/NOT FOR DISSEMINATION OR DISTRIBUTION IN
THE UNITED STATES AND NOT FOR
DISTRIBUTION TO US NEWSWIRE SERVICES./
MELBOURNE, Oct. 3, 2019
/CNW/ - OceanaGold Corporation (TSX: OGC) (ASX: OGC)
(the "Company") is pleased to provide an update on its extensive
exploration program at its Golden Point exploration target at the
Macraes Gold Mine located on the South Island of New Zealand (Figure 1).
This release follows the update provided to the market on
22 October 2018 ("October 2018 update") and results herein reflect
activity completed after this date.
Selection of Significant Drill Results at Golden
Point*
- 29.0 metres @ 6.38 g/t Au
- 13.0 metres @ 7.11 g/t Au
- 12.0 metres @ 6.73 g/t Au
- 8.0 metres @ 8.38 g/t Au
- 19.0 metres @ 3.21 g/t Au
- 6.0 metres @ 9.58 g/t Au
- 25.0 metres @ 2.28 g/t Au
- 14.0 metres @ 3.98 g/t Au
- 14.0 metres @ 3.89 g/t Au
- 10.0 metres @ 5.42 g/t Au
- 12.0 metres @ 4.49 g/t Au
* downhole length as not possible to determine true
width
Mick Wilkes, President and CEO of
OceanaGold said, "We are very encouraged by the latest significant
intercepts at Golden Point that give us increased confidence to
advance this opportunity. We are working on a technical and
economic study for the Golden Point area with the view of
establishing a new underground operation. Exploration across the
Macraes Goldfield is also an important part of our strategy to
further increase the mine life for the Macraes operation."
"The Macraes Gold Mine is one of the most efficiently run
operations globally with a proven track record for its environment
management performance. Since its inception in 1990, Macraes Gold
Mine has produced approximately five million ounces of gold and it
currently has a Measured and Indicated Resource of 3.32 Moz of gold
and Inferred Resource of 0.94 Moz of gold."
"Macraes has delivered significant socio-economic benefits to
the Otago Region and has been one of the largest employers on the
South Island of New Zealand,
particularly in rural communities. Increases to the mine life
through opportunities such as Golden Point would add value for
shareholders and deliver additional economic benefits for the
region."
In the Golden Point and Round
Hill areas, 79 holes for 20,382 metres have been drilled
since October 2018. The drilling
programs infilled and extended the mineralised zones east of both
Golden Point and Round Hill (Table
1, Figure 2 & 3). Drill results continue to highlight the
down-plunge potential of the deposits and remain open at depth.
A 2019 resource definition drilling program was completed at
Golden Point for a proposed underground development decoupled from
the Round Hill project. To-date,
77 holes for 19,567 metres have been drilled which includes
down-dip extensional drilling. Significant mineralisation (>15
gram metres) was intercepted in 51 holes (Table 1, Figure
2 and Figure 3) with grades and widths that support
underground mining. Recent gold intercepts include 29.0 metres @
6.38 g/t Au (including 6.0 metres @ 15.54 g/t Au), 13.0 metres @
7.11 g/t Au (including 5.0 metres @ 14.59 g/t Au), 12.0 metres @
6.73 g/t Au (including 3.2 metres @ 19.32 g/t Au), 8.0 metres @
8.38 g/t Au (including 3.2 metres @ 15.89 g/t Au), 19.0 metres @
3.21 g/t Au (including 3.2 metres @ 13.15 g/t Au), 6.0 metres @
9.58 g/t Au including (2.85 metres @ 18.77 g/t Au) and 25.0 metres
@ 2.28 g/t Au (including 3.8 metres @ 7.31 g/t Au).
These recent results will be incorporated into an updated
resource estimates (for open pit and underground mining) to be
completed later this year. The updated resource estimates and
subsequent open pit and underground optimisations will provide the
basis for the life of mine planning process and advancement of the
Round Hill Project.
Table 1 – Significant Intercepts at Macraes since
October 2018 update
Hole
ID
|
East#
|
North#
|
Collar
RL
|
Azi#
|
Dip
|
From
|
To
|
Down
Hole**
|
Gold
Grade*
|
Deposit
|
(metres)
|
(metres)
|
(metres)
|
(m)
|
(m)
|
(m)
|
(g/t)
|
DDH7119
|
70931.82
|
15801.93
|
412.35
|
330
|
-78
|
331
|
345
|
14
|
1.71
|
Golden Pt
|
DDH7127
|
70223.5
|
15772.67
|
411.49
|
71
|
-90
|
95
|
108
|
13
|
3.68
|
Golden Pt
|
DDH7167
|
70660.07
|
15976.32
|
355.44
|
134
|
-74
|
196
|
209
|
13
|
2.09
|
Golden Pt
|
DDH7167
|
70660.07
|
15976.32
|
355.44
|
134
|
-74
|
217
|
222
|
5
|
3.19
|
Golden Pt
|
DDH7185
|
70399.57
|
15766.23
|
452.51
|
262
|
-75
|
171
|
188
|
17
|
1.21
|
Golden Pt
|
DDH7185
|
70399.57
|
15766.23
|
452.51
|
262
|
-75
|
197
|
210
|
13
|
2.74
|
Golden Pt
|
DDH7185
|
70399.57
|
15766.23
|
452.51
|
262
|
-75
|
238
|
250
|
12
|
2.40
|
Golden Pt
|
DDH7186
|
70665
|
15979
|
356
|
203
|
-66
|
186
|
205
|
19
|
1.31
|
Golden Pt
|
DDH7201
|
70397.31
|
15764.6
|
452.48
|
230
|
-83
|
195
|
207
|
12
|
6.73
|
Golden Pt
|
DDH7202
|
70588.45
|
15983.65
|
359.9
|
183
|
-77
|
175
|
181
|
6
|
9.58
|
Golden Pt
|
DDH7226
|
70463.62
|
15967.62
|
359.62
|
0
|
-90
|
143
|
153
|
10
|
2.25
|
Golden Pt
|
DDH7233
|
70456.98
|
15727.67
|
446.52
|
269
|
-65
|
164.3
|
184.3
|
20
|
2.78
|
Golden Pt
|
DDH7233
|
70456.98
|
15727.67
|
446.52
|
269
|
-65
|
198.3
|
227.3
|
29
|
6.38
|
Golden Pt
|
DDH7233
|
70456.98
|
15727.67
|
446.52
|
269
|
-65
|
245.3
|
256.3
|
11
|
4.92
|
Golden Pt
|
DDH7261
|
70485.35
|
15677.76
|
448.47
|
241
|
-72
|
242.4
|
267.4
|
25
|
1.55
|
Golden Pt
|
DDH7262
|
70597.23
|
15756.08
|
460.34
|
71
|
-90
|
298.5
|
313.5
|
15
|
1.49
|
Golden Pt
|
DDH7320
|
70308.87
|
15788.59
|
449.9
|
265
|
-85
|
188
|
192
|
4
|
4.63
|
Golden Pt
|
DDH7351
|
70464.95
|
15833.21
|
427.87
|
251
|
-68
|
168
|
179
|
11
|
1.86
|
Golden Pt
|
DDH7351
|
70464.95
|
15833.21
|
427.87
|
251
|
-68
|
230
|
239
|
9
|
2.27
|
Golden Pt
|
DDH7360
|
70466.32
|
15833.48
|
427.85
|
272
|
-80
|
222
|
227
|
5
|
6.06
|
Golden Pt
|
DDH7361
|
70517.98
|
15774.21
|
442.21
|
300
|
-80
|
247
|
254
|
7
|
2.36
|
Golden Pt
|
DDH7375
|
70411.12
|
15826.36
|
429.831
|
250
|
-73
|
163.1
|
172.1
|
9
|
2.82
|
Golden Pt
|
DDH7375
|
70411.12
|
15826.36
|
429.831
|
250
|
-73
|
221.1
|
231.1
|
10
|
2.11
|
Golden Pt
|
DDH7376
|
70449.42
|
15701.75
|
448.901
|
270
|
-78
|
229
|
243
|
14
|
3.89
|
Golden Pt
|
DDH7380
|
70538.05
|
15743.36
|
447.071
|
283
|
-80
|
253
|
263
|
10
|
2.08
|
Golden Pt
|
DDH7396
|
70537.97
|
15743.27
|
447.083
|
250
|
-76
|
250
|
263
|
13
|
1.83
|
Golden Pt
|
DDH7400
|
70407.45
|
15823.43
|
431.5
|
305
|
-85
|
167
|
173
|
6
|
5.42
|
Golden Pt
|
DDH7401
|
70447.49
|
15703.23
|
448.885
|
258
|
-69
|
161
|
181
|
20
|
3.32
|
Golden Pt
|
DDH7401
|
70447.49
|
15703.23
|
448.885
|
258
|
-69
|
243
|
262
|
19
|
3.21
|
Golden Pt
|
DDH7402
|
70410.52
|
15824.12
|
431.484
|
225
|
-75
|
160
|
170
|
10
|
5.42
|
Golden Pt
|
DDH7402
|
70410.52
|
15824.12
|
431.484
|
225
|
-75
|
175
|
189.7
|
14.7
|
1.95
|
Golden Pt
|
DDH7402
|
70410.52
|
15824.12
|
431.484
|
225
|
-75
|
222.7
|
232.7
|
10
|
2.23
|
Golden Pt
|
DDH7410
|
70453.71
|
15749.87
|
444.952
|
265
|
-85
|
227.1
|
236.1
|
9
|
3.96
|
Golden Pt
|
DDH7415
|
70258.49
|
15701.36
|
419.312
|
104
|
-71
|
149
|
159
|
10
|
1.50
|
Golden Pt
|
DDH7420
|
70408.25
|
15823.79
|
431.544
|
275
|
-70
|
168
|
183
|
15
|
1.00
|
Golden Pt
|
DDH7435
|
70311.46
|
15787
|
449.969
|
215
|
-82
|
182.95
|
192.95
|
10
|
2.47
|
Golden Pt
|
DDH7445
|
70404.1
|
15764.11
|
452.394
|
260
|
-69
|
182
|
203
|
21
|
1.55
|
Golden Pt
|
DDH7455
|
70449.34
|
15701.57
|
449.038
|
225
|
-67
|
157.95
|
163.95
|
6
|
3.82
|
Golden Pt
|
DDH7455
|
70449.34
|
15701.57
|
449.038
|
225
|
-67
|
217.95
|
230.95
|
13
|
1.21
|
Golden Pt
|
DDH7465
|
70402.01
|
15766.98
|
452.397
|
220
|
-66
|
177
|
202
|
25
|
2.28
|
Golden Pt
|
DDH7465
|
70402.01
|
15766.98
|
452.397
|
220
|
-66
|
209
|
219
|
10
|
1.83
|
Golden Pt
|
DDH7465
|
70402.01
|
15766.98
|
452.397
|
220
|
-66
|
250
|
255
|
5
|
5.27
|
Golden Pt
|
DDH7476
|
70485.01
|
15678.4
|
448.448
|
233
|
-70
|
226
|
238
|
12
|
1.86
|
Golden Pt
|
DDH7485
|
70737.22
|
15949.87
|
355.425
|
145
|
-90
|
206.6
|
218.6
|
12
|
4.49
|
Golden Pt
|
DDH7495
|
70737.38
|
15950.12
|
355.389
|
145
|
-72
|
232
|
244
|
12
|
2.80
|
Golden Pt
|
DDH7500
|
70684.62
|
15825.84
|
434.51
|
254
|
-88
|
274
|
287
|
13
|
1.67
|
Golden Pt
|
DDH7513
|
70737.84
|
15949.37
|
355.397
|
220
|
-70
|
203
|
220
|
17
|
1.69
|
Golden Pt
|
DDH7521
|
70683.48
|
15821.63
|
434.773
|
315
|
-82
|
270.9
|
287.45
|
16.55
|
1.50
|
Golden Pt
|
DDH7522
|
70765
|
15793
|
433
|
290
|
-75
|
287
|
299
|
12
|
2.12
|
Golden Pt
|
DDH7523
|
70735.01
|
15950.81
|
355.45
|
180
|
-78
|
212
|
227
|
15
|
1.64
|
Golden Pt
|
DDH7535
|
70659.95
|
15976.29
|
357.203
|
180
|
-68
|
198
|
219
|
21
|
1.47
|
Golden Pt
|
DDH7550
|
70524
|
15953
|
363
|
193
|
-65
|
173
|
181
|
8
|
8.38
|
Golden Pt
|
DDW7322
|
70581.39
|
15828.63
|
439.38
|
288
|
-75
|
249
|
254
|
5
|
6.18
|
Golden Pt
|
DDW7470
|
70589.76
|
15789.44
|
447.186
|
240
|
-83
|
269
|
279
|
10
|
1.70
|
Golden Pt
|
RCD7111
|
70764.73
|
15697.32
|
442.19
|
280
|
-90
|
303.05
|
313.05
|
10
|
2.08
|
Golden Pt
|
RCD7115
|
70250.24
|
15722.32
|
416.29
|
71
|
-90
|
92
|
102
|
10
|
2.45
|
Golden Pt
|
RCD7115
|
70250.24
|
15722.32
|
416.29
|
71
|
-90
|
135.2
|
142.2
|
7
|
2.42
|
Golden Pt
|
RCD7115
|
70250.24
|
15722.32
|
416.29
|
71
|
-90
|
161.2
|
175.2
|
14
|
3.98
|
Golden Pt
|
RCD7118
|
70197.07
|
15808.76
|
406.8
|
50
|
-64
|
96
|
110
|
14
|
2.04
|
Golden Pt
|
RCH7109
|
70172.11
|
15817.02
|
406
|
71
|
-90
|
88
|
100
|
12
|
3.30
|
Golden Pt
|
RCH7117
|
70222.39
|
15776.57
|
410.5
|
71
|
-90
|
95
|
109
|
14
|
3.53
|
Golden Pt
|
RCH7120
|
70245.14
|
15749.39
|
414.17
|
71
|
-90
|
93
|
104
|
11
|
3.75
|
Golden Pt
|
RCH7120
|
70245.14
|
15749.39
|
414.17
|
71
|
-90
|
136
|
141
|
5
|
7.34
|
Golden Pt
|
RCH7120
|
70245.14
|
15749.39
|
414.17
|
71
|
-90
|
153
|
166
|
13
|
7.11
|
Golden Pt
|
RCH7121
|
70180.36
|
15770.09
|
404.52
|
71
|
-90
|
95
|
99
|
4
|
7.13
|
Golden Pt
|
RCH7122
|
70190
|
15788
|
410
|
40
|
-80
|
95
|
108
|
13
|
1.88
|
Golden Pt
|
RCH7123
|
70230.15
|
15777.89
|
411.49
|
40
|
-74
|
94
|
103
|
9
|
2.84
|
Golden Pt
|
RCH7123
|
70230.15
|
15777.89
|
411.49
|
40
|
-74
|
138
|
144
|
6
|
3.70
|
Golden Pt
|
RCH7123
|
70230.15
|
15777.89
|
411.49
|
40
|
-74
|
149
|
159
|
10
|
3.83
|
Golden Pt
|
|
|
#
|
Macraes Gold Project
Grid
|
*
|
Assays bottom cut
0.4g/t Au, allowing a maximum of 5m of internal dilution
|
**
|
downhole length as
not possible to determine true width
|
All drill data in relation to Macraes 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 Macraes 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.
www.oceanagold.com | Twitter:
@OceanaGold
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 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 Macraes exploration results in this
document has been verified by Philip
Jones, a Member of the Australian Institute of Geoscientists
and an employee of OceanaGold. P. Jones 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
all are Qualified Persons for the purposes of the NI 43 101. Mr
Jones 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, sovereign risks,
risk of suspension 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 because 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 because 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.
![OceanaGold Corporation (CNW Group/OceanaGold Corporation) OceanaGold Corporation (CNW Group/OceanaGold Corporation)](https://mma.prnewswire.com/media/1005573/OceanaGold_Corporation_OceanaGold_Announces_Significant_Intercep.jpg)
SOURCE OceanaGold Corporation