OceanaGold (TSX:OGC) has announced results from ten drillholes completed as part of the ongoing exploration and resource conversion program at its Wharekirauponga (WKP) project in New Zealand. These holes, drilled after the cut-off date for the December 31, 2023 Mineral Resources estimate, continue to intersect high-grade mineralization in the East Graben (EG) Vein system.

The December 2023 Mineral Resources estimate outlined an Indicated resource of 1.0 million ounces at a grade of 15.9 g/t gold. The recent drilling has targeted both the southern and northern shoots of the EG Vein system, with opportunities remaining for up-plunge, down-plunge, and along-strike extensions of the vein. High-grade intercepts remain open, and step-out drilling in hole WKP100, the most southerly hole on the EG Vein, confirmed mineralization of comparable width occurring a further 200 metres along strike of the currently defined high-grade southern shoot. The company is awaiting final approvals for a new drill site to enable more effective drill testing of this strike extension.

The EG Vein system remains the primary, near-term target for drilling, with 11,300 metres planned in 2024, focusing on resource conversion and growth.

In related news, OceanaGold has welcomed the announcement by New Zealand’s recently elected Government to create a new one-stop-shop fast-track consenting (permitting) regime. This new bill aims to promote streamlined processes for regional and national projects of significance and accelerate the development of major projects. The Company believes that its Waihi North Project, which includes the development of Wharekirauponga, has the potential to meet the requirements for consideration under this new regime.

The Waihi North Project is expected to create significant socio-economic contributions for the communities in the Coromandel region and for New Zealand as a whole. This includes substantial in-country investments and a significant increase in direct and indirect employment opportunities. OceanaGold aims to develop a mine that aligns with its objective of reducing its carbon footprint and has a history of operating to the highest environmental and social standards, enabling it to run a successful and responsible mining business 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.

Gerard Bond, President & CEO of OceanaGold, commented in a press release: “Today’s drill results align with our strategy of adding value through near-mine resource conversion and growth. Much of 2023’s drilling was focused on converting resources at Wharekirauponga and today’s results continue to demonstrate the excellent grade and continuity within the EG vein. Ongoing and planned drilling in 2024 will step out to the south on the EG vein to further define the extent of high-grade mineralization of this exceptional deposit. The recently announced introduction of the Fast Track Approvals Bill signals a new focus by the New Zealand government to facilitate the delivery of significant development projects, including mining. In its introduction into parliament, the Bill received strong support from the Minister for Regional Development and for Resources. We look forward to learning more about the Government’s criteria and process for fast-track approvals, given the potential for accelerated permitting of the Waihi North Project, which includes Wharekirauponga. Development of Wharekirauponga has the potential to contribute significantly to the New Zealand economy, while maintaining a strong focus on environmental and social stewardship.”

Highlights from the results are as follows: 

• 61.9 g/t Au over 4.0 m from 534.4 m, EG Vein (WKP118C)
• 31.0 g/t Au over 5.2 m from 513.7 m, EG Vein (WKP124A)
• 58.5 g/t Au over 2.5 m from 474.7 m, EG HWS Vein (WKP118C)
• 19.0 g/t Au over 6.3 m from 471.9 m, EG Vein (WKP113A)
• 11.3 g/t Au over 6.7 m from 523.0 m, EG Vein (WKP111D)

Table 1: Wharekirauponga drill intersections subsequent to the December 31, 2023 resource update.