Oceanagold Continues to Intercept High-Grade Mineralisation at Multiple Haile Underground Drill Targets
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NEWS RELEASE
24 February 2022
OCEANAGOLD CONTINUES TO INTERCEPT HIGH-GRADE MINERALISATION
AT MULTIPLE HAILE UNDERGROUND DRILL TARGETS
(BRISBANE) OceanaGold Corporation (TSX: OGC) (ASX: OGC) (the “Company”) is pleased to announce
an update on exploration and resource conversion drilling at the Company’s Haile Gold Mine (“Haile”) in
South Carolina, United States. This update reports drill results from Haile Underground targets following the
updates last provided on March 31, 2020 (“March 2020 update”) and February 27, 2019 (“February 2019
update”).
The Company continues to intercept high-grade mineralisation at multiple underground drill targets with
significant drill intersections. At the Horseshoe Extension, of the thirteen drill holes completed from the 2021
program, highlights include:
o DDH1096: 7.45 g/t gold over 43.4 metres from 338.6 metres
o DDH1101: 4.09 g/t gold over 24.7 metres from 284.4 metres
o DDH1102: 5.49 g/t gold over 13.4 metres from 404.0 metres
Infill drilling at Palomino continues to improve confidence in grade distribution and continuity of mineralisation.
Of the sixteen drill holes completed from the 2021 program, highlights include:
o DDH115: 7.77 g/t gold over 101.3 metres from 399.2 metres
o DDH1108: 5.91 g/t gold over 67.1 metres from 328.1 metres
o DDH1103: 6.39 g/t gold over 51.5 metres from 263.3 metres
Scott Sullivan , Acting President & CEO of OceanaGold said, “ We have always seen the underground
potential at Haile, and t hese drill results highlight the future opportunities that exist for the operation. The
Horseshoe deposit will be mined first, with the Palomino deposit being the next target for advancement. We
have significant potential at both deposits as reflected by the drill results we are reporting today. We look
forward to going underground to not only mine higher-grade ore from Horseshoe, but drill test the multiple
targets we have identified.”
The Company commenced underground exploration in 2016, shortly after acquiring the asset. Since then,
the Company has defined a pipeline of opportunities including Horseshoe, Palomino, Horseshoe Extension,
and Pisces, all of which are now in various stages of understanding from Probable Reserves (Horseshoe),
Inferred Resources (Palomino), resource definition (Horseshoe Extension), and initial drilling (Pisces).
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Horseshoe Underground Mine: Horseshoe Underground is scheduled to begin development in 2022 with
a Probable Mineral Reserve of 3.4 million tonnes at 3.78 gram per tonne gold (“g/t Au”) for 420,000 ounces
(Figure 1) released in the 2020 end of year Resource and Reserve Statement on 31 March, 2021 . With an
undiluted Indicated Resource of 3.3 million tonnes at 4.95 g/t Au for 530,000 ounces, inclusive of Reserves,
and an Inferred Resource of 2.1 million tonnes at 4.4 g/t Au for 300,000 ounces, significant potential remains
to convert the Inferred Resources through drilling from underground once the underground development is
in place.
Palomino Inferred Resource conversion: Palomino is located approximately 800 metres SW of Horseshoe
Reserve, 600 metres from the Horseshoe Extension target and approximately 300 metres below surface
(Figure 2 and 3). After Horseshoe, it is the next most advanced underground target with an Inferred Resource
reported on March 31, 2020 of 6.5 million tonnes at 2.8 g/t Au for 600,000 ounces. The resources are
reported within a Mine Stope Optimised volum e using a US$1,700/oz gold price. This target was the focus
of resource conversion drilling in 2021.
Since reporting the Inferred Mineral resource on March 31, 2020, 7,046 metres in 16 drill holes has been
completed (Figure 2), with a further 11,500 metres planned in 2022. The 2021 drill program focussed on
defining and converting Inferred Resources in the higher grade and shallower levels of the deposit as defined
by a preliminary and conceptual mine design. An updated resource estimate is expected to be released on
March 31, 2022. The 2022 program will focus on resource conversion at deeper levels.
The results for the 2021 Palomino resource conversion drilling program to date have improved confidence in
grade distribution and continuity of mineralisation and returned similar grades to historic drilling however, in
general, reduced downhole thickness when compared with the resource block model. Significant downhole
intersections from the 2021 infill resource conversion program include 7.77 g/t Au over 101.3 metres in hole
DDH1115, 5.91 g/t Au over 67.1 metres in hole DDH1108, and 6.39 g/t Au over 51.5 metres in hole DDH1103.
The full set of results for the 2021 infill drilling program are presented in Table 1.
The style of mineralisation at Palomino is similar to the Horseshoe deposit, with thick zones of fine-grain gold
hosted by pyritic and silicified siltstone and intrusive rocks at the metamorphic volcanic and sedimentary
contact (Figure 2). The southeast margin of Palomino is defined by the 70 -75o SSE-dipping siltstone-dacite
contact. Several 1-25 metre barren sub-vertical NNW-striking post-mineral diabase dikes cut mineralisation.
Horseshoe Extension Target: Horseshoe Extension is located approximately 200 metres SW of the
Horseshoe Reserve and has the potential to leverage off future underground development (Figure 3). To
date, approximately 15,279 metres and 29 holes have been drilled on the Horseshoe Extension target and
have defined a z one of mineralisation that led to resource definition drilling in 2021. No resource estimate
has been completed. A further program of 3,500 metres is scheduled in late 2022. Significant downhole
intersections from the 2021 program include 7.45 g/t Au over 43.4 metres in hole DDH1096, 4.09 g/t Au over
24.7 metres in hole DDH1101, and 5.49 g/t Au over 13.4 metres in hole DDH1102. The full set of results for
the 2021 infill drilling program are presented in Table 1. Mineralisation is similar to the Horseshoe and
Palomino deposits, with fine-grained gold hosted in pyritic and silicified mudstones and intrusive rocks. The
southeast and upper extents of mineralisation are bounded by the SSE-dipping siltstone-dacite contact. A 5-
10 metre barren sub-vertical dike NNE-striking post-mineral diabase dike cuts mineralisation.
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Pisces Target: Pisces is located approximately 600 metres SSW of Horseshoe and is in the early stage of
target definition. Given its proximity to Horseshoe , other advancing exploration targets and intercepts
returned to date, further drilling is envisaged once Palomino and Horseshoe Extension are further advanced
and our geological understanding increases. Between December 2011 and August 2012, 2,530 metres in 3
holes were drilled with encouraging downhole intersections including 3.14 g/t gold over 24.4 metres in hole
RCT0165, 4.65 g/t Au over 14.4 metres in hole RCT0205, and 7.40 g/t Au over 7.6 metres in hole RCT0209
including 27.22 g/t Au over 1.2 metres (see Figure 4).
Figure 1: Plan view of the Haile Gold Mine with the reserve pit outline, open pit and underground
mineralisation footprints and 2021 drill hole traces
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Figure 2: Long Section for the Palomino underground target showing geology and drill holes
completed to date (pre-2021 and 2021 with drill hole identification)
Figure 3: Long Section on the Horseshoe Extension underground target showing geology and drill
holes completed to date (pre-2021 and 2021 with drill hole identification)
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Figure 4: Cross Section on the Pisces underground target showing geology and historical drill
holes
Table 1: Summary of Significant Haile Underground Target Intercepts 2021 (Note: All lengths
represent downhole thickness)
Drill Hole ID
East
NAD83 Z17
(m)
North
NAD83 Z17
(m)
Collar
RL
(m)
Az Dip From
(m)
To
(m)
Length
(m)
Gold
Grade
(g/t)
Palomino
DDH1094 542824.1 3825991.0 154.7 335 -52 364.1 373.6 9.5 10.94
incl. 365.6 369.1 3.5 28.07
and 387.3 417.8 30.5 1.17
and 420.9 448.3 27.4 3.29
incl. 423.9 431.5 7.6 9.19
and 491.0 497.1 6.1 2.63
DDH1099 542824.5 3825990.8 153.9 331 -55 387.2 421.7 34.6 2.85
DDH1103 542682.5 3826238.3 115.1 167 -80 240.1 256.9 16.8 3.97
and 263.3 314.8 51.5 6.39
DDH1104 542694.8 3826252.0 115.6 166 -81 257.4 302.2 44.8 2.22
and 316.0 325.1 9.1 8.12
DDH1105 542694.5 3826252.6 113.8 170 -80 246.3 253.5 7.2 7.00
and 266.5 325.1 55.6 5.66
incl. 309.9 317.5 7.6 14.09
DDH1106 542661.1 3826229.5 114.0 163 -83 242.7 249.2 6.5 4.73
and 271.6 322.1 50.6 4.61
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DDH1108 542742.8 3826317.0 127.2 163 -73 328.1 395.1 67.1 5.91
incl. 347.9 364.0 16.1 11.87
DDH1109 542734.8 3826297.9 126.6 164 -77 278.1 315.1 37.0 4.50
and 387.3 421.4 34.1 4.22
incl. 387.3 392.4 5.2 13.00
DDH1110 542681.9 3826240.0 115.7 167 -83 259.9 287.3 27.4 6.00
incl. 275.1 284.3 9.2 11.89
and 302.2 320.8 18.6 5.19
DDH1111 542743.0 3826317.7 127.5 163 -78 266.3 282.5 16.2 2.96
and 296.1 309.9 13.8 6.19
and 342.4 355.6 13.3 4.80
and 379.1 409.0 29.8 3.64
and 428.8 434.9 6.1 3.04
DDH1112 542676.2 3826274.1 112.9 170 -80 262.1 304.2 42.1 5.20
incl. 291.9 298.8 6.9 18.90
and 317.8 327.8 10.0 6.62
DDH1113 542734.6 3826299.1 127.7 164 -82 300.4 341.4 41.0 1.56
DDH1114 542744.2 3826317.3 125.5 148 -76 283.9 306.8 22.9 2.49
and 316.1 413.1 97.0 2.32
incl. 352.5 356.0 3.5 10.13
DDH1115 542923.8 3826005.1 152.6 334 -56 399.2 500.5 101.3 7.78
incl. 451.7 466.9 15.2 11.32
incl. 489.8 495.9 6.1 32.54
DDH1116 542734.6 3826297.9 125.3 178 -81 286.8 292.7 6.0 3.42
and 304.2 318.1 13.9 5.38
incl. 311.9 314.9 3.0 16.04
DDH1117 542743.6 3826318.2 125.7 142 -82 322.0 355.7 33.7 1.69
and 367.7 383.0 15.2 8.35
incl. 372.3 375.3 3.1 35.23
Drill Hole ID
East
NAD83 Z17
(m)
North
NAD83 Z17
(m)
Collar
RL
(m)
Az Dip From
(m)
To
(m)
Length
(m)
Gold
Grade
(g/t)
Horseshoe Extension
DDH1076 543608.5 3826541.2 161.2 332 -61 515.8 524.5 8.7 4.79
DDH1083 543608.0 3826540.6 161.2 328 -61 502.3 517.0 14.7 4.89
incl. 502.3 506.3 4.0 11.94
DDH1091 543533.8 3826785.2 164.5 280 -75 428.1 438.8 10.7 3.02
DDH1096 543532.2 3826784.8 162.9 280 -71 338.6 382.0 43.4 7.45
incl. 341.7 345.3 3.6 20.05
incl. 352.4 358.4 6.1 17.34
and 391.2 394.3 3.1 8.67
and 409.4 417.1 7.6 1.65
DDH1097 543302.8 3826569.1 100.5 20 -52 382.5 410.5 28.0 2.42
DDH1098 543532.4 3826784.7 162.5 277 -72 404.7 412.9 8.2 8.32
DDH1100 543610.7 3826542.4 162.1 322 -60 495.2 521.9 26.7 1.59
DDH1101 543301.7 3826569.7 101.2 13 -47 284.4 309.1 24.7 4.09
and 326.2 334.5 8.3 4.20
DDH1102 543532.1 3826785.3 162.2 287 -73 404.0 417.4 13.4 5.49
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Drill Hole ID
East
NAD83 Z17
(m)
North
NAD83 Z17
(m)
Collar
RL
(m)
Az Dip From
(m)
To
(m)
Length
(m)
Gold
Grade
(g/t)
Pisces
RCT0165 543131.8 3826878.0 153.7 153 -70 684.3 708.7 24.4 3.14
RCT0205 543264.1 3826606.4 154.8 118 -80 720.2 734.6 14.4 4.65
RCT0209 543210.6 3826516.4 155.4 145 -84 598.9 606.5 7.6 7.40
incl. 601.1 602.3 1.2 27.22
All drill data in relation to Haile can be found on the Company’s website at
http://www.oceanagold.com/investor-centre/filings/. In line with ASX listing requirements, JORC Code Table
1 for Haile exploration results are appended to this release and availab le on OceanaGold’s website at
www.oceanagold.com. 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.
- ENDS -
Authorised for release to market by OceanaGold Corporate Company Secretary, Liang Tang.
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 a significant pipeline of organic
growth opportunities and a portfolio of established operating assets including 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 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
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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 Haile underground exploration results and Mineral Resources in this document has
been verified by, is based on and fairly represents information compiled by or prepared under the supervision
Mr Jonathan Moore. Mr Moore is an employee of OceanaGold Corporation and 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 a Qualified Person for the
purposes of the NI 43 101. Mr Moore consents to the inclusion in this public report of the matters based on
the information in the form and context in which it appears.
Forward Looking Statements
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, achievement of guidance,
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 expre ss 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 forwar d-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 outbreak of an infectious disease, 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 predict ions 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 Co mpany 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 s hould 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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