1
|
46.0
|
25.9
|
2.52
|
DDH0877
|
Red Hill
|
542589
|
3826252
|
141
|
344
|
-84
|
26.5
|
72.3
|
45.8
|
2.42
|
DDH0879
|
Red Hill
|
542614
|
3826251
|
141
|
214
|
-82
|
23.4
|
56.2
|
32.8
|
2.41
|
DDH0880
|
Red Hill
|
542596
|
3826252
|
141
|
288
|
-50
|
15.9
|
33.7
|
17.9
|
2.80
|
DDH0880
|
Red Hill
|
542596
|
3826252
|
141
|
288
|
-50
|
47.0
|
77.1
|
30.1
|
3.02
|
DDH0883
|
Red Hill
|
542563
|
3826223
|
141
|
159
|
-76
|
12.0
|
30.2
|
18.2
|
1.95
|
DDH0884
|
Red Hill
|
542386
|
3826433
|
142
|
188
|
-61
|
56.6
|
96.1
|
39.5
|
2.78
|
DDH0885
|
Red Hill
|
542300
|
3826425
|
137
|
180
|
-45
|
40.4
|
58.7
|
18.3
|
1.44
|
DDH0887
|
Red Hill
|
542386
|
3826433
|
142
|
168
|
-71
|
53.8
|
99.1
|
45.3
|
4.32
|
DDH0890
|
Red Hill
|
542400
|
3826339
|
135
|
212
|
-78
|
3.7
|
38.7
|
35.1
|
0.97
|
DDH0891
|
Red Hill
|
542323
|
3826413
|
140
|
190
|
-48
|
28.6
|
46.4
|
17.8
|
3.97
|
DDH0895
|
Red Hill
|
542415
|
3826370
|
136
|
150
|
-52
|
28.4
|
60.9
|
32.5
|
0.97
|
DDH0897
|
Red Hill
|
542397
|
3826355
|
136
|
77
|
-69
|
18.5
|
80.7
|
62.2
|
1.23
|
DDH0898
|
Ledbetter
|
542736
|
3826868
|
136
|
120
|
-67
|
207.9
|
236.2
|
28.3
|
5.34
|
DDH0899
|
Ledbetter
|
542668
|
3826923
|
151
|
147
|
-67
|
226.5
|
264.9
|
38.4
|
1.83
|
DDH0900
|
Snakeshoe
|
543414
|
3826587
|
156
|
332
|
-48
|
333.5
|
374.0
|
40.5
|
2.93
|
DDH0901
|
Ledbetter
|
542736
|
3826865
|
136
|
128
|
-54
|
221.2
|
231.1
|
9.9
|
3.06
|
DDH0902
|
Ledbetter
|
542668
|
3826923
|
151
|
180
|
-53
|
231.9
|
258.1
|
26.2
|
5.75
|
DDH0903
|
Haile
|
542123
|
3826298
|
137
|
263
|
-50
|
16.3
|
73.5
|
57.2
|
2.84
|
DDH0903
|
Haile
|
542123
|
3826298
|
137
|
263
|
-50
|
73.5
|
76.0
|
2.5
|
286.08
|
DDH0903
|
Haile
|
542123
|
3826298
|
137
|
263
|
-50
|
76.0
|
101.3
|
25.2
|
2.30
|
DDH0905
|
Ledbetter
|
542668
|
3826923
|
151
|
206
|
-62
|
185.1
|
266.2
|
81.1
|
3.57
|
DDH0906
|
Ledbetter
|
542736
|
3826865
|
136
|
147
|
-72
|
206.2
|
223.2
|
17.1
|
1.73
|
DDH0907
|
Haile
|
542129
|
3826297
|
137
|
247
|
-46
|
23.7
|
94.6
|
71.0
|
1.64
|
DDH0908
|
Haile
|
542063
|
3826325
|
133
|
238
|
-64
|
34.8
|
109.6
|
74.8
|
1.14
|
DDH0909
|
Ledbetter
|
542668
|
3826923
|
151
|
217
|
-57
|
211.6
|
258.1
|
46.5
|
4.99
|
DDH0910
|
Haile
|
542129
|
3826297
|
137
|
239
|
-37
|
21.4
|
55.7
|
34.3
|
1.72
|
DDH0910
|
Haile
|
542129
|
3826297
|
137
|
239
|
-37
|
65.4
|
90.8
|
25.4
|
1.27
|
DDH0912
|
Haile
|
542063
|
3826325
|
132
|
236
|
-50
|
48.9
|
98.2
|
49.3
|
1.37
|
DDH0913
|
Haile
|
542159
|
3826244
|
137
|
256
|
-30
|
132.3
|
138.4
|
6.1
|
4.64
|
DDH0915
|
Haile
|
542063
|
3826325
|
132
|
239
|
-41
|
56.4
|
110.4
|
54.1
|
0.97
|
DDH0917
|
Haile
|
541920
|
3826114
|
133
|
314
|
-30
|
59.5
|
122.2
|
62.7
|
1.63
|
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.
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 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 ("NI 43-101"). The JORC Code is
the accepted reporting standard for the Australian Stock Exchange
Limited ("ASX").
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.
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