Oceanagold Continues Drilling High-Grade GOLD Intercepts During Resource Conversion at Wharekirauponga New Zealand
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NEWS RELEASE
28 February 2022
OCEANAGOLD CONTINUES DRILLING HIGH-GRADE GOLD INTERCEPTS
DURING RESOURCE CONVERSION AT WHAREKIRAUPONGA NEW ZEALAND
(BRISBANE) OceanaGold Corporation (TSX: OGC) (ASX: OGC) (the “Company”) is pleased to announce
that continued resource conversion drilling includes multiple intersections of high -grade gold and silver
mineralisation at the Company’s Wharekirauponga (WKP) prospect in New Zealand. The drill results reported
in this release are from the Company’s 2021 drill program, in which ten drill holes were completed for a total
of 4,940 metres along the East Graben vein zone, in addition to 1,003 metres on other targets.
Highlights from the 2021 drill program include (estimated true width):
• 39.1 g/t Au and 73.4 g/t Ag over 10.3 metres from 377.0 metres, EG HWS*, (WKP101)
• 26.5 g/t Au and 41.4 g/t Ag over 10.2 metres from 393 metres, EG*, (WKP101)
• 29.2 g/t Au and 61.0 g/t Ag over 6.8 metres from 426.7 metres, EG FW*, (WKP101)
• 23.7 g/t Au and 28.3 g/t Ag over 9.1 metres from 398.7 metres, EG HW*, (WKP106)
• 19.7 g/t Au and 29.0 g/t Ag over 4.5 metres from 412.0 metres, EG HWS* (WKP106)
• 21.5 g/t Au and 26.9 g/t Ag over 15.7 metres from 419.0 metres, EG* (WKP106)
*EG = East Graben vein, HW = hanging wall vein, FW = footwall vein, HWS = hanging wall splay
Since the February 2020 mineral resource update, 8,916 metres have been drilled at W KP, predominantly
on resource conversion drilling of the East Graben (“EG”) Vein in addition to a further 2,518 metres supporting
geohydrological studies and geotechnical studies. Results are in line with expectation and are anticipated to
increase confidence in the geological and grade continuity of the prospect.
A full geological and resource model update to incorporate 2020 and 2021 drilling is in progress for inclusion
in the Company’s annual Reserve and Resource statement, which will be released March 31, 2022.
Scott Sullivan , Acting President & CEO of OceanaGold said, “ The drill results at WKP continue to
demonstrate the significance of this discovery for OceanaGold. Step-out exploration drilling in 2021 confirmed
that the East Graben vein remains well developed a further 200 metres along strike to the south , is
mineralised and remains open in multiple directions. This year’s drill campaign is already underway with two
rigs, and we are continuing to focus on resource conversion drilling of the East Graben vein zone. Our next
Mineral Resource update for WKP is expected at the end of the first quarter of this year. The Company has
allocated US$10 million for exploration efforts, a significant increase to the budget, as we seek to expand the
potential of WKP and to further demonstrate the significance of this discovery.”
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“Meanwhile the Company continues to advance the permitting process and expects to lodge the permit
applications with the Regional and District Councils in the first half of 2022. The critical path to success
remains the consenting process however, while the process is ongoing, we continue to advance our technical
studies. As mentioned last year, we have expanded the scope of the Waihi North Project given the potential
scale we see , and the need to complete additional techni cal works to allow for optimal mine plans and
designs.”
“The Waihi District has the potential to create significant socio-economic contributions for the communities
in the Coromandel region and for New Zealand. This includes significant in -country investments and a
substantial increase to direct and in-direct employment opportunities. We are envisaging the development of
a mine that aligns well with the Company ’s commitment to climate change. OceanaGold is one of the top -
rated ESG gold miners globally. We operate to the highest environmental and social standards which has
enabled us to run a successful and responsible mining business in New Zealand for over three decades.”
The Company commenced exploration on the W KP underground target in August 2017 and to date has
drilled 37.2 kilometres in 83 holes (Figures 1 to 6). In February 2020, the Company reported an updated
Indicated Resource of 1.0 million tonnes grading 13.4 grams per tonne gold (“g/t Au”) and 25.5 grams per
tonne silver (“g/t Ag”) for 421,000 ounces of gold and 803,000 ounces of silver on the EG Vein. Additionally,
an Inferred Resource of 1.9 million tonnes at a grade of 12.0 g/t Au and 20 g/t Ag for 717,000 ounces of gold
and 1,230,000 ounces of silver was reported, with more than 80% of the Inferred Resource contained within
the East Graben and two high-grade footwall veins. The remaining resource reported is from the East Graben
footwall and hanging wall veins, including approximately 2% of the resource from the parallel T-Stream vein,
which has yet to be further explored (Figure 2).
A resource conversion drill program initiated in 2021 continues in 2022 with 16.1 kilometres planned on the
EG vein system to inc rease the Indicated Resource in support of the Waihi North Project technical study.
This resource conversion drilling continues to improve the understanding of the structural architecture of the
EG Vein and supports grade continuity within the southern mineralised shoot and associated hanging and
footwall splays (Figures 2, 3, 4, 5 and 6). Significant intersections include hole WKP106 with estimated true
widths of 9.1 metres at 23.7 g/t Au from 398.7 metres, 4.5 metres at 19.7 g/t Au from 412.0 metres, and 15.7
metres at 21.5 g/t Au from 419.0 metres (Figure 5, Table 1) and WKP101 with estimated true widths of 10.3
metres at 39.1 g/t Au from 377.0 metres, 10.2 metres at 26.5 g/t Au from 393 metres, and 6.8 metres at 29.2
g/t Au from 426.7 metres (Figure 6, Table 1).
Several targets are recognised for future resource extension. On the southern shoot of the EG vein and
hanging wall splay, > 50 gram x metre intercepts define opportunities both up- and down-dip on the former
and up-dip on the latter (Figure 3 and 4). Recent step-out drilling of hole WKP100 has also confirmed the EG
Vein continues along strike a further 200 metres to the southwest. This along strike opportunity provides up-
dip potential within the currently recognised window of mineralisation between -200 masl and + 100 masl
within the favourable host rhyolite flow (Figure 3). The EG Vein remains open both to the southwest and
northeast of the currently defined 1,200 metre strike length. Additionally, T-Stream and Western veins have
historic intersections (see OceanaGold Corp announcement 7 November 2019) that warrant further drilling
to fully understand their potential within the larger WKP epithermal system.
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In conjunction with resource and step-out drilling at W KP, a 1,028 metre program has been executed to
provide hydrogeological information for regulatory approvals and mine design purposes. Information on the
groundwater system is being gathered from test work undertaken via packer tests and falling head tests to
enable hydrological modelling, and to assist in predicting the effects, if any, that underground mining may
have on surface and ground water.
A metallurgical test work program is also progressing and while it is still at an early stage, results to date
suggest that the process flow at the existing Waihi process plant will be suitable for WKP mill feed. Recoveries
are indicated to be relatively consistent with other Waihi District underground resources.
Technical studies are progressing for the Waihi North Project regulatory approval package. The scope of the
studies includes ecological impacts, visual effects, noise and vibration, dust, surface and subsurface water,
traffic effects, economic benefits and impacts and potential mitigations. A community and stakeholder
engagement program continues to progress well.
Figure 1: Location Map showing Waihi Gold Mine, WKP and permits held by OceanaGold
Note: MP60541 Extension of Land (EoL) is as proposed and subject to New Zealand Petroleum and Minerals approval.
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Figure 2: Plan View of Geology, Drill Traces and Distribution of 3 Main Veins at WKP
Figure 3: Long Section on the East Graben (EG) Vein Showing Geology and Gram x Metre Drill
Intercepts
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Figure 4: Long Section on East Graben Hanging Wall (EG HW) Vein Showing Geology and Gram x
Metre Drill Intercepts
Figure 5: Cross Section 1 on East Graben (EG) Vein Zone Showing Geology and Key Intercepts
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Figure 6: Cross Section 2 on East Graben (EG) Vein Zone Showing Geology and Key Intercepts
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Table 1: Summary of Significant WKP Intercepts 2021
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**
WKP100 1848762.7 5867829.4 330.3 101.9 -23.0 1163.4 1171.5 7.5 1.4 1.0 EG
WKP-P03D 1849638.9 5868704.2 260.1 157.0 -48.0 196.9 199.8 2.4 3.5 31.0 T-Stream
WKP101 1849837.7 5868322.3 181.5 136.5 -20.0 142.9 143.8 0.7 26.1 100.0 EG HW
WKP101 1849837.7 5868322.3 181.5 136.5 -20.0 365.4 367.2 1.6 4.2 14.1 EG HW
WKP101 1849837.7 5868322.3 181.5 136.5 -20.0 369.6 372 2.2 4.9 8.8 EG HW
WKP101 1849837.7 5868322.3 181.5 136.5 -20.0 377.0 393.0 10.3 39.1 73.4 EG HWS
WKP101 1849837.7 5868322.3 181.5 136.5 -20.0 393.0 407.4 10.2 26.5 41.4 EG
WKP101 1849837.7 5868322.3 181.5 136.5 -20.0 426.7 434.5 6.8 29.2 61.0 EG FW
WKP101 1849837.7 5868322.3 181.5 136.5 -20.0 445.0 449.9 4.4 1.8 6.1 EG FW
WKP101A 1849837.7 5868322.3 181.5 136.5 -20.0 388.3 407.2 13.4 24.80 42.9 EG HWS & EG
WKP102 1850095.9 5868574.3 180.0 116.9 -20.0 120.0 122.0 2.0 7.80 4.0 EG HW
WKP102 1850095.9 5868574.3 180.0 116.9 -20.0 140.2 142.1 1.9 12.40 8.8 EG HW
WKP102 1850095.9 5868574.3 180.0 116.9 -20.0 220.0 224.1 3.4 7.10 19.3 EG
WKP103 1849836.8 5868324.7 184.2 135.5 -27.5 378.0 380.7 2.1 10.9 26.6 EG HW
WKP103 1849836.8 5868324.7 184.2 135.5 -27.5 382.4 386.3 3.0 7.5 10.7 EG HW
WKP103 1849836.8 5868324.7 184.2 135.5 -27.5 387.7 398.1 6.7 2.30 3.4 EG HWS
WKP103 1849836.8 5868324.7 184.2 135.5 -27.5 398.1 412.0 10.6 3.10 6.5 EG
WKP103 1849836.8 5868324.7 184.2 135.5 -27.5 430.4 435.9 5.3 5.90 11.5 EG FW
WKP103 1849836.8 5868324.7 184.2 135.5 -27.5 467.5 474.2 6.1 3.90 8.8 EG FW
WKP104 1849333.0 5868709.0 237.0 133.9 -20.0 394.0 401.6 6.9 2.10 3.6 T-Stream
WKP104 1849333.0 5868709.0 237.0 133.9 -20.0 422.0 424.8 2.5 6.40 16.2 T-Stream FW
WKP105 1849836.0 5868324.0 182.0 148.0 -42.0 434.6 449.0 11.5 4.40 6.5 EG
WKP105 1849836.0 5868324.0 182.0 148.0 -42.0 491.4 491.8 0.4 1.9 28 EG FW
WKP105 1849836.0 5868324.0 182.0 148.0 -42.0 513.7 519 3.7 1.5 6.8 EG FW
WKP106 1849838.0 5868323.0 182.0 143.5 -27.0 171.6 173.0 0.6 25.8 77.0 EG HW
WKP106 1849838.0 5868323.0 182.0 143.5 -27.0 398.7 411.0 9.1 23.70 28.3 EG HW
WKP106 1849838.0 5868323.0 182.0 143.5 -27.0 412.0 419.0 4.5 19.70 29.0 EG HWS
WKP106 1849838.0 5868323.0 182.0 143.5 -27.0 419.0 441.2 15.7 21.50 26.9 EG
WKP106 1849838.0 5868323.0 182.0 143.5 -27.0 444.5 450.3 4.1 6.00 8.6 EG FW
WKP106 1849838.0 5868323.0 182.0 143.5 -27.0 485.6 490.2 4.0 12.80 16.0 EG FW
*True Widths are based on best estimates
**EG = East Graben vein, HW = hangingwall vein, FW = footwall vein, HWS = hangingwall splay
Italicised collar locations are yet to be picked up by surveyors
All drill data in relation to WKP can be found on the Comp any’s website at
http://www.oceanagold.com/investor-centre/filings/. In line with ASX listing requirements, JORC Code Table
1 for WKP drill results are appended to this release and available on OceanaGold’s website at
www.oceanagold.com. 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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Authorised for release to the market by Company Secretary, Liang Tang.
- ENDS -
For further information please contact:
Investor Relations Media Relations
Sabina Srubiski
Tel: +1 604 351 7909
Melissa Bowerman
Tel: +61 407 783 270
www.oceanagold.com | Twitter: @OceanaGold
About OceanaGold
OceanaGold is a multinational gold producer committed to the highest standards of technical, environmental
and social performance. For 30 years, we have been contributing to excellence in our industry by delivering
sustainable environmental and social outcomes for our communities, and strong returns for our shareholders.
Our global exploration, development, and operating experience has created an industry -leading pipeline of
organic growth opportunities and a portfolio of established operating assets includ ing Didipio Mine in the
Philippines; Macraes and Waihi operations in New Zealand; and Haile Gold Mine in the United States of
America.
Competent/Qualified Person’s Statement
The resources and exploration results were prepared in accordance with the stand ards 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 sty le 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