VANCOUVER, BC, Feb. 21, 2024 /PRNewswire/ – OceanaGold Corporation (TSX: OGC) (OTCQX: OCANF) (“OceanaGold” or the “Company”) is pleased to provide its Mineral Reserves and Mineral Resources (“R&R”) statement for the year-ended December 31, 2023.
Notes:
“Depletion” refers to 2023 mining depletion.
“Reserve Model Updates” represent drilling-related changes to reserve (growth or reductions) or initial reserve declarations.
“Economic Factors” relate to gold price, mining cost and cut-off grade changes.
“Adjustments” relate to changes not captured in other categories. Includes removal of Round Hill at Macraes from Mineral Reserves. (CNW Group/OceanaGold Corporation)
Notes:
“Depletion” refers to 2023 mining depletion.
“Resource Model Updates” represent drilling-related changes to reserve (growth or reductions) or initial reserve declarations.
“Economic Factors” relate to gold price, mining cost and cut-off grade changes.
“Adjustments” relate to changes not captured in other categories. (CNW Group/OceanaGold Corporation)
Notes:
“Depletion” refers to 2023 mining depletion.
“Resource Model Updates” represent drilling-related changes to reserve (growth or reductions) or initial reserve declarations.
“Economic Factors” relate to gold price, mining cost and cut-off grade changes.
“Adjustments” relate to changes not captured in other categories. (CNW Group/OceanaGold Corporation)
Gerard Bond, President and CEO of OceanaGold, said “I am pleased to share the updated Mineral Reserves and Resources estimates for the Company, including at Haile, where we were able to increase Horseshoe reserves and declare an initial reserve estimate of 380,000 ounces at Palomino. The opening and successful delivery of ore from the Horseshoe underground at Haile last year was a pivotal milestone for the Company. With growth in the Horseshoe reserve and the addition of Palomino to reserves, the projected longevity and profitability of the Haile mine is strengthened.
Additionally, I am delighted by the increase in Indicated resources at Wharekirauponga in New Zealand, which now exceeds one million ounces and with a grade increase to 15.9 g/t, demonstrating how truly exceptional this deposit is. Our updated reserves and resources estimates continue to provide a strong base for organic growth in the coming years and I am excited about what our exploration programs will bring in 2024 and beyond.”
Highlights
- Total Mineral Reserve additions of 0.69 Moz before mining depletion and adjustments
- Total Measured and Indicated Mineral Resource additions totalled 1.12 Moz
- Initial Mineral Reserves of 4.0 Mt @ 2.91 g/t Au for 0.38 Moz declared at Palomino at Haile
- Increase in Mineral Reserves to 3.8 Mt @ 4.23 g/t Au for 0.52 Moz at Horseshoe at Haile
- Increase in Measured and Indicated Mineral Resources at Didipio of 0.11 Moz
- Increase in Indicated Mineral Resources to 2.0 Mt @ 15.9 g/t Au for 1.01 Moz at Wharekirauponga
- Increase in Indicated Mineral Resources by 0.15 Moz at Martha Underground at Waihi
- Decrease in Mineral Reserves at Macraes by 0.5Moz, reflecting the removal of Round Hill
Mineral Reserves
The Proven and Probable Mineral Reserves estimates as at December 31, 2023 are presented in Table 1 below.
Table 1: Proven and Probable Reserves as at 31 December, 2023
|
PROJECT |
PROVEN |
PROBABLE |
PROVEN & PROBABLE |
|||||||||||||
|
AREA |
Mt |
Au g/t |
Ag g/t |
Cu% |
Mt |
Au g/t |
Ag g/t |
Cu% |
Mt |
Au g/t |
Ag g/t |
Cu% |
Au Moz |
Ag Moz |
Cu Mt |
Cut-Off |
|
Horseshoe Underground |
0.10 |
4.53 |
2.0 |
. |
3.7 |
4.23 |
1.7 |
. |
3.8 |
4.23 |
1.7 |
. |
0.52 |
0.2 |
. |
1.74 g/t Au |
|
Palomino Underground |
. |
. |
. |
. |
4.0 |
2.91 |
2.7 |
. |
4.0 |
2.91 |
2.7 |
. |
0.38 |
0.3 |
. |
1.74 g/t Au |
|
Open Pits |
3.6 |
1.03 |
1.6 |
. |
32.8 |
1.62 |
2.4 |
. |
36.4 |
1.56 |
2.3 |
. |
1.82 |
2.7 |
. |
0.50 g/t & 0.60 g/t |
|
HAILE TOTAL |
3.7 |
1.13 |
1.6 |
40.6 |
1.98 |
2.4 |
44.3 |
1.91 |
2.3 |
2.72 |
3.3 |
|||||
|
Didipio Underground |
14.6 |
1.56 |
1.9 |
0.43 |
5.92 |
0.95 |
1.6 |
0.36 |
20.5 |
1.38 |
1.8 |
0.41 |
0.91 |
1.2 |
0.08 |
0.76 g/t & 1.16 g/t |
|
Open Pit Stockpiles |
18.0 |
0.32 |
2.0 |
0.29 |
. |
. |
. |
. |
18.0 |
0.32 |
2.0 |
0.29 |
0.18 |
1.2 |
0.05 |
0.40 g/t AuEq |
|
DIDIPIO TOTAL |
32.6 |
0.87 |
1.9 |
0.4 |
5.9 |
0.95 |
1.6 |
0.4 |
38.6 |
0.88 |
1.9 |
0.4 |
1.10 |
2.3 |
0.14 |
|
|
Macraes Underground |
0.2 |
2.00 |
. |
. |
2.8 |
1.97 |
. |
. |
3.0 |
1.97 |
. |
. |
0.19 |
. |
. |
1.28 g/t & 1.35 g/t |
|
Macraes Open Pits |
6.0 |
0.51 |
. |
. |
13.6 |
0.71 |
. |
. |
19.6 |
0.65 |
. |
. |
0.41 |
. |
. |
0.40 g/t Au |
|
MACRAES TOTAL |
6.2 |
0.55 |
16.4 |
0.92 |
22.5 |
0.82 |
0.60 |
|||||||||
|
Martha Underground |
. |
. |
. |
. |
3.30 |
4.51 |
15 |
. |
3.30 |
4.51 |
15 |
. |
0.48 |
1.5 |
. |
2.60 g/t & 3.10 g/t |
|
WAIHI TOTAL |
||||||||||||||||
Read More: OceanaGold Reports Mineral Reserves and Resources for the Year Ended 2023