Oceanagold Significantly Increases Exploration Target at the Martha Underground IN New Zealand
1
MEDIA RELEASE
24 September 2019
OCEANAGOLD SIGNIFICANTLY INCREASES EXPLORATION TARGET AT THE
MARTHA UNDERGROUND IN NEW ZEALAND
(MELBOURNE) OceanaGold Corporation (TSX: OGC) (ASX: OGC) (the “Company”) is pleased to announce
that further extensive drilling at the Martha Underground Project (the “Project”) at the Waihi Gold Mine
(“Waihi”) supports an increase to the size of the exploration target , which is in addition to the existing
resources. Additionally, the Company is pleased to release updated exploration results highlighting continued
high-grade gold intersections from the Martha Underground.
Key Highlights
• Extensional drilling discovering larger areas of mineralisation
• Recent drilling achieving significant, high-grade intercepts that include:
o 38.4 metres @ 8.1 g/t Gold, 10.1 g/t Silver on Edward-Martha Veins
o 11.9 metres @ 13.7 g/t Gold, 32.9 g/t Silver on Empire Vein
o 8.5 metres @ 17.8 g/t Gold, 65.0 g/t Silver on Empire-Empire HW Veins
o 8.1 metres* @ 16.5 g/t Gold, 35.0 g/t Silver on Royal Vein
o 3.5 metres @ 31.7 g/t Gold, 100.7 g/t Silver on Rex Vein
o 2.9 metres @ 36.1 g/t Gold, 90.5 g/t Silver on Rex Vein
o 5.3 metres @ 19.2 g/t Gold, 15.1 g/t Silver on Dreadnought Vein
o 12.1 metres @ 7.6 g/t Gold, 21.2 g/t Silver on Martha-Mary Veins
o 15.1 metres* @ 5.2 g/t Gold, 64.9 g/t Silver on Welcome Vein
o 5.4 metres @ 14.4 g/t Gold, 153.4 g/t Silver on Alexandra HW Vein
* Downhole length as true width not determined
Mick Wilkes, President and CEO of OceanaGold said, “Our investment in extensive exploration at the Martha
Underground at Waihi continues to create significant value for shareholders. In addition to the current
331,000 ounces of Indicated gold r esources and 667,000 ounces Inferred gold resources, we are now
targeting an additional 8 to 10 million tonnes of ore grading 4 to 6 g/t gold.”
2
He went on to say, “We are currently working on an all -encompassing study that will capture the various
projects we are contemplating for the Waihi Mine. The study will evaluate timing of new source feeds and
potential upgrades to our existing processing facility. We expect to complete this study in the first half of
2020.”
“With the Martha Underground project fully permitted, currently in construction and with ongoing exploration
drilling to further prove up and convert resources, we are moving closer to securing a long-term future at
Waihi. The growth at Waihi also aligns well with the central government’s mandate to enhance the livelihoods
of rural communities . The operation employs more than 350 staff and contractors and has contributed
significant socio-economic benefits to the local economy.”
In August 2018, an exploration target ranging between 5 million and 8 million tonnes at a grade of between
4 and 6 g/t gold was announced for the Martha Underground Project. Subsequent surface and underground
drilling within the exploration target volume resulted in substantial increase s in Indicated and Inferred
Resources which were reported on March 7, 2019. This resource is now subject to an extensive resource
conversion drill program with a targeted completion expected in the first quarter of 2020.
Furthermore, the additional drilling and subsequent review of historical cross -cut sample data has resulted
in an upward revision of the exploration target, this being potential mineralisation that is in addition to the
existing resources. The increased exploration target now ranges between 8 million and 10 million tonnes at
a grade of between 4 and 6 g/t of gold. This exploration target is based on the assessment of surface and
underground drill data collected by the Company in addition to the significant amount of historical and
archived geological and mine data from over a century of mining activity at Waihi.
The exploration target is conceptual in nature and insufficient exploration has been undertaken in the areas
that this exploration target relates to estimate a mineral resource. It is uncertain if further exploration will
result in the estimation of a mineral resource. The revised exploration target volume will be drill tested over
the period of 2020 and 2021 as drilling capacity transitions from the current reserve conversion drill campaign.
In March 2019, a resource was reported for the Project of 2.1Mt at 4.84 g/t gold for 331,000 ounces of gold
as an Indicated resource and 4.5Mt at 4.59 g/t gold for 667,000 ounces as an Inferred resource. Following
this significant increase in mineral resource for the Project, drilling has continued from the two, 900m long,
920- and 800-metre level drill drives and from several surface locations (Table 1, Figure 2).
Since the commencement of the Martha Underground drill program, approximately 77,500 metres have been
drilled to identify and define mineralisation along sections of the Martha, Royal , Empire, Edward and Rex
veins (Figure 1) and associated mineralised structures that are expected to support the resource model and
life of mine plan at Waihi. Since receipt of the Martha Underground consents (permits), approximately six
underground and two surface rigs have been utilised to grow the Inferred Resource base and convert to
Indicated Resources. To-date, approximately 60% of the planned drilling has been completed at the Martha
Underground. Drilling is scheduled to continue over the next 12 months for resource conversion and increase
the resource base through a combination of step-out and infill drilling.
3
Figure 1 – Long sectional oblique view showing Martha open pit, Martha underground, main target areas to
date (yellow and pink) and current Martha underground resource areas (yellow).
Figure 2 – Plan view showing holes drilled from August 2017 to July 2019 within the Martha vein system and
the dominant targeted veins (Martha, Empire, Royal, Edward). Pink = remaining target areas, Yellow = current
Martha underground resource areas, Green = recent and current development and mining areas
4
Table 1 – Significant intersections from the Waihi Martha underground resource drilling.
Hole ID East#
(metres)
North#
(metres)
Collar
RL
(metres)
Az# Dip From
(m)
To
(m)
True
widt
h
(m)
Gold
Grade
(g/t)
Silver
Grade
(g/t)
Vein
800DC2MN1336 395788.6 643012.8 781.3 4.6 -59.6 294.30 300.60 6.3* 12.28 25.3 Loop No1
800DC2MR1362 395788.0 643014.1 783.5 350.1 10.6 101.40 112.40 8.5 17.79 65.0 Empire-Empire HW
800DC3RN1375 395720.5 642942.4 783.5 134.8 -20.9 81.50 82.90 1.3 22.60 50.0 Royal
800DC3RR1383 395719.4 642941.8 784.0 158.7 -4.2 61.40 62.80 1.3 20.47 19.2 Royal
800DC4MR1304 395671.0 642977.5 784.8 353.2 -28.1 160.90 165.50 3.4 8.76 18.5 Alexandra HW
800DC5MN1335 395558.9 642941.6 786.1 349.7 -39.7 140.30 144.40 2.8 8.87 16.0 Magazine
800DC5MN1345 395558.5 642940.2 787.0 337.0 -19.8 103.65 112.90 5.5 6.51 15.7 Magazine HW
800DC5MN1351 395557.3 642941.0 786.9 313.0 -16.9 95.20 98.00 2.6 12.55 18.5 Alexandra
800DC7MN1337 395496.2 642897.1 787.0 304.3 -62.7 123.40 133.80 6.7 6.15 12.7 Letter
800DC7MN1355 395495.6 642896.0 786.8 267.0 -61.6 182.60 191.10 4.3 15.39 25.5 Edward
800DC7MN1355 395495.6 642896.0 786.8 267.0 -61.6 211.00 225.60 7.3 4.30 9.9 Edward-Martha
800DC7MN1361 395495.7 642895.2 786.8 244.1 -55.6 209.90 220.80 6.9 5.58 11.1 Edward FW
800DC7MN1370 395496.6 642898.0 786.8 310.9 -49.5 115.80 120.70 3.1 10.26 20.7 Edward FW
800DC7MN1370 395496.6 642898.0 786.8 310.9 -49.5 124.40 169.50 38.4 8.08 10.1 Edward-Martha
800DC7MN1382 395497.8 642898.2 786.9 337.3 -60.0 118.50 121.90 2.2 9.95 14.3 Letter
800DC8MN1341 395510.8 642882.1 788.3 227.1 -2.1 325.40 341.50 8.1 4.37 13.0 Edward FW
800SP1MR1280 395968.1 643098.4 779.0 314.6 -25.5 190.20 204.00 12.3 4.52 12.4 Martha
800SP1MR1283 395967.7 643097.8 779.4 294.8 -9.1 144.80 149.80 3.5 7.64 7.1 Dreadnought
800SP1MR1283 395967.7 643097.8 779.4 294.8 -9.1 211.40 217.30 4.8 8.85 68.6 Harry
800SP1MR1294 395967.7 643097.9 778.9 297.9 -31.6 192.20 204.00 4.4 7.51 13.4 Dreadnought
800SP1MR1299 395967.9 643098.2 778.8 305.9 -36.4 194.70 197.30 2.6* 11.91 14.7 Empire
800SP1MR1299 395967.9 643098.2 778.8 305.9 -36.4 208.90 218.80 8.7 8.96 25.9 Martha
800SP1MR1305 395968.0 643098.4 778.9 315.1 -34.0 192.40 203.70 9.8 5.46 17.3 Martha
800SP1MR1307 395967.8 643098.1 779.5 303.1 -7.2 119.40 124.90 5.3 19.17 15.1 Dreadnought
800SP1MR1316 395967.8 643098.2 779.7 307.4 0.6 116.80 118.20 1.4 25.46 44.2 Dreadnought
800SP1MR1316 395967.8 643098.2 779.7 307.4 0.6 171.00 180.10 7.4 6.45 16.4 Harry
800SP1MR1317 395967.8 643098.4 779.2 307.1 -20.1 173.20 175.90 1.8 38.40 139.5 Empire
800SP1MR1317 395967.8 643098.4 779.2 307.1 -20.1 183.70 195.20 8.3 6.00 18.6 Empire
800SP1MR1317 395967.8 643098.4 779.2 307.1 -20.1 202.80 212.00 8.5 4.63 9.0 Martha
800SP1MR1322 395967.7 643098.2 778.5 304.0 -44.7 222.80 234.00 8.1 5.27 25.0 Martha
800SP1MR1324 395967.2 643098.6 778.2 294.4 -45.0 273.80 276.30 1.0 21.65 21.8 ?
800SP1MR1328 395967.1 643098.4 778.3 288.2 -39.7 243.95 249.10 2.9 10.53 51.1 Martha
800SP3MR1293 395967.1 643097.4 778.7 349.4 -7.7 147.70 156.10 7.3 5.77 14.7 Empire
800SP3MR1300 395991.2 643115.5 779.4 13.2 -17.7 240.80 246.50 4.9 5.37 7.8 Empire HW
800SP3MR1300 395991.2 643115.5 779.4 13.2 -17.7 255.00 258.60 3.6 8.19 13.0 Martha
920SP2MR1285 396155.3 643097.3 922.2 324.3 -16.5 228.80 230.00 1.2* 66.70 45.8 Empire
920SP2MR1285 396155.3 643097.3 922.2 324.3 -16.5 348.80 351.40 1.7 17.95 80.2 Martha
920SP2MR1302 396156.1 643097.3 922.6 339.0 -6.1 361.00 373.40 11.1 4.15 7.3 Martha FW
920SP2MR1313 396155.4 643097.3 922.0 323.6 -21.7 249.00 249.50 0.5* 94.90 59.2 Empire
920SP3MR1314 396039.0 643058.1 921.1 346.2 -22.9 238.80 239.20 0.3 104.00 65.0 Empire
920SP3MR1327 396039.1 643058.3 921.2 344.6 -17.2 258.80 261.40 2.4 14.38 904.1 State FW
920SP7MN1290 395579.7 642900.4 922.5 339.4 -14.6 72.90 87.90 13.0 5.41 37.5 Empire
920SP8MR1315 395477.1 642861.2 924.8 291.7 -25.1 179.70 181.30 1.2 30.66 426.8 Welcome
920SP8MR1315 395477.1 642861.2 924.8 291.7 -25.1 182.90 186.60 2.0 27.55 247.3 Welcome
920SP8MR1315 395477.1 642861.2 924.8 291.7 -25.1 193.30 194.60 1.3* 41.11 163.0 Welcome
920SP8MR1323 395477.3 642861.3 924.5 294.7 -32.7 106.20 107.10 0.9 46.80 177.0 Edward
920SP8MR1354 395480.0 642863.5 925.5 326.8 -11.0 132.40 133.10 0.5 69.80 351.0 Edward
920SP8MR1363 395480.6 642863.4 924.9 340.5 -29.0 116.40 117.10 0.6 52.40 398.0 Empire
920SP8MR1363 395480.6 642863.4 924.9 340.5 -29.0 138.60 141.90 3.0 7.29 45.4 Empire FW
5
920SP9MN1286 395464.8 642831.8 925.9 227.7 -19.9 58.90 67.00 8.1* 16.46 35.0 Royal
920SP9MR1309 395464.3 642833.1 926.3 262.7 -11.1 147.00 156.90 5.0 15.26 62.6 Edward
920SP9MR1318 395464.1 642835.0 925.0 302.5 -40.4 124.80 136.80 7.7 12.69 20.9 Edward
920SP9MR1320 395464.4 642833.9 926.1 282.1 -15.7 92.10 99.10 6.8 7.32 31.7 Edward
920SP9MR1339 395464.5 642833.9 925.5 276.5 -43.2 130.30 133.80 3.5* 16.82 203.1 Edward
920SP9MR1339 395464.5 642833.9 925.5 276.5 -43.2 138.50 144.80 6.3* 14.60 58.3 Edward
920SP9MR1352 395464.6 642833.3 925.8 259.4 -32.5 118.90 129.80 5.1 9.01 26.8 Edward
920SP9MR1369 395464.8 642832.6 925.9 238.8 -28.8 83.60 84.10 0.4 86.90 2200.0 Royal
920SP9MR1376 395464.9 642832.3 926.0 233.4 -18.2 70.60 85.00 13.8 6.67 153.0 Royal
UW686 395746.8 642852.2 1117.1 323.6 -33.0 174.90 183.80 5.1 13.33 48.0 Princess
UW686 395746.8 642852.2 1117.1 323.6 -33.0 285.20 288.00 2.8* 22.90 52.0 Alexandra
UW689 395273.4 642735.4 1128.0 356.3 -35.1 214.15 229.25 15.1* 5.17 64.9 Welcome
UW691 395708.6 642827.9 1118.1 316.5 -37.2 241.40 258.20 11.9 13.69 32.9 Empire
UW691 395708.6 642827.9 1118.1 316.5 -37.2 337.80 349.70 5.4 14.39 153.4 Alexandra HW
UW696 395950.4 643247.6 1114.8 323.9 -45.1 244.00 257.80 10.1 4.12 13.1 Martha FW
UW696 395950.4 643247.6 1114.8 323.9 -45.1 280.10 282.60 2.3 12.52 47.3 Mary
UW699A 395961.0 643233.1 1114.8 300.3 -27.7 251.50 256.25 2.4 11.15 37.1 Martha
UW701 395961.3 643233.2 1114.9 308.1 -27.1 234.30 236.10 1.4 54.33 123.5 Martha
UW706 395583.4 642748.9 1123.3 134.4 -29.4 219.45 223.00 3.0 26.80 86.3 Rex
UW710 395582.9 642749.6 1123.4 132.1 -36.2 226.00 229.50 3.2 14.99 18.1 Rex
UW712 395583.7 642749.3 1123.4 125.1 -28.1 225.40 227.00 1.5 26.15 203.0 Rex
UW713 395961.7 643233.7 1114.9 295.0 -26.3 245.70 246.90 0.9 41.30 221.0 Martha
UW713 395961.7 643233.7 1114.9 295.0 -26.3 251.80 255.40 3.1 16.94 405.7 Martha
UW714 395584.5 642598.7 1113.3 104.1 -52.2 131.80 132.50 0.6 47.10 142.0 Rex
UW717 395584.4 642599.2 1113.4 94.6 -59.0 150.00 152.00 1.5 14.61 11.0 Rex
UW718 395583.8 642749.8 1123.3 116.3 -31.0 234.40 238.00 3.5 31.66 100.7 Rex
UW719 395584.9 642599.7 1113.4 86.7 -48.7 153.00 159.80 2.9 36.08 90.5 Rex
UW721 395583.3 642750.1 1123.3 115.5 -37.8 242.60 246.60 3.3 8.73 10.0 Rex
UW722 395584.9 642598.9 1113.4 74.8 -49.9 194.60 198.50 2.0 14.18 14.4 Rex
UW724 395963.7 643232.6 1114.9 297.7 -49.0 294.30 298.40 2.4 11.03 12.5 Martha
UW726 395951.9 643184.2 1115.0 301.4 -38.5 311.50 320.50 8.1 7.72 18.5 Martha
UW727A 395952.0 643182.9 1115.0 301.7 -44.2 310.80 328.60 12.1 7.57 21.2 Martha-Mary
UW727A 395952.0 643182.9 1115.0 301.7 -44.2 324.00 327.50 2.5 21.80 35.2 Mary
UW728 395580.7 642602.5 1113.5 300.3 -37.0 391.00 393.20 1.2 33.15 1297.4 Edward
* Downhole length as true width not determined
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 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: +1 720 602 4880
Melissa Bowerman
Tel: +61 459 900 099
6
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 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 re sults in this document has been verified by Lorrance Torckler, a
Fellow of the Australian 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 de posit 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 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. For ward-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
7
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 o utcomes 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.
NOT FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED STATES AND NOT FOR DISTRIBUTION
TO US NEWSWIRE SERVICES.