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OceanaGold Corp.
Summary
| Project: | Macraes | |
|---|---|---|
| Deposit: | Macraes | |
| Location: | New Zealand | |
| Commodities: | Gold | |
| Date: | 10/22/2018 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Active Mining & Production | |
| Report details: | 22-10-2018: OceanaGold Corp. announces an Exploration/Drilling Update report for its Macraes deposit at the Macraes project. Drilling results incl. 49.0m @ 5.05g/t Au from 12.0m. (MELBOURNE) OceanaGold Corporation (TSX: OGC / ASX: OGC) (the “Company”) is | |
| Resources: | (not mentioned in this report) | |
| CP/QP: | [Overall Report]: Philip Jones (Internal) | |
| ABSTRACT: | (MELBOURNE) OceanaGold Corporation (TSX: OGC / ASX: OGC) (the “Company”) is pleased to provide an update on its extensive exploration program at Macraes in New Zealand where since November 2017, the Company has drilled 287 holes for 33,249 metres mainly at Golden Point, Coronation North, Coronation, Deepdell North and Frasers Underground (“FRUG”) targets – see Figure 1. This release follows the update provided to the market on 8 November 2017 (“November 2017 update”) and results herein reflect activity completed after this date. Mick Wilkes, President and CEO of OceanaGold said, “The Macraes Gold Mine has successfully operated since 1990 and today is one of the most efficient operations in the world. It has generated meaningful cash flows and consistently delivered mine life extensions. It is an operation that had an initial 7-year mine life in 1990, a 2-year mine life in 2007, a 4-year mine life in 2013 and today after 28 years of operations, has a current mine life to 2021. It is an operation that has delivered significant benefits to the local economies in Otago and clearly demonstrating world-class environmental practices.” He added, “Over the course of the past year, we have invested $5 million drilling several targets on the 32- kilometre strike length of the Hyde-Macraes Shear Zone. The latest drill results have exceeded our expectations and we seek to leverage these results into tangible resource growth.” 2 “More recently, we have been working on a new mine plan focused on the economic extraction of ore currently not in Reserves but located within existing deposits. This work, coupled with the exploration success indicate the potential for a profitable mine life extension beyond 2021 at today’s gold price. Additionally, we continue to investigate the technical and economic viability of the Round Hill Project, which represents a potential redevelopment of Macraes that could add an incremental 10 years of mine life to the operation.” | |
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