OceanaGold intersects significant high-grade mineralisation on Martha and Empire veins at Waihi
OceanaGold intersects significant high-grade
mineralisation on Martha and Empire veins at
Waihi
/NOT FOR DISSEMINATION OR DISTRIBUTION IN
THE UNITED STATES
AND NOT FOR
DISTRIBUTION TO US NEWSWIRE SERVICES./
MELBOURNE
,
June 11, 2018
/CNW/ - OceanaGold Corporation (
TSX: OGC) (ASX: OGC
) (the
"Company") is pleased to announce the intersection of high-grade mineralisation along two large
veins (Martha and Empire) beneath the Martha Pit at Waihi in
New Zealand
. These results stem
from the latest round of drilling from two drill drives beneath the Martha pit and form part of a more
extensive ongoing exploration program that includes surface and underground drilling.
Selection of Significant Intercepts
Empire Vein
5.0 metres @ 65.3 g/t Au, 100 g/t Ag
9.0 metres @ 29.4 g/t Au, 288 g/t Ag
3.6 metres @ 31.9 g/t Au, 447 g/t Ag
3.5 metres @ 24.2 g/t Au, 105 g/t Ag
Martha Vein
42.0 metres* @ 7.1 g/t Au, 46 g/t Ag
4.4 metres @ 19.8 g/t Au, 30 g/t Ag
10.5 metres @ 8.6 g/t Au, 18 g/t Ag
11.7 metres @ 7.1 g/t Au, 14 g/t Ag
Mick Wilkes
, President and CEO of OceanaGold said, "The latest drill results further demonstrates
the significant mineralisation that resides beneath the Martha Pit. These results are from a drill
program that form only a subset of a much more extensive drill program along kilometres of
combined strike and hundreds of metres of vertical vein extent. The exploration program is designed
to unlock the million-ounce resource target at Waihi which we expect would sustain current mining
operations out to 2030 at historical production levels."
He added, "Over the course of the next 18 months, we will continue with our drill programs and
expect to make periodic updates to Waihi's mineral resource throughout this period. Our strategy is
to own and operate high-margin, long-life assets and the Martha Project aligns well with this strategy
as we expect it can deliver significant value for shareholders and benefits local stakeholders at
Waihi."
On
March 28, 2018
, the Company announced the Martha Project which comprises an underground
mine ("the Martha Underground Mine") and the recommencement of open pit mining operations from
Phase 4 of the Martha Pit. Consent applications were subsequently lodged
May 25, 2018
.
Figure 1 – Oblique View to SW Across Waihi Mines and Targets (CNW Group/OceanaGold
Corporation)
Since the
November 2017
update, drilling at the Martha Project has focussed on resource
development from two underground drill drives utilising up to four drill rigs. Over the course of the
coming 12 months more than 47,000 metres alone will be drilled from both underground and surface
on this project.
Drilling continues from drill drives that are being extended from the current underground mine
approximately 900 metres on two levels under the Martha open pit (Figure 1, 920DD, 800DD).
Drilling with up to four diamond rigs is testing the Martha, Empire, Royal and Edward veins with a
known combined strike extent of 3,200 metres over a 500-metre vertical range. This latest drilling
exceeds expectations and includes; 5.0 metres at 65.3 g/t gold; 9.0 metres at 29.4 g/t gold; 3.6
metres at 31.9 g/t gold and 7.9 metres at 14.1 g/t gold (Figures 2 and 3, Appendix A). These recent
intersections represent structures of similar widths and grades to those that have been historically
mined from the underground (Figures 2 and 3). In addition, a large number of mineralised veins have
been intersected around the Empire and Martha veins, outside of the targeted shapes, that will
contribute to the updated model.
The exploration target within the Martha Underground (Figure 1) is expected to yield tonnages of
between 3.5 million and 5.0 million tonnes and grades ranging between 5.0 g/t and 7.0 g/t gold for
500,000 to 700,000 ounces of gold. This exploration target is conceptual in nature and was
generated from an assessment of surface and underground drilling data collected by the Company
as well as historical and archived geological and mining data from over a century of mining activity at
Waihi. It is anticipated that the permitting process for the Martha Project will be completed by the
end of 2019, with resource potential to allow continuity of mining operations at Waihi to at least
2030.
Drilling from the two underground drill drives are expected to continue for the remainder of the year
in conjunction with other drill programs at Waihi and regionally.
Figure 2 – Plan View Across the Martha Underground Drill Targets (CNW Group/OceanaGold
Corporation)
Figure 3 – Cross Section Across the Martha Underground Drill Targets (CNW Group/OceanaGold
Corporation)
All drill data including the JORC Code Table 1 for the Waihi exploration results can be found on the
Company's website at
http://www.oceanagold.com
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 over the past 27 years 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 2018, the Company expects to produce 480,000 to 530,000 ounces of gold and 15,000 to 16,000
tonnes of copper with All-In Sustaining Costs that range from
$725
to
$775
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.
Appendix A: Waihi Exploration Drilling Results.
Table 1 – Significant Intersections from Incremental Waihi Resource Drilling
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
801EN1147
396283.28
643362.71
808.03
308.02
1.6
52.40
58.00
5.5
8.55
16.4
Empire
912ER1115
396425.01
643297.03
913.95
298.43
-7.5
85.70
88.35
2.4
9.20
540.2
Empire
912ER1139
396429.06
643297.92
913.44
354.12
-31.0
99.50
104.80
5.1
6.54
6.1
Empire
# Old Mt Eden Coordinate system
Table 2 – Significant Intersections from Waihi Martha UG Resource Drilling
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
800SP1MN1100
395967.24
643097.54
780.0
294.7
5.8
160.90
164.60
3.0
10.57
32.5
Empire
800SP1MN1100
395967.24
643097.54
780.0
294.7
5.8
160.90
162.60
1.5
21.74
67.6
Empire
800SP1MN1100
395967.24
643097.54
780.0
294.7
5.8
272.00
278.50
6.5 *
5.34
107.0
Martha HW
800SP1MN1100
395967.24
643097.54
780.0
294.7
5.8
284.80
289.30
3.6
19.14
123.1
Martha
800SP1MN1101
395967.33
643097.70
779.6
300.1
-3.2
120.45
124.85
2.8
14.13
9.4
Empire FW
800SP1MN1103
395967.42
643097.69
779.3
300.9
-14.9
141.00
150.00
5.2
4.30
4.0
Empire FW
800SP1MN1103
395967.42
643097.69
779.3
300.9
-14.9
204.40
217.70
10.5
8.60
17.6
Martha HW
800SP1MN1103
395967.42
643097.69
779.3
300.9
-14.9
210.90
214.60
2.5
15.41
22.6
Martha HW
800SP1MN1103
395967.42
643097.69
779.3
300.9
-14.9
226.10
232.60
6.5 *
6.60
22.0
Martha
800SP1MN1103
395967.42
643097.69
779.3
300.9
-14.9
229.60
232.60
3.0 *
9.68
34.8
Martha
800SP1MN1109
395967.18
643097.38
780.1
290.0
9.0
146.50
153.60
6.8
12.15
29.7
Empire
800SP1MN1109
395967.18
643097.38
780.1
290.0
9.0
148.00
153.20
4.9
16.23
39.7
Empire
800SP1MN1109
395967.18
643097.38
780.1
290.0
9.0
297.50
303.10
5.6 *
15.65
46.7
Martha HW
800SP1MN1109
395967.18
643097.38
780.1
290.0
9.0
313.00
355.20
42.2 *
7.05
45.9
Martha
800SP1MN1116
395967.29
643097.41
779.6
291.6
-1.0
125.90
131.20
3.8
12.12
34.5
Empire FW
800SP1MN1116
395967.29
643097.41
779.6
291.6
-1.0
125.90
126.25
0.3
154.00
503.0
Empire FW
800SP1MN1118
395967.33
643097.70
779.7
300.7
-0.1
160.60
168.00
6.4
14.98
95.3
Empire
800SP1MN1118
395967.33
643097.70
779.7
300.7
-0.1
177.00
182.00
5.0
65.26
100.0
Empire HW
800SP1MN1118
395967.33
643097.70
779.7
300.7
-0.1
256.60
257.60
0.5
23.76
72.5
Martha HW
800SP1MN1118
395967.33
643097.70
779.7
300.7
-0.1
261.60
267.00
5.4
10.74
156.1
Martha
800SP1MN1127
395967.15
643097.43
779.3
290.7
-14.1
138.40
139.00
0.5
50.90
31.5
Empire FW
800SP1MN1127
395967.15
643097.43
779.3
290.7
-14.1
175.00
186.60
6.3
4.82
11.2
Empire FW/Empire
800SP1MN1127
395967.15
643097.43
779.3
290.7
-14.1
184.30
185.40
1.1 *
20.55
27.9
Empire
800SP1MN1127
395967.15
643097.43
779.3
290.7
-14.1
221.20
227.90
5.5
6.32
9.7
Martha HW
800SP1MN1127
395967.15
643097.43
779.3
290.7
-14.1
237.90
239.60
0.9
12.37
17.5
Martha HW
800SP1MN1127
395967.15
643097.43
779.3
290.7
-14.1
249.20
261.00
9.4
4.56
16.7
Martha
800SP1MN1127
395967.15
643097.43
779.3
290.7
-14.1
265.00
271.70
6.2
5.10
8.0
Martha
800SP1MN1128
395967.32
643097.58
779.1
293.5
-25.5
215.90
231.20
11.7
7.09
14.2
Martha
800SP1MN1131
395967.02
643097.18
779.1
282.8
-22.0
295.10
305.90
5.4
4.45
6.2
Martha FW/No. 1
800SP1MN1133
395967.40
643097.21
779.6
287.0
-2.1
160.00
169.25
8.0
6.64
10.8
Empire
800SP1MN1133
395967.40
643097.21
779.6
287.0
-2.1
217.50
220.00
2.5 *
39.25
523.2
Martha HW
800SP1MN1133
395967.40
643097.21
779.6
287.0
-2.1
228.30
234.00
4.4
19.83
29.8
Martha HW
800SP2MN1097
395973.40
643107.73
780.1
313.7
-16.9
156.35
159.00
2.6
12.85
25.8
Empire
800SP2MN1097
395973.40
643107.73
780.1
313.7
-16.9
165.80
180.25
11.1
8.13
23.5
Empire HW
800SP2MN1097
395973.40
643107.73
780.1
313.7
-16.9
197.55
202.70
5.1
10.56
21.9
Martha HW
800SP2MN1099
395973.35
643107.80
779.9
310.5
-4.7
165.20
169.10
3.3
20.88
25.1
Empire HW
800SP2MN1106
395973.36
643107.58
779.2
305.7
-29.0
156.10
158.60
1.6
9.13
8.6
Empire
800SP2MN1108
395973.47
643108.13
780.3
318.5
6.3
194.10
196.30
2.1
14.40
207.8
Martha HW
800SP2MN1114
395973.91
643108.52
780.5
332.4
9.4
160.40
164.00
2.8
14.83
88.2
Empire FW
800SP2MN1114
395973.91
643108.52
780.5
332.4
9.4
138.30
141.20
2.3
12.00
20.2
Empire HW
800SP2MN1117
395973.68
643108.12
779.9
324.3
-4.1
135.80
145.25
6.4
7.11
9.5
Empire
800SP2MN1121
395973.79
643108.40
779.4
329.1
-16.6
177.70
180.00
1.8
10.93
16.9
Martha HW
800SP2MN1129
395974.41
643108.69
780.2
345.1
4.5
131.55
132.70
1.0
55.90
218.0
Empire
800SP2MN1129
395974.41
643108.69
780.2
345.1
4.5
140.80
150.45
7.9
14.10
297.6
Empire HW
800SP2MN1129
395974.41
643108.69
780.2
345.1
4.5
241.95
246.70
4.1
7.99
118.2
Martha
800SP2MN1130
395974.17
643108.53
780.0
338.7
-0.9
126.20
126.80
0.5
216.00
150.0
Empire FW
800SP2MN1130
395974.17
643108.53
780.0
338.7
-0.9
129.80
132.15
2.0
8.53
8.2
Empire
800SP2MN1130
395974.17
643108.53
780.0
338.7
-0.9
129.80
140.65
9.0
29.35
288.0
Empire
800SP2MN1130
395974.17
643108.53
780.0
338.7
-0.9
153.80
159.10
4.1
9.03
158.9
Empire HW
800SP2MN1134
395974.43
643108.78
779.3
346.3
-19.0
151.60
154.30
2.6
11.39
15.7
Empire HW
800SP3MN1126
395989.71
643115.40
779.9
350.9
-1.0
168.40
172.60
3.6
31.93
447.1
Empire HW
800SP3MN1132
395989.94
643115.33
779.5
356.0
-14.9
174.70
183.65
7.3
6.01
12.8
Empire
800SP3MN1132
395989.94
643115.33
779.5
356.0
-14.9
185.70
188.60
2.5
10.84
12.9
Empire HW
800SP3MN1132
395989.94
643115.33
779.5
356.0
-14.9
208.00
212.35
3.4
5.12
4.6
Martha HW
920SP2MN1151
396155.34
643097.15
922.0
334.0
-20.8
241.50
244.20
1.7
15.64
28.9
Empire
920SP2MN1151
396155.34
643097.15
922.0
334.0
-20.8
229.10
230.30
0.6
51.65
1225.0
Empire FW
920SP2MN1151
396155.34
643097.15
922.0
334.0
-20.8
240.60
245.80
3.5
24.23
105.0
Empire
920SP3MN1146
396038.34
643058.12
921.5
338.5
-11.2
340.00
342.70
1.5
7.52
89.4
Martha
920SP4MN1152
395924.89
643020.59
919.7
350.3
-23.8
182.70
185.00
1.7
15.73
47.4
Empire FW
UW654
395276.30
642735.05
1128.1
39.9
-37.6
69.70
72.70
3.0 *
14.42
75.1
Edward HW
#
Old Mt Eden Coordinate system
* Downhole length as not possible to determine true width
SOURCE
OceanaGold Corporation
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http://www.newswire.ca/en/releases/archive/June2018/11/c2009.html
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For further information:
Investor Relations: Sam Pazuki, Tel: +1 416 915 3123; Jeffrey Sansom,
Tel: +61 3 9656 5300, [email protected]; Media Relations: Melissa Bowerman, Tel: +61 3 9656
5300, [email protected], www.oceanagold.com, Twitter: @OceanaGold
CO: OceanaGold Corporation
CNW 05:00e 11-JUN-18