Encouraging drill results continue to come for OceanaGold Corporation (TSX & ASX: OGC) from the Waihi operation.
The company last night released more high-grade intersections from several veins below or near the Martha open cut mine.
Some of the better intercepts were:
- Empire Vein: 10.7 metres grading 36.01 grams/tonne gold; 4.2m @ 15.99 g/t; 6.4m @ 7.77 g/t; and Empire far west vein 4.1m @ 13.45 g/t gold.
- Martha Vein: 13.6m @ 5.98 g/t; 10.2m @ 7.22 g/t; Martha H/W vein 4.4m @ 10.59 g/t au.
- Rex Vein: 2.7m @ 28.43 g/t.
- Dreadnought Vein: 6.4m @ 10.49 g/t; 4.8m @ 8.16 g/t.
No silver grades were detailed but Waihi has consistently produced higher silver than gold grades.
Many of the drill hits were at depths below 200 metres, some of which would have been below the Martha pit and some of the historic underground workings in that area.
OceanaGold’s chief executive Mick Wilkes said these latest results from the Martha Underground quest have increased company confidence in the potential, with new high-grade mineralisation deeper and lateral to the exploration targets.
These recent drill results will be included in the Martha Underground resource model as part of the annual resource and reserve update.
Wilkes said in August the company increased the indicated and inferred resource significantly and “we are confident of defining a sizeable resource that will further support the extension of the mine life at Waihi.”
He said the Waihi operation has made a significant contribution to the socio-economic benefits to the town of Waihi and to New Zealand.
Since August the company has drilled about 10,000 metres at Waihi and defined mineralisation along sections of the Martha, Royal, Empire, Dreadnought and Rex veins.
In total these veins, along with Edward Vein, have a combined strike length of about 3.2 kilometres.
Wilkes said the ongoing intersection of high-grade hits supports the exploration target reported in August – a potential volume of between 5 Mt and 8 Mt at a grade of between 4-6 g/t.