Oceanagold Announces Significant Intercepts at Golden Point Within the Macraes Goldfield IN New Zealand
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MEDIA RELEASE
3 October 2019
OCEANAGOLD ANNOUNCES SIGNIFICANT INTERCEPTS AT GOLDEN POINT
WITHIN THE MACRAES GOLDFIELD IN NEW ZEALAND
(MELBOURNE) 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 al so 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 it s inception in 1990, Macraes Gold Mine has produced
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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 3 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 metre s @
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 met res @ 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
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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
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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
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Figure 1 – Location plan of Macraes showing Golden Point and Round Hill (Round Hill Project) targets
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Figure 2 – Plan view of Golden Point drilling results received since end October 2018
Figure 3 – Cross-section of Golden Point infill drilling showing underground potential
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.
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- ENDS -
For further information please contact:
Investor Relations Media Relations
Sam Pazuki
Tel: +1 720 602 4880
Melissa Bowerman
Tel: +61 459 900 099
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 Phil ippines. 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 op en 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 work s
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 Re porting 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 veri fied 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
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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 C ompany’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. Suc h 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 o f 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 infor mation, 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.
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