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OceanaGold Reports High-grade Intercepts at Haile

12.09.2019  |  CNW

/NOT FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED STATES AND NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES./

MELBOURNE, Sept. 12. 2019 /CNW/ - OceanaGold Corp. (TSX: OGC) (ASX: OGC) (the "Company") is pleased to announce an update on exploration activities at the Company's Haile Gold Mine ("Haile") in South Carolina, United States. This exploration update follows the update provided to the market on February 27, 2019 ("February 2019 update") and results herein reflect activity completed after this date.

Selection of significant drill results:

  • Red Hill: 45.8 m @ 2.42 g/t Au
  • Red Hill: 39.5 m @ 2.78 g/t Au
  • Red Hill: 45.3 m @ 4.32 g/t Au
  • Ledbetter: 28.3 m @ 5.34 g/t Au
  • Snakeshoe: 40.5 m @ 2.93 g/t Au
  • Ledbetter: 26.2 m @ 5.75 g/t Au
  • Haile: 85 m @ 11 g/t Au, including 2.5 m @ 286 g/t Au
  • Ledbetter: 81 m @ 3.57 g/t Au
  • Haile: 71 m @ 1.64 g/t Au
  • Ledbetter: 46.5 m @ 4.99 g/t Au

Mick Wilkes, President and CEO of OceanaGold said, "We are encouraged by these latest drill results at Haile where exploration activities focused on both infill and extensional drilling. As we continue to mine the ore body and continue our exploration program of drilling, mapping and core logging, we have identified important structures that are feeding into our drilling strategy including target generation to stimulate further organic growth in the Haile district."

The Company has drilled 70 drill holes for 14,221 metres using four surface diamond drill rigs at Haile since the February 2019 update. Infill and extensional drilling have targeted low-cost reserve growth areas in and around the Ledbetter, Snake, Red Hill and Haile deposits (Figure 1). Infill and delineation drilling continue to support block models and provide increased confidence for near term production forecasting (Figures 1 & 2).  

A total of 24-km of brownfields drilling is ongoing and planned to be completed in 2019. Drilling in the fourth quarter will focus on Ledbetter infill holes to convert Inferred blocks to Measured & Indicated categories and to expand reserves.

Table 1 – Significant Haile Drill Hole Intercepts from February to August 2019

Drill Hole
ID

Project

East
NAD83
Z17N

North
NAD83
Z17N

Collar
RL m

Az

Dip

From
(m)

To (m)

Width
(m)

Grade
(g/t Au)

DDH0854

Snake West

542909

3826481

141

132

-75

162.2

215.1

53.0

0.89

DDH0856

Snake West

542824

3826688

141

123

-79

371.2

416.9

45.7

1.18

DDH0857

Snake West

542774

3826511

140

143

-87

192.6

279.8

87.2

0.57

DDH0862

Snake West

542732

3826586

139

140

-72

203.1

254.2

51.1

0.52

DDH0864

Red Hill

542543

3826292

141

125

-66

70.6

93.1

22.5

3.83

DDH0866

Red Hill

542543

3826292

141

166

-60

54.6

90.2

35.6

2.35

DDH0868

Red Hill

542613

3826288

141

121

-72

36.6

57.33

20.7

2.07

DDH0870

Red Hill

542670

3826262

141

169

-68

45.7

50.5

4.9

10.62

DDH0874

Red Hill

542614

3826251

141

193

-52

20.1

46.0

25.9

2.52

DDH0877

Red Hill

542589

3826252

141

344

-84

26.5

72.3

45.8

2.42

DDH0879

Red Hill

542614

3826251

141

214

-82

23.4

56.2

32.8

2.41

DDH0880

Red Hill

542596

3826252

141

288

-50

15.9

33.7

17.9

2.80

DDH0880

Red Hill

542596

3826252

141

288

-50

47.0

77.1

30.1

3.02

DDH0883

Red Hill

542563

3826223

141

159

-76

12.0

30.2

18.2

1.95

DDH0884

Red Hill

542386

3826433

142

188

-61

56.6

96.1

39.5

2.78

DDH0885

Red Hill

542300

3826425

137

180

-45

40.4

58.7

18.3

1.44

DDH0887

Red Hill

542386

3826433

142

168

-71

53.8

99.1

45.3

4.32

DDH0890

Red Hill

542400

3826339

135

212

-78

3.7

38.7

35.1

0.97

DDH0891

Red Hill

542323

3826413

140

190

-48

28.6

46.4

17.8

3.97

DDH0895

Red Hill

542415

3826370

136

150

-52

28.4

60.9

32.5

0.97

DDH0897

Red Hill

542397

3826355

136

77

-69

18.5

80.7

62.2

1.23

DDH0898

Ledbetter

542736

3826868

136

120

-67

207.9

236.2

28.3

5.34

DDH0899

Ledbetter

542668

3826923

151

147

-67

226.5

264.9

38.4

1.83

DDH0900

Snakeshoe

543414

3826587

156

332

-48

333.5

374.0

40.5

2.93

DDH0901

Ledbetter

542736

3826865

136

128

-54

221.2

231.1

9.9

3.06

DDH0902

Ledbetter

542668

3826923

151

180

-53

231.9

258.1

26.2

5.75

DDH0903

Haile

542123

3826298

137

263

-50

16.3

73.5

57.2

2.84

DDH0903

Haile

542123

3826298

137

263

-50

73.5

76.0

2.5

286.08

DDH0903

Haile

542123

3826298

137

263

-50

76.0

101.3

25.2

2.30

DDH0905

Ledbetter

542668

3826923

151

206

-62

185.1

266.2

81.1

3.57

DDH0906

Ledbetter

542736

3826865

136

147

-72

206.2

223.2

17.1

1.73

DDH0907

Haile

542129

3826297

137

247

-46

23.7

94.6

71.0

1.64

DDH0908

Haile

542063

3826325

133

238

-64

34.8

109.6

74.8

1.14

DDH0909

Ledbetter

542668

3826923

151

217

-57

211.6

258.1

46.5

4.99

DDH0910

Haile

542129

3826297

137

239

-37

21.4

55.7

34.3

1.72

DDH0910

Haile

542129

3826297

137

239

-37

65.4

90.8

25.4

1.27

DDH0912

Haile

542063

3826325

132

236

-50

48.9

98.2

49.3

1.37

DDH0913

Haile

542159

3826244

137

256

-30

132.3

138.4

6.1

4.64

DDH0915

Haile

542063

3826325

132

239

-41

56.4

110.4

54.1

0.97

DDH0917

Haile

541920

3826114

133

314

-30

59.5

122.2

62.7

1.63

 

All drill data in relation to the Haile exploration results can be found on the Company's website at http://www.oceanagold.com/investor-centre/filings/. In line with ASX listing requirements, OceanaGold has appended the information required by JORC Table 1 for Haile 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.

About OceanaGold

OceanaGold Corp. 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 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 works 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 7 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 exploration results in this document has been verified by, is based on and fairly represents information compiled by or prepared under the supervision of John Jory, a Certified Professional Geologist and Member of the American Institute of Professional Geologists and an employee of OceanaGold. Mr Jory 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 Jory 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 Corp. 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 Corp.



Contact
Investor Relations, Sam Pazuki, Tel: +1 416 915 3123, ir@oceanagold.com; Media Relations, Melissa Bowerman, Tel: +61 459 900 099, info@oceanagold.com; www.oceanagold.com | Twitter: @OceanaGold
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