OceanaGold Announces Significant Intercepts at Golden Point Within the Macraes Goldfield in New Zealand

OceanaGold Corporation (TSX: OGC) (ASX: OGC) (the "Company") is pleased to provide an update on its extensive exploration program at its Golden Point exploration target at the Macraes Gold Mine located on the South Island of New Zealand (Figure 1).



This release follows the update provided to the market on 22 October 2018 (“October 2018 update”) and results herein reflect activity completed after this date.

Figure 1 – Location plan of Macraes showing Golden Point and Round Hill (Round Hill Project) targets (CNW Group/OceanaGold Corporation)
Figure 2 – Plan view of Golden Point drilling results received since end October 2018 (CNW Group/OceanaGold Corporation)
Figure 3 – Cross-section of Golden Point infill drilling showing underground potential (CNW Group/OceanaGold Corporation)

Selection of Significant Drill Results at Golden Point*

  • 29.0 metres @ 6.38 g/t Au
  • 13.0 metres @ 7.11 g/t Au
  • 12.0 metres @ 6.73 g/t Au
  • 8.0 metres @ 8.38 g/t Au
  • 19.0 metres @ 3.21 g/t Au
  • 6.0 metres @ 9.58 g/t Au
  • 25.0 metres @ 2.28 g/t Au
  • 14.0 metres @ 3.98 g/t Au
  • 14.0 metres @ 3.89 g/t Au
  • 10.0 metres @ 5.42 g/t Au
  • 12.0 metres @ 4.49 g/t Au

* downhole length as not possible to determine the true width

Mick Wilkes, President and CEO of OceanaGold said, “We are very encouraged by the latest significant intercepts at Golden Point that give us increased confidence to advance this opportunity. We are working on a technical and economic study for the Golden Point area with the view of establishing a new underground operation. Exploration across the Macraes Goldfield is also an important part of our strategy to further increase the mine life for the Macraes operation.”

“The Macraes Gold Mine is one of the most efficiently run operations globally with a proven track record for its environmental management performance. Since its inception in 1990, Macraes Gold Mine has produced approximately five million ounces of gold and it currently has a Measured and Indicated Resource of 3.32 Moz of gold and Inferred Resource of 0.94 Moz of gold.”

“Macraes has delivered significant socio-economic benefits to the Otago Region and has been one of the largest employers on the South Island of New Zealand, particularly in rural communities. Increases to the mine life through opportunities such as Golden Point would add value for shareholders and deliver additional economic benefits for the region.”

In the Golden Point and Round Hill areas, 79 holes for 20,382 metres have been drilled since October 2018. The drilling programs infilled and extended the mineralised zones east of both Golden Point and Round Hill (Table 1, Figure 2 & 3). Drill results continue to highlight the down-plunge potential of the deposits and remain open at depth.

A 2019 resource definition drilling program was completed at Golden Point for a proposed underground development decoupled from the Round Hill project. To-date, 77 holes for 19,567 metres have been drilled which includes down-dip extensional drilling. Significant mineralisation (>15 gram metres) was intercepted in 51 holes (Table 1, Figure 2 and Figure 3) with grades and widths that support underground mining. Recent gold intercepts include 29.0 metres @ 6.38 g/t Au (including 6.0 metres @ 15.54 g/t Au), 13.0 metres @ 7.11 g/t Au (including 5.0 metres @ 14.59 g/t Au), 12.0 metres @ 6.73 g/t Au (including 3.2 metres @ 19.32 g/t Au), 8.0 metres @ 8.38 g/t Au (including 3.2 metres @ 15.89 g/t Au), 19.0 metres @ 3.21 g/t Au (including 3.2 metres @ 13.15 g/t Au), 6.0 metres @ 9.58 g/t Au including (2.85 metres @ 18.77 g/t Au) and 25.0 metres @ 2.28 g/t Au (including 3.8 metres @ 7.31 g/t Au).

These recent results will be incorporated into an updated resource estimate (for open pit and underground mining) to be completed later this year. The updated resource estimates and subsequent open pit and underground optimisations will provide the basis for the life of mine planning process and advancement of the Round Hill Project.

Twitter: @OceanaGold