Fuseworks Media

‘OceanaGold extends high-grade mineralization at Wharekirauponga’

OceanaGold Corporation (TSX: OGC) (OTCQX: OCANF) (“OceanaGold” or the “Company”) is pleased to announce results from ten drillholes from the ongoing exploration and resource conversion program at Wharekirauponga (WKP), New Zealand. These holes were completed subsequent to the cut-off date for the December 31, 2023 Mineral Resources estimate, which outlined an Indicated resource of 1.0 million ounces at a grade of 15.9 g/t gold.

The Company also welcomes yesterday’s announcement by New Zealand’s recently elected Government to create a new one-stop-shop fast track consenting (permitting) regime that will promote streamlined processes for regional and national projects of significance. The new bill looks to accelerate the development of major projects and the Company believes that the Waihi North Project, which includes the development of Wharekirauponga, has the potential to meet the requirements for consideration. For more information on the Fast Track Approvals Bill, please see the Government of New Zealand’s announcement at https://www.beehive.govt.nz/release/one-stop-shop-major-projects-fast-track.

Gerard Bond, President & CEO of OceanaGold, said “Today’s drill results align with our strategy of adding value through near-mine resource conversion and growth. Much of 2023’s drilling was focused on converting resources at Wharekirauponga and today’s results continue to demonstrate the excellent grade and continuity within the EG vein. Ongoing and planned drilling in 2024 will step out to the south on the EG vein to further define the extent of high-grade mineralization of this exceptional deposit.

The recently announced introduction of the Fast Track Approvals Bill signals a new focus by the New Zealand government to facilitate the delivery of significant development projects, including mining. In its introduction into parliament, the Bill received strong support from the Minister for Regional Development and for Resources. We look forward to learning more about the Government’s criteria and process for fast-track approvals, given the potential for accelerated permitting of the Waihi North Project, which includes Wharekirauponga. Development of Wharekirauponga has the potential to contribute significantly to the New Zealand economy, while maintaining a strong focus on environmental and social stewardship.”

Highlight drill intercepts include (estimated true width):

  • 61.9 g/t Au over 4.0 m from 534.4 m, EG Vein (WKP118C)
  • 31.0 g/t Au over 5.2 m from 513.7 m, EG Vein (WKP124A)
  • 58.5 g/t Au over 2.5 m from 474.7 m, EG HWS Vein (WKP118C)
  • 19.0 g/t Au over 6.3 m from 471.9 m, EG Vein (WKP113A)
  • 11.3 g/t Au over 6.7 m from 523.0 m, EG Vein (WKP111D)

Wharekirauponga Drill Results

Since the 2023 resource model data cut-off, drilling has continued to intersect high-grade mineralization in 10 holes on the East Graben (EG) Vein system in both the southern and northern shoots (Table 1, Figures 2 and 3). Opportunities remain for up-plunge, down-plunge and along-strike extensions of the EG Vein. High-grade intercepts remain open. Step-out drilling in hole WKP100, the most southerly hole on the EG Vein (previously released), confirmed mineralization of comparable width occurs a further 200 metres along strike of the currently defined high-grade southern shoot. Final approvals are pending for a new drill site to enable more effective drill testing of this strike extension. The EG Vein system remains the primary, near-term target for drilling with 11,300 metres planned in 2024, targeting resource conversion and growth.

For maps and sections see Figures 1-4 and Table 1 for full results.

About Wharekirauponga and the Waihi North Project

The Wharekirauponga low sulphidation epithermal Au-Ag vein system is located approximately 10 kilometres to the north of the Company’s Waihi Gold Mine (Figure 4). Resource conversion drilling at Wharekirauponga during 2023 has increased the Indicated Resource to 2.0 million tonnes grading 15.9 g/t Au for 1.01 million ounces of gold and 1.2 million tonnes grading 9.0 g/t Au for 0.35 million ounces of gold in the Inferred category.

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. The Company envisages the development of a mine that aligns with its objective to reducing its carbon footprint. OceanaGold operates to the highest environmental and social standards which has enabled it to run a successful and responsible mining business 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.

Drill Hole ID

From (m)

To (m)

True width (m)

Au (g/t)

Ag (g/t)

Vein

WKP111D

523.0

531.8

6.7

11.3

9.9

EG

WKP118C

474.7

478.3

2.5

58.5

96.6

EG HWS

WKP118C

534.4

540.7

4.0

61.9

80.0

EG

WKP113A

471.9

479.6

6.3

19.0

18.8

EG

WKP113B

478.4

487.5

7.5

7.4

5.7

EG

WKP122

306.0

308.3

1.4

14.0

33.8

EG

WKP123

307.3

310.4

2.0

8.9

27.2

EG

WKP124A

513.7

520.5

5.2

31.0

41.7

EG

WKP125

320.9

322.2

1.0

16.5

28.5

EG

WKP125

284.4

284.8

0.3

55.1

66.0

EG HW

WKP126

298.3

299.6

0.8

2.3

7.0

EG

WKP127

365.6

369.4

1.9

6.4

20.8

EG

Table 1: Wharekirauponga drill intersections subsequent to the December 31, 2023 resource update.

For further information relating to drill hole data for Wharekirauponga please refer to the Company’s website at https://investors.oceanagold.com/additional-drillhole-data.

 

Powered by Fuseworks and Truescope - Media monitoring, insights and news distribution for New Zealand organisations.