OceanaGold Reports High-grade Intercepts at Haile

2019-09-12 / @newswire

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MELBOURNE, Sept. 12. 2019 /CNW/ - OceanaGold Corporation (TSX: OGC) (ASX: OGC) (the "Company") is pleased to announce an update on exploration activities at the Company's Haile Gold Mine ("Haile") in South Carolina, United States. This exploration update follows the update provided to the market on February 27, 2019 ("February 2019 update") and results herein reflect activity completed after this date.

Selection of significant drill results:

Red Hill: 45.8 m @ 2.42 g/t Au
Red Hill: 39.5 m @ 2.78 g/t Au
Red Hill: 45.3 m @ 4.32 g/t Au
Ledbetter: 28.3 m @ 5.34 g/t Au
Snakeshoe: 40.5 m @ 2.93 g/t Au
Ledbetter: 26.2 m @ 5.75 g/t Au
Haile: 85 m @ 11 g/t Au, including 2.5 m @ 286 g/t Au
Ledbetter: 81 m @ 3.57 g/t Au
Haile: 71 m @ 1.64 g/t Au
Ledbetter: 46.5 m @ 4.99 g/t Au

Mick Wilkes, President and CEO of OceanaGold said, "We are encouraged by these latest drill results at Haile where exploration activities focused on both infill and extensional drilling. As we continue to mine the ore body and continue our exploration program of drilling, mapping and core logging, we have identified important structures that are feeding into our drilling strategy including target generation to stimulate further organic growth in the Haile district."

The Company has drilled 70 drill holes for 14,221 metres using four surface diamond drill rigs at Haile since the February 2019 update. Infill and extensional drilling have targeted low-cost reserve growth areas in and around the Ledbetter, Snake, Red Hill and Haile deposits (Figure 1). Infill and delineation drilling continue to support block models and provide increased confidence for near term production forecasting (Figures 1 & 2).

A total of 24-km of brownfields drilling is ongoing and planned to be completed in 2019. Drilling in the fourth quarter will focus on Ledbetter infill holes to convert Inferred blocks to Measured & Indicated categories and to expand reserves.

Figure 1: Selected Drill Holes and Significant Gold Intercepts (February-August 2019) (CNW Group/OceanaGold Corporation)

Figure 2: Ledbetter cross section A-A' with new drill holes and intercepts (CNW Group/OceanaGold Corporation)

Figure 3: Red Hill cross section B-B' with new drill holes and intercepts (CNW Group/OceanaGold Corporation)

Table 1 – Significant Haile Drill Hole Intercepts from February to August 2019

Drill Hole ID	Project	East NAD83 Z17N	North NAD83 Z17N	Collar RL m	Az	Dip	From (m)	To (m)	Width (m)	Grade (g/t Au)
DDH0854	Snake West	542909	3826481	141	132	-75	162.2	215.1	53.0	0.89
DDH0856	Snake West	542824	3826688	141	123	-79	371.2	416.9	45.7	1.18
DDH0857	Snake West	542774	3826511	140	143	-87	192.6	279.8	87.2	0.57
DDH0862	Snake West	542732	3826586	139	140	-72	203.1	254.2	51.1	0.52
DDH0864	Red Hill	542543	3826292	141	125	-66	70.6	93.1	22.5	3.83
DDH0866	Red Hill	542543	3826292	141	166	-60	54.6	90.2	35.6	2.35
DDH0868	Red Hill	542613	3826288	141	121	-72	36.6	57.33	20.7	2.07
DDH0870	Red Hill	542670	3826262	141	169	-68	45.7	50.5	4.9	10.62
DDH0874	Red Hill	542614	3826251	141	193	-52	20.1	46.0	25.9	2.52
DDH0877	Red Hill	542589	3826252	141	344	-84	26.5	72.3	45.8	2.42
DDH0879	Red Hill	542614	3826251	141	214	-82	23.4	56.2	32.8	2.41
DDH0880	Red Hill	542596	3826252	141	288	-50	15.9	33.7	17.9	2.80
DDH0880	Red Hill	542596	3826252	141	288	-50	47.0	77.1	30.1	3.02
DDH0883	Red Hill	542563	3826223	141	159	-76	12.0	30.2	18.2	1.95
DDH0884	Red Hill	542386	3826433	142	188	-61	56.6	96.1	39.5	2.78
DDH0885	Red Hill	542300	3826425	137	180	-45	40.4	58.7	18.3	1.44
DDH0887	Red Hill	542386	3826433	142	168	-71	53.8	99.1	45.3	4.32
DDH0890	Red Hill	542400	3826339	135	212	-78	3.7	38.7	35.1	0.97
DDH0891	Red Hill	542323	3826413	140	190	-48	28.6	46.4	17.8	3.97
DDH0895	Red Hill	542415	3826370	136	150	-52	28.4	60.9	32.5	0.97
DDH0897	Red Hill	542397	3826355	136	77	-69	18.5	80.7	62.2	1.23
DDH0898	Ledbetter	542736	3826868	136	120	-67	207.9	236.2	28.3	5.34
DDH0899	Ledbetter	542668	3826923	151	147	-67	226.5	264.9	38.4	1.83
DDH0900	Snakeshoe	543414	3826587	156	332	-48	333.5	374.0	40.5	2.93
DDH0901	Ledbetter	542736	3826865	136	128	-54	221.2	231.1	9.9	3.06
DDH0902	Ledbetter	542668	3826923	151	180	-53	231.9	258.1	26.2	5.75
DDH0903	Haile	542123	3826298	137	263	-50	16.3	73.5	57.2	2.84
DDH0903	Haile	542123	3826298	137	263	-50	73.5	76.0	2.5	286.08
DDH0903	Haile	542123	3826298	137	263	-50	76.0	101.3	25.2	2.30
DDH0905	Ledbetter	542668	3826923	151	206	-62	185.1	266.2	81.1	3.57
DDH0906	Ledbetter	542736	3826865	136	147	-72	206.2	223.2	17.1	1.73
DDH0907	Haile	542129	3826297	137	247	-46	23.7	94.6	71.0	1.64
DDH0908	Haile	542063	3826325	133	238	-64	34.8	109.6	74.8	1.14
DDH0909	Ledbetter	542668	3826923	151	217	-57	211.6	258.1	46.5	4.99
DDH0910	Haile	542129	3826297	137	239	-37	21.4	55.7	34.3	1.72
DDH0910	Haile	542129	3826297	137	239	-37	65.4	90.8	25.4	1.27
DDH0912	Haile	542063	3826325	132	236	-50	48.9	98.2	49.3	1.37
DDH0913	Haile	542159	3826244	137	256	-30	132.3	138.4	6.1	4.64
DDH0915	Haile	542063	3826325	132	239	-41	56.4	110.4	54.1	0.97
DDH0917	Haile	541920	3826114	133	314	-30	59.5	122.2	62.7	1.63

All drill data in relation to the Haile exploration results 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 Haile 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.

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 7 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 Haile exploration results in this document has been verified by, is based on and fairly represents information compiled by or prepared under the supervision of John Jory, a Certified Professional Geologist and Member of the American Institute of Professional Geologists and an employee of OceanaGold. Mr Jory 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 Jory 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.

OceanaGold (CNW Group/OceanaGold Corporation)

SOURCE OceanaGold Corporation

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