Oceanagold Reports Significant Increase IN Mineral Resources FOR the Martha Project at Waihi
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MEDIA RELEASE
9 August 2018
OCEANAGOLD REPORTS SIGNIFICANT INCREASE IN MINERAL RESOURCES
FOR THE MARTHA PROJECT AT WAIHI
(MELBOURNE) OceanaGold Corporation (TSX: OGC) (ASX: OGC) (the “Company”) is pleased to announce
an updated Mineral Resource estimate for the Martha Project (the “Project”) at the Company’s Waihi gold
mine in New Zealand.
Highlights
• Increased total Indicated Resource by 700% to 0.76Mt @ 5.8 g/t Au for 140,000 ounces of gold.
• Increased total Inferred Resource by 250% to 2.49Mt @ 4.3 g/t Au for 339,000 ounces of gold.
• Significantly expanded the Martha Project exploration target.
Mick Wilkes, President and CEO of OceanaGold said, “ I am very pleased to announce thi s increase to the
mineral resource estimate for Waihi. With only 30% of the planned drill metres completed, we are excited
about the future and remain optimistic with respect to the ultimate size of the Martha resource .
He added, “The results to date have been much better than we expected and therefore the exploration target
that is being tested through drilling has been revised and expanded.”
“The Waihi Mine is an important part of the town of Waihi, directly employing 350 people and contributing
approximately 40% of the local economy. Increasing the mine life of the operation allows us to continue
delivering these socioeconomic benefits and provides greater certainty to the town’s residents and local and
regional businesses we are proud to be in partnership with.”
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Table 1: Updated Martha Project Mineral Resource Table (as of 30 June 2018)
PROJECT Cut-off RESOURCES
AREA kt Au g/t Au koz Ag g/t Ag koz
INDICATED
Martha Underground 3.0 g/t Au 760 5.8 140 21.7 532
INFERRED
Martha Underground 3.0 g/t Au 2,490 4.3 339 16.8 1,358
TOTAL 3,250 4.6 479 18.1 1,890
Notes:
- Underground resources are reported below the consented Martha Phase 4 open pit design within conceptual underground mining shapes and at a gold price of
NZD$2,083/oz.
- Provision has been made for dilution and mining recoveries.
- The tabulated resources are estimates of metal contained as troy ounces of gold and do not include allowances for processing.
- All figures are rounded to reflect the relative accuracy and confidence of the estimates and totals may not add correctly.
- There is no certainty that Mineral Resources that are not Mineral Reserves will be converted to Mineral Reserves.
Since August 2017 approximately 16,200 metres of drilling has been completed at the Martha Underground
from two underground drill drives and represents approximately 30% of the planned exploration drill metres
to the end of December 2019 and that required to adequately test the Martha Underground exploration target.
Drilling has focussed on identifying and defining mineralisation along sections of the Martha, Royal and
Empire veins which, in combination with the Edward vein, have in total a combin ed strike length of
approximately 3.2 kilometres and a maximum dip extent of approximately 500 metres (Figure 1 and 2).
As exploration has progressed the Company has identif ied mineralised veins that sit outside the initial
exploration target. As a result, and following the incorporation of further data, including that from recent
drilling, the exploration target has been revised and is now outlined as a potential volume of between 5 million
and 8 million tonnes at a grade of between 4.0 g/t and 6.0 g/t gold for approximately 1,000,000 to 1,500,000
ounces of gold, inclusive of the Indicated and Inferred Mineral Resources detailed above . Insufficient
exploration work has been conducted to date to define a mineral resource of this magnitude and it is uncertain
if further exploration will result in the delineation of additional mineral resources. The exploration target is
conceptual in nature and is based on the 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. If ongoing exploration and consenting is successful, this could extend underground mining
at Waihi.
With the success of the drill program to date, t he Company will increase the number of diamond drills from
the current four up to six to accelerate the testing of the Martha, Empire, Royal and Edward veins and the
numerous linking splays that make up the Martha vein s ystem and revised exploration target . Over the
coming months the Company will continue to provide an update on exploration activities at Waihi .
While the bulk of the exploration drilling is taking place at Martha, the Company will also continue to drill and
explore the highly prospective WKP target some 10km north of Waihi.
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Figure 1 – Long Sectional Oblique View showing Martha Open Pit, Martha Underground, Main
Target Areas (pink) and Current Martha Underground Resource Areas (yellow).
Figure 2 – Plan View showing drill holes (August 2018 to April 2018 end) within the Martha vein
system and the dominant targeted veins (Martha, Empire, Royal, Edward). Pink = Main Target Areas,
Yellow = Current Martha Underground Resource Areas.
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All drill data in relation to the Waihi Project can be found on the Company’s website at
http://www.oceanagold.com/investor-centre/filings/. In line with ASX listing requirements, OceanaGol d has
appended the information required by JORC Table 1 for Waihi Exploration Results, and Resources and
Reserves estimates 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.
- ENDS -
For further information please contact:
Investor Relations Media Relations
Sam Pazuki
Tel: +1 416 915 3123
Melissa Bowerman
Tel: +61 405 900 099
Jeffrey Sansom
Tel: +61 3 9656 5300
[email protected] [email protected]
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 Philippines. O n 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 min es
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 wo rks 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 500,000 to 540,000 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
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The mineral 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 disclosed in accordance with National Instrument 43 -101 – Standards of
Disclosure for Mineral Projects of the C anadian Securities Administrators (“NI 43 -101”). The JORC Code is
the accepted reporting standard for the Australian Stock Exchange Limited (“ASX”).
Information (including sampling, analytical and test data) relating to Waihi Mineral Resource and Exploration
Results in this document has been verified by, is based on and fairly represents information compiled by or
prepared under the supervision of Mr Peter Church, a Chartered Professional of the Australasian Institute of
Mining and Metallurgy. Mr Church is an employee of OceanaGold and is not independent for purposes of NI
43-101. Mr Church 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 Church has reviewed and
approved the scientific and technical information in this announcement, and 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 o f 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", "pl ans", "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 an d 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 t his 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
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required by applicable securities laws. The information contained in this release is not investment or financial
product advice.
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