Oceanagold drills 60.5 g/t gold over 11.1 metres at New Zealand project

Oceanagold Corp. [OGC-TSX] reported results to date from the 2023 resource conversion drill program at Wharekirauponga in New Zealand.

Highlight drill intercepts include (estimated true width) 60.5 g/t gold over 11.1 metres from 462.2 metres, EG Vein (WKP118); 51.3 g/t gold over 5.9 metres from 519.7 metres, EG Vein (WKP107B); 36.9 g/t gold over 8.0 metres from 473.1 metres, EG Vein (WKP109B); and 53.3 g/t gold over 5.0 metres from 453.3 m, EG Vein (WKP109C2).

Gerard Bond, President and CEO, said, “We continue to make good progress in converting mineralization at Wharekirauponga, supporting our goal of creating value through near-mine exploration programs. New drilling results confirm the presence of high-grade gold and silver mineralization in the East Graben vein zone, and aid in our understanding of the geometry of this mineralized system. Resource conversion drilling of Wharekirauponga remains a priority for us in 2023 as we work towards growing Indicated Resources to support a Pre-Feasibility Study next year.”

Wharekirauponga 2023 Drill Program: The Wharekirauponga low sulphidation epithermal Au-Ag vein system is located approximately 10 kilometres to the north of the Waihi Gold Mine. Wharekirauponga hosts an existing Indicated Resource of 1.7 million tonnes grading 12.3 g/t gold for 0.66 million ounces of gold. Inferred Resources total 2.6 million tonnes at a grade of 7.8 g/t gold for 0.64 million ounces of gold, with approximately 90% of the Resources contained within the EG Vein, a hanging wall splay and three footwall veins (collectively, the “EG Vein Zone”).

Since the December 31, 2022 mineral resource estimate, 2,095 metres have been drilled at Wharekirauponga, targeting the addition of Indicated resources in the EG Vein Zone. New intercepts better define the southern and upper extent of the southern shoot on the EG vein and EG Hanging Wall Splay (EG HWS) and provide increased confidence in the geologic model and grade continuity of the deposit. Opportunities for both up- and down-plunge and along-strike extensions of the EG Vein remain, with high-grade intercepts remaining open. Step-out drilling in hole WKP100 (previously released), the most southerly hole on the EG Vein has also confirmed mineralization continues for at least a further 200 metres along strike of the currently defined southern shoot.

2023 drilling on the EG Vein Zone includes (estimated true width intersections): 60.5 g/t Au and 137.2 g/t Ag over 11.1 m from 462.2 m, EG Vein (WKP118); 51.3 g/t Au and 85.3 g/t Ag over 5.9 m from 519.7 m, EG Vein (WKP107B); 36.9 g/t Au and 93.0 g/t Ag over 8.0 m from 473.1 m, EG Vein (WKP109B); 53.3 g/t Au and 113.0 g/t Ag over 5.0 m from 453.3 m, EG Vein (WKP109C2); 34.5 g/t Au and 30.0 g/t Ag over 3.3 m from 478.9 m, EG HWS (WKP107B); 115.5 g/t Au and 316.5 g/t Ag over 1.4 m from 419.4 m, EG HWS (WKP109B); 33.9 g/t Au and 87.8 g/t Ag over 1.7 m from 424.6 m, EG HWS (WKP109B); and 79.2 g/t Au and 49.0 g/t Ag over 0.5 m from 499.3 m, EG Footwall Vein (WKP109B).

The EG Vein Zone remains the primary, near-term target for drilling with a focus on resource conversion and extensional drilling with approximately 7,700 m scheduled for full-year 2023 with two drill rigs operating. Approvals to introduce a third drill rig for an additional 3,500 metres in 2023 are in the final review stages. Wharekirauponga is part of the Waihi North Project, which has the potential to create significant socio-economic contributions for the communities in the Coromandel region and for New Zealand. This includes significant in-country investments and a substantial increase to direct and indirect employment opportunities. Oceanagold has operated safely and responsibly in New Zealand for over three decades. The company has lodged a resource consent application for its proposed Waihi North Project with Hauraki District Council and Waikato Regional Council.

Oceanagold has a portfolio of established operating assets including the Haile Gold Mine in the United States, the Didipio Mine in the Philippines, and the Macraes and Waihi operations in New Zealand.

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