"Results at Didipio continue to extend mineralization at depth and we have now drilled a second hole below the existing resource as a follow-up to last year's drilling. This result extends known mineralization a further ~150 metres at depth into Panel 4, and a total of ~200 metres below the current inferred resource. Lastly, I am delighted we are now drilling at the Napartan regional target, located 9 kilometres northwest of Didipio, with two holes of a 2,500 metre program now completed, awaiting assay results."
- Haile drill highlights include (core length):
- 34.9 m @ 7.6 g/t Au, Horseshoe (UGD0026 - conversion)
- 39.3 m @ 5.8 g/t Au, Horseshoe Extension (UGD0044 - extensional)
- 34.4 m @ 4.6 g/t Au, Horseshoe Extension (UGD0026 - extensional)
- 34.3 m @ 4.3 g/t Au, Horseshoe Extension (UGD0035 - extensional)
- Didipio drill highlights include (core length):
- 103 m @ 2.02 g/t AuEq, Eastern Monzonite (RDUG515 - conversion)
- 91 m @ 2.24 g/t AuEq, Eastern Monzonite (RDUG517 – conversion)
- 72 m @ 2.28 g/t AuEq, Eastern Monzonite (RDUG518 – conversion)
- 87m @ 1.43 g/t AuEq, Eastern Monzonite (RDUG522 – extensional)
- 66 m @ 1.76 g/t AuEq, Feldspar Porphyry (RDUG625A – extensional)
- 35 m @ 1.06 g/t AuEq, Northern Balut (RDUG523 – extensional)
Haile Exploration Update
Resource conversion and extensional drilling from Horseshoe Underground continues with 2,142 metres completed of a planned 10,605 metres this year. The results from 8 holes drilled at Horseshoe Extension target and lower Horseshoe at the end of 2023 and the beginning of 2024 have been received. Highlights from this drilling include 34.9 m @ 7.60 g/t Au from hole UGD0026 targeting conversion of the lower Horseshoe Inferred resource (result received after data cut-off for 2023 end of year Reserve and Resource model update) and 39.3 m @ 5.8 g/t Au from hole UGD0044, among others, targeting resource growth at Horseshoe Extension.
Horseshoe Extension is a zone of mineralization located approximately 200 metres southwest of the Horseshoe orebody with similar plunge on the southern limb of the northeastern striking antiform (Figure 1). Mineralization is of the same character as Horseshoe, occurring along a mineralized metasediment/metavolcanic contact. Continuity of the lower Horseshoe Extension mineralization is confirmed (Figure 1, UGD0040, 41, 44, 45).
Drilling in 2024 will continue to target the Horseshoe Extension as more optimal drill locations become available with more underground development and will also target infill drilling of inferred mineralization at lower Horseshoe.
- Inclusive of Reserves
- Based on reported Reserves and Resources for the year ended 2023
Didipio Exploration Update
Since the
Extensional Drilling
Extensional drilling has been achieved by extending resource conversion drill holes beyond the resource shell to the north, northeast, and at depth to approximately 1,700 mRL; extending mineralisation approximately 750 metres below the bottom of the open pit. Extensional drilling has focused on (a) depth extension of Balut Dyke mineralization on the northern side of the Syenite Porphyry (Figure 3, section A – A'), and (b) depth extension of mineralization within the Monzonite in Panel 4 (Figure 3, section B – B').
Extensional hole RDUG522 was completed to follow up on the previous success of hole RDUG611 (72 m @ 3.40 g/t AuEq) reported in
Hole RDUG523 returned a result of 35 m @ 1.06 g/t AuEq and confirmed a 70 m vertical continuation of the recently identified Balut Dyke on the northern side of the Syenite with similar thickness below previously reported RDUG500 with 45.4 m @ 2.51 g/t AuEq (Figure 3). Mineralization of the Balut on the north remains open along strike and at depth while its analogue defined at a higher elevation on the south also remains open at depth and to be tested to a similar elevation (i.e. 1,900mRL).
In addition, hole RDUG627 has identified an additional zone of mineralization further east (Figure 4, F-F') intersecting 15 m @ 3.32 g/t AuEq associated with another Feldspar Porphyry. The recent discovery of three new mineralized intrusives in the east highlights the prospectivity that remains for further mineralized areas.
Resource Conversion Drilling
Resource Conversion drilling has focused on (i) conversion of the inferred resource within the Monzonite Porphyry directly east of the Syenite Porphyry within Panel 3 (< 2,100 mRL, Figure 4, C-C', D-D'), and (ii) infill drilling of the mineralized Eastern Breccia and Feldspar Porphyry in the east (Figure 4, section E-E' and F-F'). These drill programs broadly confirm and provide improved confidence in the inferred grade estimates as calculated in the end of year 2023 annual resource and reserve model.
Follow-up drilling on two mineralized intrusives discovered in 2022 (Eastern Breccia and Feldspar Porphyry) demonstrates continuity of mineralization with both zones remaining open at depth and potentially expanding the mineralized Feldspar Porphyry (Figures 4, E-E', F-F'). Hole RDUG625A has confirmed the continuity of mineralization within the Feldspar Porphyry while holes RDUG626 and RDUG623 appear to have closed off this mineralization to the east.
Napartan Exploration Update
Regional exploration in 2024 includes advancing the Napartan initial drill target, 9 km north-west of the Didipio mine. Surface mapping and sampling has identified a Cu-Au mineralised pegmatite similar in nature to the Balut Dyke and an important ores source at Didipio. Drilling at Napartan began on
Table 1: Haile drill intersections. Intervals are core length, not true width. "Conversion" intercept is within the current resource model shell, while "Extensional" are intercepts outside the current resource model shell. NSR = No Significant Result.
Hole ID | From | To | Interval | Au | Target | Category |
(m) | (m) | (m) | (g/t) | |||
UGD0026 | 312.6 | 347.5 | 34.9 | 7.60 | Horseshoe | Conversion |
UGD0032 | 200.9 | 211.9 | 11.1 | 2.15 | Horseshoe Extension | Extension |
And | 229.5 | 238.5 | 9.1 | 3.15 | Horseshoe Extension | Extension |
UGD0035 | 225.4 | 229.8 | 4.4 | 2.54 | Horseshoe Extension | Extension |
And | 241.4 | 248.1 | 6.7 | 11.70 | Horseshoe Extension | Extension |
And | 262.4 | 296.7 | 34.3 | 4.32 | Horseshoe Extension | Extension |
Including | 285.9 | 293.9 | 8.0 | 10.47 | Horseshoe Extension | Extension |
UGD0036 | NSR | Horseshoe Extension | Extension | |||
UGD0040 | 318.2 | 333.5 | 15.2 | 8.24 | Horseshoe Extension | Extension |
Including | 322.8 | 332.0 | 9.2 | 12.15 | Horseshoe Extension | Extension |
And | 341.1 | 360.1 | 19.0 | 3.12 | Horseshoe Extension | Extension |
UGD0041 | 315.2 | 356.3 | 41.2 | 3.58 | Horseshoe Extension | Extension |
Including | 338.8 | 343.6 | 4.8 | 11.89 | Horseshoe Extension | Extension |
UGD0044 | 312.5 | 351.7 | 39.3 | 5.83 | Horseshoe Extension | Extension |
Including | 319.6 | 336.7 | 17.2 | 10.34 | Horseshoe Extension | Extension |
UGD0045 | 320.4 | 354.8 | 34.4 | 4.60 | Horseshoe Extension | Extension |
including | 337.2 | 341.1 | 3.9 | 32.09 | Horseshoe Extension | Extension |
Table 2: Didipio drill intersections. Intervals are core length, not true width. "Conversion" are intercepts within the current resource model shell, while "Extensional" are intercepts outside the current resource model shell.
Hole ID | From | To | Interval | Au | Cu | AuEq | Target | Category |
(m) | (m) | (m) | (g/t) | ( %) | (g/t) | |||
RDUG509 | 117 | 185 | 68 | 0.60 | 0.35 | 1.08 | Monzonite | Conversion |
RDUG510 | 78 | 136 | 58 | 0.64 | 0.28 | 1.02 | Monzonite | Conversion |
And | 143 | 199 | 56 | 0.39 | 0.25 | 0.74 | Monzonite | Conversion |
RDUG511 | 81 | 181 | 100 | 0.79 | 0.36 | 1.29 | Monzonite | Conversion |
And | 191 | 237 | 46 | 0.67 | 0.34 | 1.14 | Monzonite | Conversion |
RDUG512 | 45 | 59 | 14 | 2.26 | 4.32 | 8.27 | Monzonite | Conversion |
And | 66 | 120 | 54 | 0.58 | 0.33 | 1.04 | Monzonite | Conversion |
And | 140 | 192 | 52 | 0.51 | 0.32 | 0.95 | Monzonite | Conversion |
RDUG513 | 91 | 148 | 57 | 0.93 | 0.36 | 1.42 | Monzonite | Conversion |
Including | 128 | 136 | 8 | 2.35 | 0.64 | 3.25 | Monzonite | Conversion |
RDUG514 | 43 | 52 | 9 | 1.97 | 1.00 | 3.35 | Monzonite | Conversion |
and | 156 | 210 | 54 | 1.34 | 0.54 | 2.08 | Monzonite | Conversion |
Including | 169 | 178 | 9 | 3.31 | 1.27 | 5.07 | Monzonite | Conversion |
RDUG515 | 64 | 167 | 103 | 1.32 | 0.50 | 2.02 | Monzonite | Conversion |
RDUG516 | 120 | 139 | 19 | 1.31 | 0.58 | 2.11 | Monzonite | Conversion |
And | 169 | 219 | 50 | 0.65 | 0.31 | 1.08 | Monzonite | Conversion |
Hole ID | From | To | Interval | Au | Cu | AuEq | Target | Category |
(m) | (m) | (m) | (g/t) | ( %) | (g/t) | |||
RDUG517 | 72 | 163 | 91 | 1.61 | 0.46 | 2.24 | Monzonite | Conversion |
RDUG518 | 62 | 134 | 72 | 1.40 | 0.63 | 2.28 | Monzonite | Conversion |
And | 156 | 178 | 22 | 4.21 | 0.61 | 5.07 | Monzonite | Conversion |
Including | 159 | 165 | 6 | 13.04 | 1.10 | 14.57 | Monzonite | Conversion |
And | 184 | 251 | 67 | 1.20 | 0.28 | 1.60 | Monzonite | Conversion |
RDUG519 | 128 | 151 | 23 | 1.03 | 0.38 | 1.56 | Monzonite | Conversion |
And | 175 | 240 | 65 | 1.04 | 0.37 | 1.56 | Monzonite | Conversion |
RDUG520 | 83 | 131 | 48 | 2.00 | 0.47 | 2.65 | Monzonite, Sth Balut Extension | Conversion |
Including | 105 | 116 | 11 | 5.01 | 0.84 | 6.17 | Monzonite, Sth Balut Extension | Conversion |
RDUG521 | 123 | 158 | 35 | 1.80 | 0.55 | 2.57 | Monzonite, Sth Balut Extension | Conversion |
RDUG522 | 376 | 463 | 87 | 1.01 | 0.30 | 1.43 | Monzonite | Extensional |
And | 469 | 503 | 34 | 0.52 | 0.24 | 0.85 | Monzonite | Extensional |
RDUG523 | 315 | 350 | 35 | 0.83 | 0.17 | 1.06 | Northern Balut | Extensional |
And | 366 | 384 | 18 | 1.26 | 0.28 | 1.65 | Northern Balut | Extensional |
RDUG623 | 23 | 75 | 52 | 0.77 | 0.45 | 1.40 | Eastern Breccia | Conversion |
RDUG624 | 14 | 58 | 44 | 0.54 | 0.49 | 1.22 | Eastern Breccia | Conversion |
And | 150 | 190 | 40 | 0.45 | 0.35 | 0.93 | Monzonite | Conversion |
RDUG625A | 20 | 87 | 67 | 0.50 | 0.33 | 0.96 | Eastern Breccia | Conversion |
And | 196 | 262 | 66 | 1.02 | 0.54 | 1.76 | Monzonite, Feldspar Porphyry | Extensional |
RDUG626 | 24 | 64 | 40 | 0.65 | 0.45 | 1.27 | Eastern Breccia | Conversion |
RDUG627 | 11 | 68 | 57 | 0.93 | 0.50 | 1.62 | Eastern Breccia | Conversion |
And | 197 | 212 | 15 | 2.35 | 0.70 | 3.32 | Monzonite, Feldspar Porphyry | Extensional |
Including | 206 | 212 | 6 | 4.57 | 1.13 | 6.14 | Monzonite, Feldspar Porphyry | Extensional |
RDUG628 | 37 | 78 | 41 | 0.71 | 0.43 | 1.32 | Eastern Breccia | Conversion |
RDUG629 | 60 | 132 | 73 | 0.79 | 0.44 | 1.40 | Eastern Breccia | Conversion |
RDUG630 | 40 | 62 | 22 | 0.56 | 0.59 | 1.38 | Eastern Breccia | Conversion |
For further information relating to drill hole data please refer to the Company's website at https://investors.oceanagold.com/additional-drillhole-data.
The exploration results in this press release were prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators ("NI 43-101").
Information relating to the Haile and Didipio exploration results in this document have been verified and are based on and fairly represent information compiled by or prepared under the supervision of Craig Feebrey, a Member of the
Since
Blanks and standards are inserted every 20th sample. Check assays are submitted to the SGS lab in
All drill hole samples are handled and transported from the drill rigs to the secured Haile Exploration warehouse by
Exploration diamond core samples at the
Since 2013, all
Gold analysis is by Fire Assay with AAS finish. Copper analysis is either by AAS on a 3-acid digest or XRF. These methods are considered appropriate for the type of mineralisation and expected grade tenor. The quantity and quality of the lithological, geotechnical, and geochemical data collected in the exploration, surface resource delineation, underground resource delineation, and grade control drill programs are considered sufficient to support the Mineral Resources and Mineral Reserves estimation.
In addition to the internal SGS QC controls,
For further information, please refer to the following NI 43-101 technical reports available on the SEDAR+ website at www.sedarplus.com under the Company's profile or on our website at www.oceanagold.com.:
a) "NI 43-101 Technical Report Haile Gold Mine
b) "NI 43-101 Technical Report Didipio Gold /
Certain information contained in this news release may be deemed "forward-looking" within the meaning of applicable securities laws. Forward-looking statements and information relate to future performance and reflect the Company's expectations regarding the generation of free cash flow, execution of business strategy, future growth, future production, estimated costs, results of operations, business prospects and opportunities of
www.oceanagold.com
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