/NOT FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED STATES AND NOT FOR DISTRIBUTION TO
US NEWSWIRE SERVICES./
BRISBANE, Australia,
Feb. 24, 2022 /CNW/ - 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:
- DDH1096: 7.45 g/t gold over 43.4 metres from 338.6 metres
- DDH1101: 4.09 g/t gold over 24.7 metres from 284.4 metres
- 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:
- DDH115: 7.77 g/t gold over 101.3 metres from 399.2 metres
- DDH1108: 5.91 g/t gold over 67.1 metres from 328.1 metres
- 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 these 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).
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 volume 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
zone 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.
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).
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
|
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
|
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 available 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.
Authorised for release to market by OceanaGold Corporate Company
Secretary, Liang Tang.
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
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 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
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 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.
SOURCE OceanaGold Corporation