OceanaGold (ASX:OGC) identifies new high-grade resource in New Zealand
Source: George Heard/Fairfax NZ
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  • Following a 2020 drill program, OceanaGold (OGC) has identified a new high-grade gold and silver resource at its Wharekirauponga prospect which is located on New Zealand's North Island
  • Since the company's November 2019 and February 2020 programs, 4000 metres has been drilled with a focus on the East Graben vein
  • The 2020 program consisted of both extensional and infill drilling in an effort to expand the resource, and the East Graben vein remains open to the southwest and northeast
  • Significant results include 22.8 grams per tonne of gold and 39 grams per tonne of silver over 48.9 metres
  • This year, OceanaGold intends to undertake 10,500 metres of drilling using two drill rigs
  • OceanaGold ended Tuesday's session down 1.25 per cent to $2.37

Following a 2020 drill program, OceanaGold (OGC) has identified a new high-grade gold and silver resource at its Wharekirauponga prospect.

Situated within the company's Waihi Operation on New Zealand's North Island, the prospect was purchased from Newmont and Glass Earth in 2016. After the buy, OceanaGold completed a variety of geological mapping, geochemical sampling, surveying and exploration drilling before an initial resource was published in February 2019.

Since separate programs that were completed in November 2019 and February 2020, OceanaGold has completed roughly 4000 metres of drilling, primarily focused on further defining the resource of the East Graben vein — one of three major low-sulphidation epithermal gold and silver veins identified at the Wharekirauponga (WKP) prospect to date.

Both extensional and infill drilling was carried out, which continued to intersect mineralisation of significant widths and grades, and the resource remains open to the southwest and northeast of the currently defined one-kilometre strike length.

Some of the most significant results include 22.8g/t gold and 39g/t of silver over 48.9 metres, as well as 169g/t gold and 164.2g/t silver over 3.1 metres.

"The drill results at WKP continue to demonstrate the significance of this discovery for OceanaGold, our shareholders and for New Zealand," President and CEO Michael Holmes said.

"Much of the drilling to date has focused on the East Graben vein, which represents nearly all the reported resources and this vein is only one of three currently identified major mineralised structures at WKP," he added.

This year, OceanaGold said it intends to undertake a program of 10,500 metres of drilling using two drill rigs.

The first will continue with roughly 4650 metres of infill drilling at the East Graben vein zone, while the other rig will test extensions of the East Graben vein and the nearby T-Stream and Western veins with around 5850 metres of drilling planned.

OGC ended the day down 1.25 per cent with shares trading at $2.37 at market close.

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