Enduro Metals

OceanaGold extends high-grade gold and silver mineralisation at WKP

/NOT FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED STATES AND NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES./ 

MELBOURNE, Australia, Sept. 19, 2018 /CNW/ - OceanaGold Corporation (TSX: OGC / ASX: OGC) (the "Company") is pleased to announce the intersection of additional high-grade gold mineralisation along the East Graben vein at the Company's WKP prospect in New Zealand. These drill results add strike length, support the high-grade results reported in July 2018 and form part of a more extensive ongoing exploration drill programme.

 Significant Intercepts (true widths) 

  • 5.0m @ 39.04 g/t Au, 76.6 g/t Ag
  • 3.6m @ 35.79 g/t Au, 43.3 g/t Ag
  • 4.5m @ 10.46 g/t Au, 7.5g/t Ag
  • 2.1m @ 23.08 g/t Au, 49.5 g/t Ag

Mick Wilkes, President and CEO of OceanaGold said, "The drill results at WKP continue to yield significant high-grade intercepts. The latest results indicate an extension to the known current strike length of the East Graben vein, which remains open in both directions. We continue to drill here as well as other major vein structures being discovered." He added, "Drilling at WKP commenced with one drill rig in August of 2017 and as the drill program delivered positive results, we allocated additional resources and investment to support the exploration program. With the latest results, two rigs are dedicated to resource definition drilling and follow up drilling is planned on other areas of high-grade mineralisation."

The Company commenced exploration of the WKP prospect in August 2017 and to date has drilled 10,386 metres from 19 holes. Since the July 2018 exploration update, 2,381 metres have been drilled at WKP focussing on the potential of the East Graben Vein; one of three major low sulphidation epithermal gold-silver veins identified so far within the WKP prospect area (Figure 1). In addition to these known veins, multiple high-grade veins in the hangingwall and footwall of the East Graben Vein have been intercepted and require further drilling. 

The drilling completed since the July 2018 exploration update has continued to successfully intersect high-grade mineralisation, increasing the strike length by a further one third to a total delineated strike length of approximately one kilometre. The high-grade mineralisation is open in both directions, with 200 metres of vertical extent which is open for a further 100 - 200 metres up-dip (Figure 2).

Exploration activities will now mainly be focused on infill resource drilling within areas that have returned best true width intercepts, including 5.0m @ 39.04 g/t gold and 3.6m @ 35.79 g/t gold (Figure 2, Table 1).

For the remainder of 2018, the Company expects to complete 5,300 metres of infill resource definition diamond drilling and to further drill testing of the other major veins on the prospect.

Figure 1: Plan View of geology and distribution of known veins at WKPFigure 1: Plan View of geology and distribution of known veins at WKP

Figure 2: Long Section on the East Graben VeinFigure 2: Long Section on the East Graben Vein

Table 1: Recent Significant Diamond Drill Intersections (July 2018 to September 2018)

Drill Hole ID

East#
(m)

North#
(m)

Collar RL
(m)

Az#

Dip

From
(m)

To
(m)

True width
(m)

Gold Grade
(g/t)

Silver Grade (g/t)

Vein

WKP53

2760147

6429860

181

171.6

-27.4

179.0

182.1

0.8

12.23

46.1

East Graben HW

WKP53

2760147

6429860

181

171.6

-27.4

245.7

246.5

0.3

12.00

101.0

East Graben HW

WKP53

2760147

6429860

181

171.6

-27.4

253.2

254.1

0.5

13.20

15.0

East Graben HW

WKP53

2760147

6429860

181

171.6

-27.4

583.7

590.1

4.5

10.46

7.5

East Graben

WKP54

2760147

6429860

181

159.5

-25.1

140.0

141.1

0.7

20.40

69.0

East Graben HW

WKP54

2760147

6429860

181

159.5

-25.1

225.0

225.7

0.4

50.60

157.0

East Graben HW

WKP54

2760147

6429860

181

159.5

-25.1

499.0

506.7

5.0

39.04

76.6

East Graben

WKP54

2760147

6429860

181

159.5

-25.1

536.1

540.8

3.6

35.79

43.3

East Graben FW

WKP54

2760147

6429860

181

159.5

-25.1

547.0

548.5

0.9

32.41

22.7

East Graben FW

WKP55

2760406

6430099

180

120.7

-46.9

130.1

131.0

0.9

5.57

5.0

East Graben HW

WKP55

2760406

6430099

180

120.7

-46.9

250.6

251.8

1.2

4.02

17.0

East Graben

WKP55

2760406

6430099

180

120.7

-46.9

305.9

307.8

1.0

6.59

10.3

East Graben FW

WKP55

2760406

6430099

180

120.7

-46.9

319.5

320.2

0.5

7.92

26.0

East Graben FW

WKP55

2760406

6430099

180

120.7

-46.9

348.3

350.6

2.3

5.08

19.2

East Graben FW

WKP56

2760406

6430099

180

84.3

-42

160.0

162.0

2.0*

19.65

11.0

East Graben HW

WKP56

2760406

6430099

180

84.3

-42

214.0

215.0

0.8

6.28

9.0

East Graben HW

WKP56

2760406

6430099

180

84.3

-42

299.9

300.9

0.8

32.90

30.0

East Graben

WKP56

2760406

6430099

180

84.3

-42

407.0

408.3

0.7

7.33

6.0

East Graben FW

WKP57

2760406

6430099

180

151.2

-32

285.7

287.9

2.1

23.08

49.5

East Graben

* Downhole length as true width not able to be determined

All drill data and additional information in relation to the WKP prospect can be found on the Company's website at Click Here. In line with ASX listing requirements, OceanaGold has appended the information required by JORC Table 1 for WKP exploration results to its ASX announcement. JORC Table 1 is not required under National Instrument 43-101. Readers are referred to the ASX website at www.asx.com.au or the OceanaGold website at www.oceanagold.com to view JORC Table 1.

About OceanaGold

OceanaGold Corporation is a mid-tier, high-margin, multinational gold producer with assets located in the Philippines, New Zealand and the United States. The Company's assets encompass the Didipio Gold-Copper Mine located on the island of Luzon in the Philippines. On the North Island of New Zealand, the Company operates the high-grade Waihi Gold Mine while on the South Island of New Zealand, the Company operates the largest gold mine in the country at the Macraes Goldfield which is made up of a series of open pit mines and the Frasers underground mine. In the United States, the Company operates the Haile Gold Mine, a top-tier, long-life, high-margin asset located in South Carolina. OceanaGold also has a significant pipeline of organic growth and exploration opportunities in the Americas and Asia-Pacific regions.

OceanaGold has operated sustainably since 1990 with a proven track-record for environmental management and community and social engagement. The Company has a strong social license to operate and works collaboratively with its valued stakeholders to identify and invest in social programs that are designed to build capacity and not dependency.

The Company expects to produce 500,000 to 540,000 ounces of gold and 15,000 to 16,000 tonnes of copper with All-In Sustaining Costs that range from $725 to $775 per ounce sold.

Competent/Qualified Person's Statement 

The resources and exploration results were prepared in accordance with the standards set out in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves' ("JORC Code") and in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators ("NI 43-101"). The JORC Code is the accepted reporting standard for the Australian Stock Exchange Limited ("ASX").  

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 a Competent Person as defined in the JORC Code and is 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.

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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