TriStar Gold

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

MELBOURNE, Oct. 3, 2019 /CNW/ - 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.

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 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 environment 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 estimates (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.

Table 1 – Significant Intercepts at Macraes since October 2018 update

Hole ID

East#

North#

Collar RL

Azi#

Dip

From

To

Down
Hole**

Gold
Grade*

Deposit

(metres)

(metres)

(metres)

(m)

(m)

(m)

(g/t)

DDH7119

70931.82

15801.93

412.35

330

-78

331

345

14

1.71

Golden Pt

DDH7127

70223.5

15772.67

411.49

71

-90

95

108

13

3.68

Golden Pt

DDH7167

70660.07

15976.32

355.44

134

-74

196

209

13

2.09

Golden Pt

DDH7167

70660.07

15976.32

355.44

134

-74

217

222

5

3.19

Golden Pt

DDH7185

70399.57

15766.23

452.51

262

-75

171

188

17

1.21

Golden Pt

DDH7185

70399.57

15766.23

452.51

262

-75

197

210

13

2.74

Golden Pt

DDH7185

70399.57

15766.23

452.51

262

-75

238

250

12

2.40

Golden Pt

DDH7186

70665

15979

356

203

-66

186

205

19

1.31

Golden Pt

DDH7201

70397.31

15764.6

452.48

230

-83

195

207

12

6.73

Golden Pt

DDH7202

70588.45

15983.65

359.9

183

-77

175

181

6

9.58

Golden Pt

DDH7226

70463.62

15967.62

359.62

0

-90

143

153

10

2.25

Golden Pt

DDH7233

70456.98

15727.67

446.52

269

-65

164.3

184.3

20

2.78

Golden Pt

DDH7233

70456.98

15727.67

446.52

269

-65

198.3

227.3

29

6.38

Golden Pt

DDH7233

70456.98

15727.67

446.52

269

-65

245.3

256.3

11

4.92

Golden Pt

DDH7261

70485.35

15677.76

448.47

241

-72

242.4

267.4

25

1.55

Golden Pt

DDH7262

70597.23

15756.08

460.34

71

-90

298.5

313.5

15

1.49

Golden Pt

DDH7320

70308.87

15788.59

449.9

265

-85

188

192

4

4.63

Golden Pt

DDH7351

70464.95

15833.21

427.87

251

-68

168

179

11

1.86

Golden Pt

DDH7351

70464.95

15833.21

427.87

251

-68

230

239

9

2.27

Golden Pt

DDH7360

70466.32

15833.48

427.85

272

-80

222

227

5

6.06

Golden Pt

DDH7361

70517.98

15774.21

442.21

300

-80

247

254

7

2.36

Golden Pt

DDH7375

70411.12

15826.36

429.831

250

-73

163.1

172.1

9

2.82

Golden Pt

DDH7375

70411.12

15826.36

429.831

250

-73

221.1

231.1

10

2.11

Golden Pt

DDH7376

70449.42

15701.75

448.901

270

-78

229

243

14

3.89

Golden Pt

DDH7380

70538.05

15743.36

447.071

283

-80

253

263

10

2.08

Golden Pt

DDH7396

70537.97

15743.27

447.083

250

-76

250

263

13

1.83

Golden Pt

DDH7400

70407.45

15823.43

431.5

305

-85

167

173

6

5.42

Golden Pt

DDH7401

70447.49

15703.23

448.885

258

-69

161

181

20

3.32

Golden Pt

DDH7401

70447.49

15703.23

448.885

258

-69

243

262

19

3.21

Golden Pt

DDH7402

70410.52

15824.12

431.484

225

-75

160

170

10

5.42

Golden Pt

DDH7402

70410.52

15824.12

431.484

225

-75

175

189.7

14.7

1.95

Golden Pt

DDH7402

70410.52

15824.12

431.484

225

-75

222.7

232.7

10

2.23

Golden Pt

DDH7410

70453.71

15749.87

444.952

265

-85

227.1

236.1

9

3.96

Golden Pt

DDH7415

70258.49

15701.36

419.312

104

-71

149

159

10

1.50

Golden Pt

DDH7420

70408.25

15823.79

431.544

275

-70

168

183

15

1.00

Golden Pt

DDH7435

70311.46

15787

449.969

215

-82

182.95

192.95

10

2.47

Golden Pt

DDH7445

70404.1

15764.11

452.394

260

-69

182

203

21

1.55

Golden Pt

DDH7455

70449.34

15701.57

449.038

225

-67

157.95

163.95

6

3.82

Golden Pt

DDH7455

70449.34

15701.57

449.038

225

-67

217.95

230.95

13

1.21

Golden Pt

DDH7465

70402.01

15766.98

452.397

220

-66

177

202

25

2.28

Golden Pt

DDH7465

70402.01

15766.98

452.397

220

-66

209

219

10

1.83

Golden Pt

DDH7465

70402.01

15766.98

452.397

220

-66

250

255

5

5.27

Golden Pt

DDH7476

70485.01

15678.4

448.448

233

-70

226

238

12

1.86

Golden Pt

DDH7485

70737.22

15949.87

355.425

145

-90

206.6

218.6

12

4.49

Golden Pt

DDH7495

70737.38

15950.12

355.389

145

-72

232

244

12

2.80

Golden Pt

DDH7500

70684.62

15825.84

434.51

254

-88

274

287

13

1.67

Golden Pt

DDH7513

70737.84

15949.37

355.397

220

-70

203

220

17

1.69

Golden Pt

DDH7521

70683.48

15821.63

434.773

315

-82

270.9

287.45

16.55

1.50

Golden Pt

DDH7522

70765

15793

433

290

-75

287

299

12

2.12

Golden Pt

DDH7523

70735.01

15950.81

355.45

180

-78

212

227

15

1.64

Golden Pt

DDH7535

70659.95

15976.29

357.203

180

-68

198

219

21

1.47

Golden Pt

DDH7550

70524

15953

363

193

-65

173

181

8

8.38

Golden Pt

DDW7322

70581.39

15828.63

439.38

288

-75

249

254

5

6.18

Golden Pt

DDW7470

70589.76

15789.44

447.186

240

-83

269

279

10

1.70

Golden Pt

RCD7111

70764.73

15697.32

442.19

280

-90

303.05

313.05

10

2.08

Golden Pt

RCD7115

70250.24

15722.32

416.29

71

-90

92

102

10

2.45

Golden Pt

RCD7115

70250.24

15722.32

416.29

71

-90

135.2

142.2

7

2.42

Golden Pt

RCD7115

70250.24

15722.32

416.29

71

-90

161.2

175.2

14

3.98

Golden Pt

RCD7118

70197.07

15808.76

406.8

50

-64

96

110

14

2.04

Golden Pt

RCH7109

70172.11

15817.02

406

71

-90

88

100

12

3.30

Golden Pt

RCH7117

70222.39

15776.57

410.5

71

-90

95

109

14

3.53

Golden Pt

RCH7120

70245.14

15749.39

414.17

71

-90

93

104

11

3.75

Golden Pt

RCH7120

70245.14

15749.39

414.17

71

-90

136

141

5

7.34

Golden Pt

RCH7120

70245.14

15749.39

414.17

71

-90

153

166

13

7.11

Golden Pt

RCH7121

70180.36

15770.09

404.52

71

-90

95

99

4

7.13

Golden Pt

RCH7122

70190

15788

410

40

-80

95

108

13

1.88

Golden Pt

RCH7123

70230.15

15777.89

411.49

40

-74

94

103

9

2.84

Golden Pt

RCH7123

70230.15

15777.89

411.49

40

-74

138

144

6

3.70

Golden Pt

RCH7123

70230.15

15777.89

411.49

40

-74

149

159

10

3.83

Golden Pt

#

Macraes Gold Project Grid

*

Assays bottom cut 0.4g/t Au, allowing a maximum of 5m of internal dilution

**

downhole length as not possible to determine true width

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)

All drill data in relation to Macraes can be found on the Company's website at http://www.oceanagold.com/investor-centre/filings/. In line with ASX listing requirements, OceanaGold has appended the information required by JORC Table 1 for Macraes 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.

www.oceanagold.com  |   Twitter: @OceanaGold 

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.

In 2019, the Company expects to produce between 500,000 to 550,000 ounces of gold and 14,000 to 15,000 tonnes of copper at All-In Sustaining Costs ranging between $850 and $900 per ounce sold.

Competent/Qualified Person's Statement 

The 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 Macraes exploration results in this document has been verified by Philip Jones, a Member of the Australian Institute of Geoscientists and an employee of OceanaGold.  P. Jones 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 all are Qualified Persons for the purposes of the NI 43 101. Mr Jones 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, sovereign risks, risk of suspension 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 because 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 because 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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