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MELBOURNE, Nov. 7, 2019 /CNW/ - OceanaGold Corporation
(TSX: OGC / ASX: OGC) (the "Company") is pleased to announce
the intersection of additional high-grade gold and silver
mineralisation during its extensive resource definition drilling
along the East Graben vein at the Company's WKP prospect in
New Zealand. These drill results
support and extend the high-grade results and resources reported in
February 2019.
Significant
Intercepts (true widths)
|
|
|
|
• 25.4m @ 38.7 g/t
gold, 64.5 g/t silver
|
East Graben vein
zone
|
• 13.6m @ 9.8 g/t
gold, 14.2 g/t silver
|
East Graben main
vein
|
• 4.5m @ 21.8 g/t
gold, 41.3 g/t silver
|
East Graben footwall
vein
|
• 3.4m @ 21.4 g/t
gold, 25.2 g/t silver
|
East Graben
hangingwall vein
|
• 1.0m @ 150.4 g/t
gold, 918.9g/t silver
|
East Graben main
vein
|
• 1.5m @ 136.9 g/t
gold, 63.2 g/t silver
|
East Graben footwall
vein
|
Mick Wilkes, President & CEO
of OceanaGold said, "WKP is a game-changing discovery that
continues to yield significant high-grade results. Drilling on the
East Graben vein, one of several structures at WKP, has intersected
significant widths and grades in nearly every hole to date which
further increases our confidence in continuing to advance this
prospect. Based on the initial high-grade resource announced
earlier this year and the continued success of our exploration
program, WKP is demonstrating the significant potential still to be
fully realised in the Waihi district."
"We are currently working on an all-encompassing preliminary
economic study which we expect to complete in the first half of
2020. We are not only excited about the prospects at Waihi for our
shareholders but also for our proud Kiwi workforce and the local,
rural communities. Discoveries such WKP have the potential to
further create employment opportunities while delivering
significant socio-economic benefits."
Since the February 2019
exploration update, 8,788 metres have been drilled at WKP focussing
on resource definition drilling of the East Graben Vein; one of
three major low sulphidation epithermal gold-silver veins
identified to date within the WKP prospect area (Figures 1 &
3). In addition to these known veins, the Company has intercepted
several high-grade veins in the hangingwall and footwall of the
East Graben vein (Table 1).
The Company commenced exploration of the WKP prospect in
August 2017 and to date has drilled
24,535 metres in 54 holes. In February
2019, the Company reported an initial Indicated Resource of
0.41 million tonnes grading 18.0 g/t gold and 22.7 g/t silver for
234,000 ounces of gold and 296,000 ounces of silver on the East
Graben vein. Additionally, an Inferred Resource of 1.1 million
tonnes at a grade of 11.9 g/t gold and 16.8 g/t silver for 401,000
ounces of gold and 568,000 ounces of silver was reported that is
comprised of mineralisation from several veins along the East
Graben vein trend with the East Graben main vein contributing
approximately 45% of the Inferred metal. The footwall veins to the
East Graben main vein contributes a further 36% of the contained
Inferred metal totalling 145,000 ounces of gold. The remainder of
the gold mineralisation is made up of other veins including the T
Stream and East Graben Hanging wall veins. Although significant
intercepts have been drilled on the Western Vein, further drilling
is required to access the potential for additional resources.
Drilling during 2019 has focussed on growing the Inferred
Resources on the East Graben vein and associated high-grade hanging
and footwall veins with approximately 11,000 metres of extensional
drilling. This work has continued to successfully intersect
high-grade mineralisation of significant width, increasing the
confidence in continuity and extension of mineralisation within the
East Graben vein and associated hanging and footwall veins. This
high-grade gold mineralisation remains open along strike in both
directions and both up- and down-dip of mineralisation defined to
date (Figure 2).
Additional drill sites are being considered to enable more
extensive step-out drilling along strike to the north and south and
extensional drilling of the high-grade intersections, in
particular, up-dip to the south where drill platforms to date were
not optimal for testing potential high-grade extensions to holes
WKP81, WKP63, and WKP54. The Company also plans to further drill
the T-Stream and Western veins this year with a goal of testing the
potential size of these veins as historic drilling has confirmed
the significant width and grade mineralisation similar to the East
Graben vein.
The Company is currently working on an all-encompassing study
for the Waihi district. The Company expects to complete this study
in the first half of 2020 incorporating development of the Martha
and WKP deposits over the longer-term highlighting production
rates, high-level costs and production schedules.
Table 1: Recent Significant Diamond Drill
Intersections
Drill
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
|
|
|
WKP70
|
2759651
|
6430237
|
235.8
|
134.1
|
-26.8
|
387.3
|
388.1
|
0.8
|
46.00
|
71.0
|
T Stream
HW
|
|
WKP71B
|
2760155
|
6429850
|
181.8
|
142.4
|
-24.6
|
371.9
|
374.1
|
1.3
|
14.40
|
37.0
|
East Graben
HW
|
|
WKP71B
|
2760155
|
6429850
|
181.8
|
142.4
|
-24.6
|
394.9
|
416.1
|
13.6
|
9.75
|
14.2
|
East
Graben
|
|
WKP71B
|
2760155
|
6429850
|
181.8
|
142.4
|
-24.6
|
433.9
|
438.7
|
4.5
|
21.79
|
41.3
|
East Graben
FW
|
|
WKP71B
|
2760155
|
6429850
|
181.8
|
142.4
|
-24.6
|
464.8
|
466.9
|
1.9
|
22.92
|
32.1
|
East Graben
FW
|
|
WKP72
|
2760429
|
6429895
|
225.9
|
160.8
|
-51.7
|
167.7
|
170.0
|
1.8
|
14.88
|
26.5
|
East Graben
HW
|
|
WKP72
|
2760429
|
6429895
|
225.9
|
160.8
|
-51.7
|
179.0
|
180.0
|
1.0*
|
32.20
|
21.0
|
East Graben
HW
|
|
WKP72
|
2760429
|
6429895
|
225.9
|
160.8
|
-51.7
|
221.4
|
222.8
|
0.9
|
28.51
|
118.9
|
East
Graben
|
|
WKP73
|
2760432
|
6429893
|
226.0
|
161.6
|
-65.8
|
281.3
|
284.2
|
1.9
|
11.52
|
21.8
|
East
Graben
|
|
WKP74
|
2760154
|
6429852
|
181.9
|
123.2
|
-36.7
|
210.0
|
216.0
|
3.4
|
21.43
|
25.2
|
East Graben
HW
|
|
WKP75
|
2760434
|
6429894
|
225.8
|
117.2
|
-50.9
|
191.9
|
193.4
|
1.0
|
150.40
|
918.9
|
East
Graben
|
|
WKP75
|
2760434
|
6429894
|
225.8
|
117.2
|
-50.9
|
239.1
|
252.4
|
13.3*
|
13.01
|
35.9
|
East Graben
FW
|
|
WKP76
|
2760432
|
6429892
|
226.0
|
169.8
|
-42.6
|
375.3
|
376.8
|
1.1
|
20.60
|
54.0
|
East Graben
FW
|
|
WKP76
|
2760432
|
6429892
|
226.0
|
169.8
|
-42.6
|
433.2
|
437.7
|
4.5*
|
11.17
|
75.3
|
East Graben
FW
|
|
WKP77
|
2760155
|
6429851
|
181.9
|
126.6
|
-26.3
|
324.1
|
324.6
|
0.5*
|
43.90
|
49.0
|
East Graben
HW
|
|
WKP77
|
2760155
|
6429851
|
181.9
|
126.6
|
-26.3
|
341.2
|
347.3
|
5.7
|
5.43
|
8.8
|
East Graben
HW
|
|
WKP77
|
2760155
|
6429851
|
181.9
|
126.6
|
-26.3
|
361.1
|
366.1
|
4.7
|
4.52
|
7.4
|
East
Graben
|
|
WKP77
|
2760155
|
6429851
|
181.9
|
126.6
|
-26.3
|
431.0
|
431.8
|
0.4
|
30.10
|
16.0
|
East Graben
FW
|
|
WKP77
|
2760155
|
6429851
|
181.9
|
126.6
|
-26.3
|
459.8
|
462.1
|
2.0
|
20.93
|
60.7
|
East Graben
FW
|
|
WKP77
|
2760155
|
6429851
|
181.9
|
126.6
|
-26.3
|
475.0
|
477.7
|
2.3
|
12.75
|
22.2
|
East Graben
FW
|
|
WKP79
|
2760154
|
6429850
|
181.7
|
140.9
|
-32.3
|
163.7
|
164.8
|
0.8
|
18.00
|
89.0
|
East Graben
HW
|
|
WKP79
|
2760154
|
6429850
|
181.7
|
140.9
|
-32.3
|
242.4
|
243.2
|
0.7
|
71.00
|
182.0
|
East Graben
HW
|
|
WKP79
|
2760154
|
6429850
|
181.7
|
140.9
|
-32.3
|
387.3
|
389.0
|
1.2
|
16.48
|
41.3
|
East Graben
HW
|
|
WKP80
|
2760434
|
6429896
|
225.8
|
64.4
|
-54.5
|
242.1
|
244.3
|
1.6
|
12.58
|
54.3
|
East
Graben
|
|
WKP81
|
2760155
|
6429849
|
181.7
|
149.9
|
-22.7
|
152.8
|
154.0
|
0.8
|
18.60
|
91.0
|
East Graben
HW
|
|
WKP81
|
2760155
|
6429849
|
181.7
|
149.9
|
-22.7
|
420.0
|
421.8
|
1.4
|
14.47
|
23.3
|
East Graben
HW
|
|
WKP81
|
2760155
|
6429849
|
181.7
|
149.9
|
-22.7
|
433.7
|
466.9
|
25.4
|
38.66
|
64.5
|
East Graben
Zone
|
|
including
|
2760155
|
6429849
|
181.7
|
149.9
|
-22.7
|
433.7
|
440.6
|
5.3
|
39.00
|
67.5
|
East
Graben
|
|
and
|
2760155
|
6429849
|
181.7
|
149.9
|
-22.7
|
445.5
|
460.5
|
11.5
|
64.40
|
104.8
|
East Graben
FW
|
|
and
|
2760155
|
6429849
|
181.7
|
149.9
|
-22.7
|
464.7
|
466.9
|
1.6
|
14.99
|
26.5
|
East Graben
FW
|
|
WKP82
|
2760433
|
6429892
|
225.9
|
142.3
|
-46.7
|
250.0
|
252.6
|
1.5
|
136.85
|
63.2
|
East Graben
FW
|
|
* Downhole length as
true width not able to be determined
|
All drill data in relation to WKP 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 WKP 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 460,000 to
480,000 ounces of gold and 10,000 to 11,000 tonnes of copper at
All-In Sustaining Costs ranging between $1,040 and $1,090
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 Waihi exploration results in this
document has been verified by, is based on and fairly represents
information compiled by or prepared under the supervision of
Lorrance Torckler, a Fellow of the Australasian 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 Qualified Persons 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.
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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