OceanaGold confirms Macraes life extension

OceanaGold has increased its gold reserves for 2020 following a string of exploration activities across its New Zealand and United States assets.

According to OceanaGold, its proved and probably (P&P) gold reserves increased by 14 per cent year-on-year to 143 million tonnes at 1.32 grams per tonne of gold for 6.06 million ounces.

P&P reserves at Macraes are sitting at 40.8 million tonnes at 0.99 grams per tonne of gold for 1.3 million ounces, which bolsters its recently updated life of mine expectation to 2028.

OceanaGold president and chief executive officer Michael Holmes said the increased gold reserves show the company’s aim of increasing its value through exploration.

“At the Waihi gold mine in New Zealand the feasibility study has defined an initial P&P reserve of 0.62 million ounces (620,000 ounces) of gold for the Martha underground project, confirming our confidence in delivery of the asset and our vision for the Waihi District,” he said.

Holmes said ongoing drilling is being undertaken at the Wharekirauponga prospect with a pre-feasibility target on the way in late 2021.

“On the South Island of New Zealand, the Macraes life of mine has been extended to 2028 and the Golden Point Underground is on-track for first production later this year with an initial Reserve of 0.16 million ounces (160,000 ounces) of gold,” he said.

OceanaGold’s Haile gold mine in the United States includes a 2.43 million ounce gold reserve contained in the optimised open pit.

The company is currently growing Haile’s underground reserve as exploration is set to focus on resource conversion and underground discovery, with the end goal to extend its gold production past the current 2032 life of mine.

OceanaGold’s total measured and indicated gold resources increased by 7 per cent year -on year to 243 million tonnes at 1.28 grams of gold for 10 million ounces.

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