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OceanaGold reports increase in resources at Waihi

OceanaGold Corp. updated the mineral resource estimate for the Martha project at the Waihi gold mine in New Zealand to total indicated and inferred resources of 479,000 ounces of gold and 1.9 million ounces of silver.

At a cutoff of 3.0 g/t of gold, the total indicated resource increased 700% to 760,000 tonnes at 5.8 g/t of gold for 140,000 ounces of gold and 21.7 g/t of silver for 532,000 ounces of silver.

The total inferred resource increased 250% to 2.5 million tonnes at 4.3 g/t of gold for 339,000 ounces of gold and 16.8 g/t of silver for 1.4 million ounces of silver at the same cutoff.

The exploration target was revised to between 5 million and 8 million tonnes grading between 4 g/t and 6 g/t of gold for approximately 1 million to 1.5 million ounces of gold.

In late March, an exploration target was estimated between 2.5 million and 5 million tonnes grading between 5 g/t and 7 g/t of gold for about 500,000 to 700,000 ounces of gold.

According to the company's Aug. 9 release, about 16,200 meters of drilling have been completed, representing 30% of the planned exploration drill meters to the end of December 2019.