OceanaGold's Exciting Drill Results Highlight High-Grade Gold

OceanaGold's Exploration Advancements at Haile Mine

OceanaGold Corporation (TSX: OGC) (OTCQX: OCANF) is excited to announce significant advancements from its exploration and resource conversion drilling at the Haile Gold Mine. Gerard Bond, President & CEO of OceanaGold, shared his enthusiasm regarding the recent drilling outcomes, stating, "Today's outstanding resource conversion and definition drill results highlight our efforts to delineate 2 million ounces underground at Haile by year-end. The exceptional infill drill results at Ledbetter Phase 4 are making a strong case for evaluating underground mining possibilities, as well as boosting confidence in the existing Horseshoe mineralization at depth and revealing new discoveries at the Horseshoe Extension."

Impressive Drill Results

Several remarkable drill highlights have emerged from this exploration campaign, including:

• 82.0 m @ 35.07 g/t Au, Ledbetter Phase 4 (DDH1218 – conversion)
• 4.6 m @ 398.12 g/t Au, Ledbetter Phase 4 (DDH1228 – conversion)
• 71.0 m @ 16.80 g/t Au, Ledbetter Phase 4 (DDH1220 – conversion)
• 45.3 m @ 21.29 g/t Au, Ledbetter Phase 4 (DDH1226 – conversion)
• 29.0 m @ 33.11 g/t Au, Ledbetter Phase 4 (DDH1230 – conversion)
• 54.4 m @ 14.82 g/t Au, Ledbetter Phase 4 (DDH1237 – conversion)
• 42.7 m @ 15.55 g/t Au, Ledbetter Phase 4 (DDH1246 – conversion)
• 48.5 m @ 8.30 g/t Au, Ledbetter Phase 4 (DDH1232 – conversion)
• 40.5 m @ 13.30 g/t Au, Horseshoe (UGD0029 - conversion)
• 16.6 m @ 9.00 g/t Au and 8.4 m @ 5.06 g/t Au, Horseshoe (UGD0030 - conversion)
• 11.6 m @ 4.05 g/t Au, Horseshoe Extension (UGD0055 – definition)

Understanding the Ledbetter Phase 4

Ledbetter Phase 4 mineralization is situated within the current open pit reserve and is planned as the final phase of the Ledbetter open pit. The presence of a higher-grade resource signifies potential for an underground mine, prompting an ongoing trade-off study to determine the most beneficial mining approach. Thus far, 9,053 meters have been drilled, revealing spectacular results compared to earlier drilling activities. In the upcoming months, additional exploratory drilling will be performed aimed at extending new mineralization approximately 50 to 250 meters northwest of the current resource.

Horseshoe and Horseshoe Extension Developments

Drilling at the Horseshoe Underground Mine has yielded promising results with 6,956 meters of a planned 10,605 meters already drilled this year. Out of 15 new drill holes, 3 holes confirmed the conversion of Inferred resources while the rest are dedicated to providing a clear definition of the Horseshoe Extension target. Although HEX has been identified as a non-resource area currently, continuous drilling will establish its potential, considering its close proximity to the current Horseshoe underground mine and future access plans.

Final Thoughts on Mineralization Potential

The ongoing drilling at Horseshoe has intersected Inferred resources, with encouraging mineralization results reported. The success in extracting detailed results across multiple zones signifies the optimistic outlook for both the Ledbetter and Horseshoe regions.

Frequently Asked Questions

What are the latest drill results reported by OceanaGold?

OceanaGold reported several significant drill results, including core lengths of 82.0 m at 35.07 g/t Au and 4.6 m at 398.12 g/t Au from the Ledbetter Phase 4.

How does OceanaGold's resource conversion drilling benefit its operations?

The resource conversion drilling increases confidence in existing and potential future mineral resources, enabling more strategic planning for underground mining development.

What is the significance of the Horseshoe Extension in this context?

The Horseshoe Extension is an area of ongoing exploration; drilling here aims to evaluate its potential for conversion into a resource, positioned adjacent to existing mining operations.

What strategies is OceanaGold employing to determine the best mining methods?

OceanaGold is conducting trade-off studies comparing economic outcomes of open-pit versus underground mining approaches to maximize value from the Ledbetter Phase 4 resource.

How can I stay informed about OceanaGold's exploration activities?

For updated information on exploration activities and drill results, you can visit OceanaGold's website and sign up for news releases.

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