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Oceanagold drills 4.55 g/t AuEq over 218 metres at Didipio, Philippines
Oceanagold Corp. [OGC-TSX; OCANF-OTC] reported year-to-date results from the company’s continuing 2023 drill program at…
Oceanagold Corp. [OGC-TSX; OCANF-OTC] reported year-to-date results from the company’s continuing 2023 drill program at the Didipio mine in the Philippines. The 2023 drill program is 45% complete, focused on resource growth and conversion of inferred resources.
Highlights from extensional drill intercepts include 72.0 metres at 3.40 g/t AuEq (gold equivalent) (2.44 g/t Au and 0.69% Cu (copper)) (RDUG611) (Didipio deeps); 18.6 metres at 4.24 g/t AuEq (2.56 g/t Au and 1.20% Cu) (RDUG465) (Eastern breccia); 30.0 metres at 2.08 g/t AuEq (1.16 g/t Au and 0.66% Cu) (RDUG467) (Eastern breccia); and 21.0 metres at 1.65 g/t AuEq (0.90 g/t Au and 0.54% Cu) (RDUG466) (Eastern breccia).
Highlights from resource conversion drill intercepts include: 218.0 metres at 4.55 g/t AuEq (3.39 g/t Au and 0.83% Cu) (RDUG603) (Northern monzonite); 86.5 metres at 5.35 g/t AuEq (4.22 g/t Au and 0.81% Cu) (RDUG481) (Balut dike); 197.0 metres at 2.23 g/t AuEq (1.47 g/t Au and 0.55% Cu) (RDUG602) (Northern monzonite); 132.0 metres at 2.30 g/t AuEq (1.52 g/t Au and 0.56% Cu) (RDUG475) (Northern monzonite); 56.1 metres at 3.51 g/t AuEq (2.90 g/t Au and 0.44% Cu) (RDUG484) (Balut dike); 62.0 metres at 1.56 g/t AuEq (1.07 g/t Au and 0.35% Cu) (RDUG492) (Balut dike); 49.0 metres at 1.83 g/t AuEq (1.38 g/t Au and 0.33% Cu) (RDUG611) (Didipio deeps); and 13.2 metres at 3.01 g/t AuEq (1.65 g/t Au and 0.98% Cu) (RDUG611) (Didipio deeps).
Resource conversion drill results are in line with and support historic drilling within the resource model shell.
Gerard Bond, president and CEO, said: “Our 2023 drilling program at Didipio has delivered exceptional results to date, supporting our focus on creating value through near-mine exploration targeting resource growth and conversion. Drilling continues to improve confidence within the inferred portions of the deposit and supports potential reserve growth and our target to increase underground mining rates to at least two million tonnes per year, approximately 20 per cent above current underground mining rates. The drilling has also identified exciting extensions beyond known mineralization at the Didipio deeps, Eastern breccia and the Balut dike, representing significant upside potential outside of existing resources.”
Since December, 2022, 9,172 metres of resource conversion and extensional drilling in 45 holes has been completed year to date (YTD) and the company is on track to complete 20,250 metres in 2023. Extensional drilling has identified new areas of porphyry gold-copper mineralization 100 metres below existing inferred resources within the Didipio deeps target (previously untested), extensions of the Balut dike to the west, and depth extensions of known mineralization within the Eastern breccia. These targets all remain open for extension beyond the existing resource.
Resource conversion drilling of inferred resources, utilizing the same holes as extensional drilling, has also successfully returned broad intersections of high-grade gold-copper mineralization within the Balut dike, the monzonite and the Syenite. These results are in line with and support historic drilling within the resource model shell.
Oceanagold has a portfolio of four operating mines: the Haile gold mine in the United States; Didipio mine in the Philippines; and the Macraes and Waihi operations in New Zealand.
