Midtier Gold Producer Increases Exploration Target at New Zealand Project

The mineralization there represents ounces that could be added to the existing resources.

OceanaGold Corp. (OGC:TSX; OGC:ASX) announced in a news release that additional drilling at the Martha underground project at the Waihi gold mine in New Zealand significantly expanded the size of the exploration target, which represents mineralization that could be added to the existing resources. As such, the company is now targeting another 8-10 million tons of ore at a grade of 4-6 grams per ton (4-6 g/t).

Drilling also continued to intersect high-grade gold and silver. The numerous high-grade intercepts reported included 38.4 meters (38.4m) of 8.1 g/t gold and 10.1 g/t silver on the Edward-Martha veins; 11.9m of 13.7 g/t gold and 32.9 g/t silver on the Empire vein; and 8.5m of 17.8 g/t gold and 65 g/t silver on the Empire-Empire HW veins.

"Our investment in extensive exploration at the Martha underground at Waihi continues to create significant value for shareholders," President and CEO Mick Wilkes said in the release.

So far, about 60% of the drilling planned for Martha has been done. With the goal of increasing and converting resources, drilling is scheduled to continue over the next 12 months.

Also underway is a study of the various potential paths forward for the Waihi mine, specifically to "evaluate timing of new source feeds and potential upgrades to our existing processing facility," the release noted. Completion of the study is expected in H1/20.

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