Mr. Mick Wilkes reports
OCEANAGOLD REPORTS EXPLORATION RESULTS AT HAILE
Oceanagold Corp. is providing an update on exploration activity at the company's Haile gold mine in South Carolina. This exploration update follows the update provided to the market on Nov. 8, 2017, and results herein reflect activity completed after this date.
Selection of significant drill results within and/or adjacent to pit designs
- 46.6 metres at 4.93 grams per tonne between Ledbetter and Snake;
- 32.3 metres at 10.14 g/t at Mill zone;
- 77.7 metres at 4.04 g/t at upper Ledbetter;
- 21.3 metres at 4.51 g/t at Red Hill;
- 45.1 metres at 1.17 g/t between Mill zone and Mustang.
Mick Wilkes, president and chief executive officer of Oceanagold, said: "I am very pleased to announce the results of brownfields drilling at Haile over the past nine months that are expected to add more low-cost ounces to our reserves. These results demonstrate the potential for additional mineralization close to surface between current pit designs and at depth. Comprehensive geological reassessment from mapping and core logging has identified important structural controls that are being applied to our 3-D models which will play a critical role in ongoing and future target generation. Haile's exploration team is also driving innovative modelling for emerging geophysical targets that will be pursued in 2019.
"Since acquiring the Haile gold mine in late 2015, we have delivered a 70-per-cent increase in reserves and, through our exploration program, we continue to learn more about the genesis of the mineralization. Through this greater understanding, we are improving our mine planning and design which fits well with our continued focus on improving productivities and reducing costs.
"In addition to exploration, the company continues to advance the expansion of the process plant with the pebble crusher now fully constructed and commissioned. The Tower and Isa mills, critical processing equipment for the expansion and recovery enhancement, are scheduled for completion in the first quarter of 2019."
Since the last exploration update on Nov. 8, 2017, the company has drilled 100 drill holes for a combined 26,149 metres at Haile using four surface diamond drills. Resource infill and extension drilling has targeted low-cost reserve growth areas in and around the Ledbetter, Mustang, Mill zone, Snake, Red Hill and Haile deposits.
Favourable extension drill results are expected to add ore-grade mineralization between pit designs at low strip ratios. Pit designs will likely be merged between the Mill zone/Mustang (such as DDH0715: 45.1 m at 1.17 g/t from 91.9 m) and Ledbetter/Snake pit designs (such as DDH0669: 46.6 m at 4.93 g/t from 243.8 m). Drilling below the northwest wall of the Mill zone phase 1 pit returned positive results and a phase 2 layback design is in progress (such as DDH0736: 32.3 m at 10.14 g/t from 59.6 m).
Infill and delineation drilling continues to support the company's models and robust mineralization, notably in the upper Ledbetter area (such as DDH0678: 77.7 m at 4.04 g/t from 173.2 m and DDH0771: 75.9 m at 1.57 g/t from 203.1 m). Shallow, medium-grade drill intercepts have been confirmed in diamond holes at Red Hill which is scheduled for mining in 2019 (such as DDH0805: 21.3 m at 4.51 g/t from 54.0 m). An 18-hole diamond drill program was conducted outside the reserve pit design at the Snake West extension and returned positive results (such as DDH0755: 64.8 m at 0.97 g/t from 198 m). Further drilling is planned in the second half of 2018 at Ledbetter, Mill zone and Snake.
Assays received from delineation drilling continue to validate high-grade, continuous mineralization at the Horseshoe underground deposit (such as DDH0609: 233.5 m at 2.87 g/t from 168.6 m).
SIGNIFICANT DRILL HOLE INTERCEPTS FROM NOVEMBER, 2017, TO JULY, 2018
Drill hole From (m) To (m) Width (m) Gold (g/t)
DDH0763 49.3 99.2 49.9 0.77
DDH0765 35.5 58.2 22.7 1.99
DDH0609 168.5 402.0 233.5 2.87
DDH0611 405.1 427.1 22.0 1.76
DDH0666 218.1 233.3 15.2 3.75
DDH0672 120.8 139.1 18.3 2.00
DDH0678 173.2 250.9 77.7 4.04
DDH0744 144.0 185.1 41.2 1.16
DDH0744 209.5 244.5 35.1 1.13
DDH0747 222.0 239.6 17.6 2.86
DDH0749A 252.3 275.2 22.9 3.14
DDH0749A 287.0 321.8 34.8 0.97
DDH0752 105.9 142.7 36.8 3.25
DDH0756 196.8 213.5 16.7 7.26
DDH0756 264.6 342.6 78.0 1.57
DDH0758 274.3 332.6 58.3 1.54
DDH0771 203.1 279.0 75.9 1.57
DDH0786 207.3 221.5 14.2 5.40
DDH0787 270.1 306.6 36.6 0.89
DDH0703 275.3 283.3 8.0 12.11
DDH0704 144.5 170.2 25.7 1.06
DDH0710 263.7 277.4 13.7 5.84
DDH0715 91.9 137.0 45.1 1.17
DDH0723 257.0 264.5 7.6 3.39
DDH0725 221.7 230.6 8.9 3.44
DDH0729 0.6 41.7 41.1 2.00
DDH0731 7.8 70.8 63.0 4.37
DDH0732 5.8 29.2 23.4 4.49
DDH0743 234.6 251.4 16.8 2.05
DDH0743 257.5 295.6 38.1 1.61
DDH0762 249.2 267.8 18.6 5.39
DDH0730 255.9 271.1 15.2 4.20
DDH0736 59.6 91.9 32.3 10.14
DDH0739 26.0 40.6 14.6 5.01
DDH0751 71.8 86.4 14.6 1.98
DDH0751 117.8 151.3 33.5 0.78
DDH0669 243.8 290.5 46.6 4.93
DDH0674 224.8 235.3 10.5 4.06
DDH0716 253.4 297.7 44.3 1.14
DDH0717 293.0 334.2 41.2 0.81
DDH0803 26.5 63.1 36.6 2.33
DDH0805 54.0 75.3 21.3 4.51
DDH0806 59.0 70.7 11.8 2.60
DDH0807 41.6 55.2 13.6 4.60
DDH0792 193.4 204.3 10.9 2.32
DDH0742 234.5 249.0 14.5 1.89
DDH0746 88.8 116.9 28.1 4.43
DDH0773 63.3 84.6 21.3 1.19
DDH0685 268.1 323.7 55.6 1.04
DDH0693 143.0 161.9 18.9 10.95
DDH0698 305.7 362.8 57.1 0.81
DDH0698 55.6 67.7 12.1 2.41
DDH0705 247.3 305.2 57.9 0.82
DDH0720 228.4 267.0 38.6 1.43
DDH0726 244.1 273.0 29.0 1.03
DDH0726 73.3 144.9 71.6 0.51
DDH0728 239.0 260.7 21.7 1.07
DDH0733 147.6 172.7 25.1 1.36
DDH0741 317.5 353.2 35.7 0.74
DDH0755 198.0 262.8 64.8 0.97
DDH0759 230.2 305.4 75.2 0.89
DDH0760 175.8 178.2 2.4 11.91
DDH0760 203.1 227.8 24.7 1.03
All drill hole data and additional information in relation to the Haile gold mine can be found on the company's website.
About Oceanagold
Corp.
Oceanagold is a mid-tier, high-margin, multinational gold producer with assets located in the Philippines, New Zealand and the United States. The company's assets encompass the Didipio gold-copper mine located on the island of Luzon in the Philippines. On the North Island of New Zealand, the company operates the high-grade Waihi gold mine while on the South Island of New Zealand, the company operates the largest gold mine in the country at the Macraes goldfield which is made up of a series of open-pit mines and the Frasers underground mine. In the United States, the company operates the Haile gold mine, a top-tier, long-life, high-margin asset located in South Carolina.
Competent/qualified person statement
The exploration results were prepared in accordance with the standards set out in the 2012 edition of the Australasian code for reporting of exploration results, mineral resources and ore reserves and in accordance with National Instrument 43-101 of the Canadian Securities Administrators.
Information relating to Haile exploration results in this document has been verified by, is based on and fairly represents information compiled by or prepared under the supervision of John Jory, a certified professional geologist and member of the American Institute of Professional Geologists and an employee of Oceanagold. Mr. Jory has sufficient experience that is relevant to the style of mineralization, type of deposit under consideration and to the activity being undertaken to qualify as a competent person as defined in the JORC code and is a qualified person for the purposes of the NI 43 101. Mr. Jory consents to the inclusion in this public report of the matters based on this information in the form and context in which they appear.
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