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BRISBANE, Australia,
Feb. 28, 2022 /CNW/ - OceanaGold
Corporation (TSX: OGC) (ASX: OGC) (the "Company") is pleased to
announce that continued resource conversion drilling includes
multiple intersections of high-grade gold and silver mineralisation
at the Company's Wharekirauponga (WKP) prospect in New Zealand. The drill results reported in
this release are from the Company's 2021 drill program, in which
ten drill holes were completed for a total of 4,940 metres along
the East Graben vein zone, in addition to 1,003 metres on other
targets.
Highlights from the 2021 drill program include (estimated true
width):
- 39.1 g/t Au and 73.4 g/t Ag over 10.3 metres from
377.0 metres, EG HWS*, (WKP101)
- 26.5 g/t Au and 41.4 g/t Ag over 10.2 metres from 393
metres, EG*, (WKP101)
- 29.2 g/t Au and 61.0 g/t Ag over 6.8 metres from 426.7
metres, EG FW*, (WKP101)
- 23.7 g/t Au and 28.3 g/t Ag over 9.1 metres from 398.7
metres, EG HW*, (WKP106)
- 19.7 g/t Au and 29.0 g/t Ag over 4.5 metres from 412.0
metres, EG HWS* (WKP106)
- 21.5 g/t Au and 26.9 g/t Ag over 15.7 metres from 419.0
metres, EG* (WKP106)
*EG = East Graben
vein, HW = hanging wall vein, FW = footwall vein, HWS = hanging
wall splay
|
Since the February 2020 mineral
resource update, 8,916 metres have been drilled at WKP,
predominantly on resource conversion drilling of the East Graben
("EG") Vein in addition to a further 2,518 metres supporting
geohydrological studies and geotechnical studies. Results are in
line with expectation and are anticipated to increase confidence in
the geological and grade continuity of the prospect.
A full geological and resource model update to incorporate 2020
and 2021 drilling is in progress for inclusion in the Company's
annual Reserve and Resource statement, which will be released
March 31, 2022.
Scott Sullivan, Acting President
& CEO of OceanaGold said, "The drill results at WKP continue to
demonstrate the significance of this discovery for OceanaGold.
Step-out exploration drilling in 2021 confirmed that the East
Graben vein remains well developed a further 200 metres along
strike to the south, is mineralised and remains open in multiple
directions. This year's drill campaign is already underway with two
rigs, and we are continuing to focus on resource conversion
drilling of the East Graben vein zone. Our next Mineral Resource
update for WKP is expected at the end of the first quarter of this
year. The Company has allocated US$10
million for exploration efforts, a significant increase to
the budget, as we seek to expand the potential of WKP and to
further demonstrate the significance of this discovery."
"Meanwhile the Company continues to advance the permitting
process and expects to lodge the permit applications with the
Regional and District Councils in the first half of 2022. The
critical path to success remains the consenting process however,
while the process is ongoing, we continue to advance our technical
studies. As mentioned last year, we have expanded the scope of the
Waihi North Project given the potential scale we see, and the need
to complete additional technical works to allow for optimal mine
plans and designs."
"The Waihi District has the potential to create significant
socio-economic contributions for the communities in the Coromandel
region and for New Zealand. This
includes significant in-country investments and a substantial
increase to direct and in-direct employment opportunities. We are
envisaging the development of a mine that aligns well with the
Company's commitment to climate change. OceanaGold is one of the
top-rated ESG gold miners globally. We operate to the highest
environmental and social standards which has enabled us to run a
successful and responsible mining business in New Zealand for over three decades."
The Company commenced exploration on the WKP underground target
in August 2017 and to date has
drilled 37.2 kilometres in 83 holes (Figures 1 to 6). In
February 2020, the Company reported
an updated Indicated Resource of 1.0 million tonnes grading 13.4
grams per tonne gold ("g/t Au") and 25.5 grams per tonne silver
("g/t Ag") for 421,000 ounces of gold and 803,000 ounces of silver
on the EG Vein. Additionally, an Inferred Resource of 1.9 million
tonnes at a grade of 12.0 g/t Au and 20 g/t Ag for 717,000 ounces
of gold and 1,230,000 ounces of silver was reported, with more than
80% of the Inferred Resource contained within the East Graben and
two high-grade footwall veins. The remaining resource reported is
from the East Graben footwall and hanging wall veins, including
approximately 2% of the resource from the parallel T-Stream vein,
which has yet to be further explored (Figure 2).
A resource conversion drill program initiated in 2021 continues
in 2022 with 16.1 kilometres planned on the EG vein system to
increase the Indicated Resource in support of the Waihi North
Project technical study. This resource conversion drilling
continues to improve the understanding of the structural
architecture of the EG Vein and supports grade continuity within
the southern mineralised shoot and associated hanging and footwall
splays (Figures 2, 3, 4, 5 and 6). Significant intersections
include hole WKP106 with estimated true widths of 9.1 metres at
23.7 g/t Au from 398.7 metres, 4.5 metres at 19.7 g/t Au from 412.0
metres, and 15.7 metres at 21.5 g/t Au from 419.0 metres (Figure 5,
Table 1) and WKP101 with estimated true widths of 10.3 metres at
39.1 g/t Au from 377.0 metres, 10.2 metres at 26.5 g/t Au from 393
metres, and 6.8 metres at 29.2 g/t Au from 426.7 metres (Figure 6,
Table 1).
Several targets are recognised for future resource extension. On
the southern shoot of the EG vein and hanging wall splay, > 50
gram x metre intercepts define opportunities both up- and down-dip
on the former and up-dip on the latter (Figure 3 and 4). Recent
step-out drilling of hole WKP100 has also confirmed the EG Vein
continues along strike a further 200 metres to the southwest. This
along strike opportunity provides up-dip potential within the
currently recognised window of mineralisation between -200 masl and
+100 masl within the favourable host rhyolite flow (Figure 3). The
EG Vein remains open both to the southwest and northeast of the
currently defined 1,200 metre strike length. Additionally, T-Stream
and Western veins have historic intersections (see OceanaGold Corp
announcement 7 November 2019) that
warrant further drilling to fully understand their potential within
the larger WKP epithermal system.
In conjunction with resource and step-out drilling at WKP, a
1,028 metre program has been executed to provide hydrogeological
information for regulatory approvals and mine design purposes.
Information on the groundwater system is being gathered from test
work undertaken via packer tests and falling head tests to enable
hydrological modelling, and to assist in predicting the effects, if
any, that underground mining may have on surface and ground
water.
A metallurgical test work program is also progressing and while
it is still at an early stage, results to date suggest that the
process flow at the existing Waihi process plant will be suitable
for WKP mill feed. Recoveries are indicated to be relatively
consistent with other Waihi District underground resources.
Technical studies are progressing for the Waihi North Project
regulatory approval package. The scope of the studies includes
ecological impacts, visual effects, noise and vibration, dust,
surface and subsurface water, traffic effects, economic benefits
and impacts and potential mitigations. A community and stakeholder
engagement program continues to progress well.
Table 1: Summary of Significant WKP Intercepts 2021
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**
|
|
|
WKP100
|
1848762.7
|
5867829.4
|
330.3
|
101.9
|
-23.0
|
1163.4
|
1171.5
|
7.5
|
1.4
|
1.0
|
EG
|
|
WKP-P03D
|
1849638.9
|
5868704.2
|
260.1
|
157.0
|
-48.0
|
196.9
|
199.8
|
2.4
|
3.5
|
31.0
|
T-Stream
|
|
WKP101
|
1849837.7
|
5868322.3
|
181.5
|
136.5
|
-20.0
|
142.9
|
143.8
|
0.7
|
26.1
|
100.0
|
EG HW
|
|
WKP101
|
1849837.7
|
5868322.3
|
181.5
|
136.5
|
-20.0
|
365.4
|
367.2
|
1.6
|
4.2
|
14.1
|
EG HW
|
|
WKP101
|
1849837.7
|
5868322.3
|
181.5
|
136.5
|
-20.0
|
369.6
|
372
|
2.2
|
4.9
|
8.8
|
EG HW
|
|
WKP101
|
1849837.7
|
5868322.3
|
181.5
|
136.5
|
-20.0
|
377.0
|
393.0
|
10.3
|
39.1
|
73.4
|
EG HWS
|
|
WKP101
|
1849837.7
|
5868322.3
|
181.5
|
136.5
|
-20.0
|
393.0
|
407.4
|
10.2
|
26.5
|
41.4
|
EG
|
|
WKP101
|
1849837.7
|
5868322.3
|
181.5
|
136.5
|
-20.0
|
426.7
|
434.5
|
6.8
|
29.2
|
61.0
|
EG FW
|
|
WKP101
|
1849837.7
|
5868322.3
|
181.5
|
136.5
|
-20.0
|
445.0
|
449.9
|
4.4
|
1.8
|
6.1
|
EG FW
|
|
WKP101A
|
1849837.7
|
5868322.3
|
181.5
|
136.5
|
-20.0
|
388.3
|
407.2
|
13.4
|
24.80
|
42.9
|
EG HWS &
EG
|
|
WKP102
|
1850095.9
|
5868574.3
|
180.0
|
116.9
|
-20.0
|
120.0
|
122.0
|
2.0
|
7.80
|
4.0
|
EG HW
|
|
WKP102
|
1850095.9
|
5868574.3
|
180.0
|
116.9
|
-20.0
|
140.2
|
142.1
|
1.9
|
12.40
|
8.8
|
EG HW
|
|
WKP102
|
1850095.9
|
5868574.3
|
180.0
|
116.9
|
-20.0
|
220.0
|
224.1
|
3.4
|
7.10
|
19.3
|
EG
|
|
WKP103
|
1849836.8
|
5868324.7
|
184.2
|
135.5
|
-27.5
|
378.0
|
380.7
|
2.1
|
10.9
|
26.6
|
EG HW
|
|
WKP103
|
1849836.8
|
5868324.7
|
184.2
|
135.5
|
-27.5
|
382.4
|
386.3
|
3.0
|
7.5
|
10.7
|
EG HW
|
|
WKP103
|
1849836.8
|
5868324.7
|
184.2
|
135.5
|
-27.5
|
387.7
|
398.1
|
6.7
|
2.30
|
3.4
|
EG HWS
|
|
WKP103
|
1849836.8
|
5868324.7
|
184.2
|
135.5
|
-27.5
|
398.1
|
412.0
|
10.6
|
3.10
|
6.5
|
EG
|
|
WKP103
|
1849836.8
|
5868324.7
|
184.2
|
135.5
|
-27.5
|
430.4
|
435.9
|
5.3
|
5.90
|
11.5
|
EG FW
|
|
WKP103
|
1849836.8
|
5868324.7
|
184.2
|
135.5
|
-27.5
|
467.5
|
474.2
|
6.1
|
3.90
|
8.8
|
EG FW
|
|
WKP104
|
1849333.0
|
5868709.0
|
237.0
|
133.9
|
-20.0
|
394.0
|
401.6
|
6.9
|
2.10
|
3.6
|
T-Stream
|
|
WKP104
|
1849333.0
|
5868709.0
|
237.0
|
133.9
|
-20.0
|
422.0
|
424.8
|
2.5
|
6.40
|
16.2
|
T-Stream
FW
|
|
WKP105
|
1849836.0
|
5868324.0
|
182.0
|
148.0
|
-42.0
|
434.6
|
449.0
|
11.5
|
4.40
|
6.5
|
EG
|
|
WKP105
|
1849836.0
|
5868324.0
|
182.0
|
148.0
|
-42.0
|
491.4
|
491.8
|
0.4
|
1.9
|
28
|
EG FW
|
|
WKP105
|
1849836.0
|
5868324.0
|
182.0
|
148.0
|
-42.0
|
513.7
|
519
|
3.7
|
1.5
|
6.8
|
EG FW
|
|
WKP106
|
1849838.0
|
5868323.0
|
182.0
|
143.5
|
-27.0
|
171.6
|
173.0
|
0.6
|
25.8
|
77.0
|
EG HW
|
|
WKP106
|
1849838.0
|
5868323.0
|
182.0
|
143.5
|
-27.0
|
398.7
|
411.0
|
9.1
|
23.70
|
28.3
|
EG HW
|
|
WKP106
|
1849838.0
|
5868323.0
|
182.0
|
143.5
|
-27.0
|
412.0
|
419.0
|
4.5
|
19.70
|
29.0
|
EG HWS
|
|
WKP106
|
1849838.0
|
5868323.0
|
182.0
|
143.5
|
-27.0
|
419.0
|
441.2
|
15.7
|
21.50
|
26.9
|
EG
|
|
WKP106
|
1849838.0
|
5868323.0
|
182.0
|
143.5
|
-27.0
|
444.5
|
450.3
|
4.1
|
6.00
|
8.6
|
EG FW
|
|
WKP106
|
1849838.0
|
5868323.0
|
182.0
|
143.5
|
-27.0
|
485.6
|
490.2
|
4.0
|
12.80
|
16.0
|
EG FW
|
|
|
*True Widths are
based on best estimates
|
**EG = East Graben
vein, HW = hangingwall vein, FW = footwall vein, HWS = hangingwall
splay
|
Italicised collar
locations are yet to be picked up by surveyors
|
All drill data in relation to WKP 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 WKP drill
results are appended to this release and available on OceanaGold's
website at www.oceanagold.com. 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 the market by 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 an industry-leading 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 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.
SOURCE OceanaGold Corporation