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VANCOUVER, BC, June 19,
2023 /CNW/ - OceanaGold Corporation (TSX:
OGC) ("OceanaGold" or the "Company") is pleased to announce
results to date from the 2023 resource conversion drill program at
Wharekirauponga in New
Zealand.
Highlight drill intercepts include (estimated true width):
- 60.5 g/t Au over 11.1 m from
462.2 m, EG Vein (WKP118)
- 51.3 g/t Au over 5.9 m from
519.7 m, EG Vein (WKP107B)
- 36.9 g/t Au over 8.0 m from
473.1 m, EG Vein (WKP109B)
- 53.3 g/t Au over 5.0 m from
453.3 m, EG Vein (WKP109C2)
Gerard Bond, President & CEO
of OceanaGold, said "We continue to make good progress in
converting mineralization at Wharekirauponga, supporting our goal
of creating value through near-mine exploration programs. New
drilling results confirm the presence of high-grade gold and silver
mineralization in the East Graben vein zone, and aid in our
understanding of the geometry of this mineralized system. Resource
conversion drilling of Wharekirauponga remains a priority for us in
2023 as we work towards growing Indicated Resources to support a
Pre-Feasibility Study next year."
Wharekirauponga 2023 Drill
Program
The Wharekirauponga low sulphidation epithermal Au-Ag vein
system is located approximately 10 kilometres to the north of the
Waihi Gold Mine. Wharekirauponga hosts an existing Indicated
Resource of 1.7 million tonnes grading 12.3 grams per tonne gold
("g/t Au") for 0.66 million ounces of gold. Inferred Resources
total 2.6 million tonnes at a grade of 7.8 g/t Au for 0.64 million
ounces of gold, with approximately 90% of the Resources contained
within the EG Vein, a hanging wall splay and three footwall veins
(collectively, the "EG Vein Zone").
Since the December 31, 2022
mineral resource estimate, 2,095 metres ("m") have been drilled at
Wharekirauponga, targeting the addition of Indicated resources in
the EG Vein Zone. New intercepts better define the southern and
upper extent of the southern shoot on the EG vein and EG Hanging
Wall Splay ("EG HWS") and provide increased confidence in the
geologic model and grade continuity of the deposit. Opportunities
for both up- and down-plunge and along-strike extensions of the EG
Vein remain, with high-grade intercepts remaining open. Step-out
drilling in hole WKP100 (previously released), the most southerly
hole on the EG Vein (Figure 3) has also confirmed mineralisation
continues for at least a further 200
m along strike of the currently defined southern shoot.
2023 drilling on the EG Vein Zone includes (estimated true width
intersections):
- 60.5 g/t Au and 137.2 g/t Ag over 11.1
m from 462.2 m, EG Vein
(WKP118)
- 51.3 g/t Au and 85.3 g/t Ag over 5.9
m from 519.7 m, EG Vein
(WKP107B)
- 36.9 g/t Au and 93.0 g/t Ag over 8.0
m from 473.1 m, EG Vein
(WKP109B)
- 53.3 g/t Au and 113.0 g/t Ag over 5.0
m from 453.3 m, EG Vein
(WKP109C2)
- 34.5 g/t Au and 30.0 g/t Ag over 3.3
m from 478.9 m, EG HWS
(WKP107B)
- 115.5 g/t Au and 316.5 g/t Ag over 1.4
m from 419.4 m, EG HWS
(WKP109B)
- 33.9 g/t Au and 87.8 g/t Ag over 1.7
m from 424.6 m, EG HWS
(WKP109B)
- 79.2 g/t Au and 49.0 g/t Ag over 0.5
m from 499.3 m, EG Footwall
Vein (WKP109B)
The EG Vein Zone remains the primary, near-term target for
drilling with a focus on resource conversion and extensional
drilling with approximately 7,700 m
scheduled for full-year 2023 with two drill rigs operating.
Approvals to introduce a third drill rig for an additional
3,500 m in 2023 are in the final
review stages.
For maps and sections see Figures 1-6 and Table 1 for full
results.
Table 1:
Wharekirauponga 2023 Drill Intersections
|
Drill Hole
ID
|
From
(m)
|
To (m)
|
True
width (m)
|
Gold
Grade (g/t)
|
Silver
Grade (g/t)
|
Vein
|
WKP107B
|
411.7
|
413.0
|
0.2
|
57.3
|
77.0
|
EG HW
|
WKP107B
|
478.9
|
483.2
|
3.3
|
33.4*
|
30.0
|
EG HWS
|
WKP107B
|
489.8
|
491.0
|
0.5
|
32.5
|
25.3
|
EG HW
|
WKP107B
|
519.7
|
528.0
|
5.9
|
52.5*
|
85.3
|
EG
|
WKP109A
|
497.0
|
500.0
|
2.3
|
0.1
|
<0.5
|
EG
|
WKP109B
|
419.4
|
421.2
|
1.4
|
115.5
|
316.5
|
EG HW
|
WKP109B
|
424.6
|
426.5
|
1.7
|
33.9*
|
87.8
|
EG HWS
|
WKP109B
|
473.1
|
484.4
|
8.0
|
36.9*
|
93.0
|
EG
|
WKP109B
|
499.3
|
500.0
|
0.5
|
79.2
|
49.0
|
EG FW
|
WKP109C2
|
453.3
|
459.9
|
5.0
|
55.5*
|
113.0
|
EG
|
WKP109C2
|
468.6
|
471.6
|
2.3
|
5.9
|
20.8
|
EG FW
|
WKP109D
|
501.0
|
503.4
|
1.8
|
0.7
|
2.4
|
EG
|
WKP115
|
522.1
|
524.0
|
1.6
|
10.0
|
16.1
|
EG FW
|
WKP118
|
462.2
|
475.7
|
11.1
|
60.5
|
137.2
|
EG
|
Wharekirauponga is part of the Waihi North Project, which
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 indirect employment opportunities. OceanaGold has
operated safely and responsibly in New
Zealand for over three decades. The Company has lodged a
resource consent application for its proposed Waihi North Project
with Hauraki District Council and Waikato Regional Council.
For further information relating to drill hole data for
Wharekirauponga please refer to the Company's website
at https://oceanagold.com/investor-centre/tsx-asx-filings.
www.oceanagold.com | Twitter: @OceanaGold
About OceanaGold
OceanaGold is a multinational gold producer committed to the
highest standards of technical, environmental and social
performance. We are committed 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
strong pipeline of organic growth opportunities and a portfolio of
established operating assets including the Haile Gold Mine in
the United States of America,
Didipio Mine in the Philippines,
and the Macraes and Waihi operations in New
Zealand.
Qualified Person
Statement
The exploration results in this press release were prepared in
accordance with National Instrument 43-101 – Standards of
Disclosure for Mineral Projects of the Canadian Securities
Administrators ("NI 43-101").
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 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.
Quality Assurance and Quality
Control (QA/QC) at Wharekirauponga, Waihi Gold Mine
All exploration samples are assayed for gold by 30 g fire assay
with AAS finish. Since mid-2022 drill core sample intervals where
visible electrum is logged are followed up by a subsequent screen
fire assay after the routine 30g fire assay. Holes WKP40-45 had
core samples shipped for sample preparation to SGS in Westport (New
Zealand). Prepared pulps were then shipped to independent
Australian Laboratory Services Pty Ltd (ALS) in Brisbane, accredited to ISO/NATA 17025 for
gold analysis by fire assay and 4-acid digest, and 42 element ICP
geochemical analysis. Holes drilled after WKP45 (i.e., WKP46 to
WKP118) were prepared and analysed at SGS Waihi NZ Ltd (Au by 30g
fire assay and Ag by aqua regia digest and 0.3gm AAS finish).
Selected pulps are periodically sent to ALS in Brisbane for a 4-acid digestion and 42 or 48
element ICP geochemical analysis.
Quality of exploration assay results has been monitored in the
following areas:
- Sample preparation at the SGS Waihi and Westport labs through sieving of jaw crush and
pulp products.
- Monitoring of assay precision through routine generation of
duplicate samples from a second split of the jaw crush and
calculation of the fundamental error.
- Monitoring of accuracy of the primary SGS assay and ALS results
through insertion of Certified Reference Materials (CRM's) and
blanks into sample batches.
Blank, duplicate and CRM results are reviewed prior to uploading
results in the AcQuire database and again on a weekly basis. The
protocol at Waihi requires CRMs to be reported to within 2 standard
deviations of the certified value. The criterion for preparation
duplicates is that they have a relative difference (R-R1/mean RR1)
of no greater than 10%. Blanks should not exceed more than 4 times
the lower detection value of the assay method. Failure in any of
these thresholds triggers an investigation and if appropriate
re-assay. Drill core is stored within secure facilities on site to
which access is controlled. Site employees transport samples to the
analytical laboratory which is also a secured facility. The SGS
Waihi NZ Ltd laboratory is an independent commercial geochemistry
and energy assay laboratory with ISO 17025: 2017 accreditation,
audited by an external consultant in 2020, and is inspected on an
annual basis by OceanaGold geologists. No sampling risks have been
recorded during these visits.
Technical Reports
For further information, please refer to the following NI 43-101
technical report and the Company's news release titled "OceanaGold
Reports Growing High-Grade Resources at WKP in New Zealand" dated February 24, 2020:
(a)
|
"Waihi District Study -
Preliminary Economic Assessment NI 43-101 Technical Report" dated
August 30, 2020, prepared by T. Maton, Study Manager and P. Church,
Principal Resource Development Geologist, both of Oceana Gold (New
Zealand) Limited, and D. Carr, Chief Metallurgist, of OceanaGold
Management Pty Limited.
|
Both of the above documents have been filed with the Canadian
securities regulatory authorities and are available for review
electronically from the Canadian System for Electronic Document
Analysis and Retrieval (SEDAR) at www.sedar.com under the
Company's profile.
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.
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