The objective of OceanaGold Corporation (TSX & ASX: OGC) at Waihi is to extend the mine life of the Martha project by a further 10 years.
The company told last week’s 2018 BMO Global Metals & Mining Conference in Hollywood, Florida that current established life of the Waihi operations on New Zealand’s North Island was to at least 2019, while operations at Macraes was established until 2020.
Chief executive Mick Wilkes told the predominantly North American audience that strong exploration in New Zealand as well as at Haile in South Carolina and near the Didipio gold-copper mine in the Philippines was pointing to new resources.
Flagship of gold mining at Waihi has been the Martha open cut mine and the company was exploring targets below the pit, including Rex, Christina, Daybreak and new targets near the old Empire workings.
At Macraes in East Otago, technical studies were progressing on the Round Hill-Golden Point resource taking in targets below old pit workings and there was a resource established of 1.38 million ounces.
The company has the big Frasers open cut and Frasers Underground mine currently supplying ore. Wilkes said that to extend Macraes operation for a further 10 years the objective to unlock Round Hill and Golden Point resources would require relocation of the gold treatment and processing facilities.
The presentation showed that the company had total resources at Haile of 4.35 million oz gold, at Didipio 2.06 M oz gold and 4.82 M oz silver, at Waihi 570,000 oz Au and 1.58 M oz Ag, and at Macraes 4.79 M oz Au.
Total reserves were given as Haile: 3.46 M oz; Didpio 1.46 M oz Au, 3.73 M oz Ag, Waihi 350,000 oz Au and 1.3 M oz Ag and Macraes 1.21 M oz gold.
Companies mentioned in article