OceanaGold drills 34.5 g/t gold over 3.8 metres near Waihi Project, New Zealand
OceanaGold Corp. [TSX-OGC; OTCQX-OCANF] reported results from the continuing exploration and resource conversion program at Wharekirauponga (WKP), located approximately 10 km from the Waihi operation, New Zealand.
Highlight drill intercepts include (estimated true width): 9.9 g/t gold over 20.3 metres from 410.0 metres, EG vein (WKP129A, conversion); 19.4 g/t Au over 7.1 m from 398.0 m, EG HWS vein (WKP129A, conversion); 34.5 g/t Au over 3.8 m from 573.0 m, EG vein (WKP130A, extension); 12.8 g/t Au over 5.6 m from 569.1 m, EG vein (WKP130, extension); 14.2 g/t Au over 3.0 m from 497.1 m, EG vein (WKP131, extension); and 5.6 g/t Au over 8.3 m from 644.7 m, EG vein (WKP130B, extension).
Gerard Bond, president and CEO, said: “Today’s drill results demonstrate a growing high-grade system where the EG vein extends for at least another 200 metres along strike at WKP. In recent years, we have been focused on infill drilling, so it is very exciting to be able to again demonstrate the growth potential and continuity of high-grade mineralization, which remains open in multiple directions. Successful commissioning of an additional drill site in March, 2024, has enabled better drill access to further test potential extensions of the resource throughout the remainder of 2024 and beyond.”
Since the March 7, 2024, WKP news release, drilling has continued to intersect significant mineralization in all 11 holes on the East Graben (EG) vein and associated hangingwall and footwall veins (EG vein system) in the high-grade southern zone.
In late March, 2024, drill site 9 was commissioned, which has enabled drilling of the southern strike extension of the EG vein system. Two holes (WKP134 and WKP132) were drilled from the new drill site. WKP134 tested updip of the southernmost hole across the EG vein and continues to demonstrate excellent vein width and grade, with further growth opportunities remaining up-dip and along strike to the south on the structure. This result is approximately 200 metres away from the southern extent of the current resource.
There were four resource extension holes drilled from drill site 8 and a further four resource extension holes from drill site 1, all of which intersected significant mineralization and demonstrate strong grade and structural continuity along strike of the existing resource. Other opportunities remain for up-plunge, down-plunge and along strike extensions of the EG vein system with all intercepts remaining open to the south over a vertical window of approximately 200 metres. The EG vein system remains the primary, near-term drill target for the 2024 21-hole growth and conversion program, with the T-Stream and Western vein targets offering similar growth potential and warranting future additional drilling.
Another resource conversion drill hole, WKP129A, was completed from drill site 1 and returned excellent results (9.9 g/t Au over 20.3 metres (true width) and 19.4 g/t Au over 7.1 metres (true width)). This hole supports the model with significant grade and width, resulting in an approximately 150-metre strike of high-grade mineralization remaining open updip for further testing.
Exploration drilling for the rest of the 2024 program will target resource growth from drill sites 8 and 9, testing beyond the current southern extent of drilling, and up-dip of both current and future extension holes in the south. The NI 43-101 prefeasibility study, scheduled for release by the end of the year, will be based on an interim resource model with drill hole data as of the end of May, 2024. Subsequent drill results will be captured in an end-of-year resource model update to be released with the 2024 annual reserve and resource statement early next year.
The WKP low-sulphidation epithermal gold-silver vein system is located approximately 10 km north of the company’s Waihi operation. The WKP indicated resource stands at 2.0 million tonnes grading 15.9 g/t gold for 1.01 million ounces of gold with a further 1.2 million tonnes grading 9.0 g/t gold for 350,000 ounces of gold in the inferred category as of December 31, 2023.
WKP is part of the Waihi North project, which has the potential to create significant socio-economic contributions for the communities in the Waihi region and for New Zealand. This includes significant in-country investments and a substantial increase to direct and indirect employment opportunities, with the project having the potential to extend operation of the Waihi mine beyond the next decade.
The company has lodged a resource consent application for its proposed Waihi North project with the Hauraki District Council and the Waikato Regional Council, and has also sought referral of the project to the proposed fast-track process.
OceanaGold has four operating mines: the Haile gold mine, USA; the Didipio mine, Philippines; and the Macraes and Waihi operations, New Zealand.