OceanaGold Corporation reports significant intercepts at its extensive exploration program at its Golden Point exploration target at the Macraes Gold Mine located on the South Island of New Zealand.
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.