OceanaGold Reports Mineral Reserves and Resources for the Year Ended 2023
Additionally, I am delighted by the increase in Indicated resources at Wharekirauponga in
- Total Mineral Reserve additions of 0.69 Moz before mining depletion and adjustments
- Total Measured and Indicated Mineral Resource additions totalled 1.12 Moz
- Initial Mineral Reserves of 4.0 Mt @ 2.91 g/t Au for 0.38 Moz declared at Palomino at Haile
- Increase in Mineral Reserves to 3.8 Mt @ 4.23 g/t Au for 0.52 Moz at Horseshoe at Haile
- Increase in Measured and Indicated Mineral Resources at Didipio of 0.11 Moz
- Increase in Indicated Mineral Resources to 2.0 Mt @ 15.9 g/t Au for 1.01 Moz at Wharekirauponga
- Increase in Indicated Mineral Resources by 0.15 Moz at Martha Underground at Waihi
- Decrease in Mineral Reserves at Macraes by 0.5Moz, reflecting the removal of
Round Hill
The Proven and Probable Mineral Reserves estimates as at
Table 1: Proven and Probable Reserves as at
PROJECT |
PROVEN |
PROBABLE |
PROVEN & PROBABLE |
|
||||||||||||
AREA |
Mt |
Au g/t |
Ag g/t |
Cu% |
Mt |
Au g/t |
Ag g/t |
Cu% |
Mt |
Au g/t |
Ag g/t |
Cu% |
|
|
Cu Mt |
Cut-Off |
Horseshoe Underground |
0.10 |
4.53 |
2.0 |
. |
3.7 |
4.23 |
1.7 |
. |
3.8 |
4.23 |
1.7 |
. |
0.52 |
0.2 |
. |
1.74 g/t Au |
Palomino Underground |
. |
. |
. |
. |
4.0 |
2.91 |
2.7 |
. |
4.0 |
2.91 |
2.7 |
. |
0.38 |
0.3 |
. |
1.74 g/t Au |
Open Pits |
3.6 |
1.03 |
1.6 |
. |
32.8 |
1.62 |
2.4 |
. |
36.4 |
1.56 |
2.3 |
. |
1.82 |
2.7 |
. |
0.50 g/t & 0.60 g/t |
HAILE TOTAL |
3.7 |
1.13 |
1.6 |
|
40.6 |
1.98 |
2.4 |
|
44.3 |
1.91 |
2.3 |
|
2.72 |
3.3 |
|
|
Didipio Underground |
14.6 |
1.56 |
1.9 |
0.43 |
5.92 |
0.95 |
1.6 |
0.36 |
20.5 |
1.38 |
1.8 |
0.41 |
0.91 |
1.2 |
0.08 |
0.76 g/t & 1.16 g/t |
Open Pit Stockpiles |
18.0 |
0.32 |
2.0 |
0.29 |
. |
. |
. |
. |
18.0 |
0.32 |
2.0 |
0.29 |
0.18 |
1.2 |
0.05 |
0.40 g/t AuEq |
DIDIPIO TOTAL |
32.6 |
0.87 |
1.9 |
0.4 |
5.9 |
0.95 |
1.6 |
0.4 |
38.6 |
0.88 |
1.9 |
0.4 |
1.10 |
2.3 |
0.14 |
|
Macraes Underground |
0.2 |
2.00 |
. |
. |
2.8 |
1.97 |
. |
. |
3.0 |
1.97 |
. |
. |
0.19 |
. |
. |
1.28 g/t & 1.35 g/t |
Macraes Open Pits |
6.0 |
0.51 |
. |
. |
13.6 |
0.71 |
. |
. |
19.6 |
0.65 |
. |
. |
0.41 |
. |
. |
0.40 g/t Au |
MACRAES TOTAL |
6.2 |
0.55 |
|
|
16.4 |
0.92 |
|
|
22.5 |
0.82 |
|
|
0.60 |
|
|
|
Martha Underground |
. |
. |
. |
. |
3.30 |
4.51 |
15 |
. |
3.30 |
4.51 |
15 |
. |
0.48 |
1.5 |
. |
2.60 g/t & 3.10 g/t |
WAIHI TOTAL |
|
|
|
|
3.3 |
4.51 |
15 |
|
3.3 |
4.51 |
15 |
|
0.48 |
1.5 |
|
|
TOTAL |
42.5 |
0.85 |
|
|
66.2 |
1.75 |
|
|
109 |
1.40 |
|
|
4.89 |
7.2 |
0.14 |
|
- Mineral Reserves are defined by mine designs based upon metal prices of
US$1,500 /oz gold,US$3.00 /lb copper andUS$17 /oz silver.New Zealand reserves use0.70 NZD /USD exchange rate. - Reported estimates of contained metal are not depleted for processing losses.
- For underground reserves, cut-offs applied to diluted grades.
- For
Haile Open Pit , the primary cut-off grade is 0.5 g/t Au whilst oxide material is assigned a 0.6 g/t Au cut-off grade. - For Haile Underground, the cut-off is 1.87 g/t Au, with adjacent lower grade stopes included in the reserves based on an incremental stope cut-off grade of 1.74 g/t Au.
- For Didipio, gold equivalence (AuEq) is based upon the presented gold and copper prices as well as processing recoveries. AuEq = Au g/t + 1.37 x Cu%.
- For Didipio, the 18.0 Mt open pit stockpile inventory includes 5.3 Mt of low-grade stocks mined at an approximate 0.27 g/t AuEq cut-off.
- For Didipio Underground, incremental stopes proximal to development already planned to access main stoping areas are reported to a lower cut-off of 0.76 g/t AuEq.
- For Macraes Underground, Frasers Underground cut-off is 1.28 g/t Au whilst Golden Point Underground cut-off is 1.35 g/t Au.
- For Martha Underground, the cut-off for previously unmined stoping areas is 2.6 g/t Au, increasing to 3.1 g/t Au for stoping areas in close proximity to remnant workings.
Mineral Reserves increased year-over-year at Haile, due to increases in the Haile underground, where additions were made at Horseshoe and the first Mineral Reserve estimate for Palomino was declared. Further details, including a detailed mine plan for Haile, is expected to be released in an updated technical report in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101") by
The Macraes Future Options work was completed in 2023, as outlined in the 2022 Mineral Reserves and Resources statement. The work concluded that the
Measured and Indicated Resources
The Measured and Indicated Mineral Resource estimates (inclusive of Mineral Reserves) as at
Table
2
: Measured and Indicated Resources as at
PROJECT |
MEASURED |
INDICATED |
MEASURED & INDICATED |
|
||||||||||||||
AREA |
Mt |
Au g/t |
Ag g/t |
Cu% |
Mt |
Au g/t |
Ag g/t |
Cu% |
Mt |
Au g/t |
Ag g/t |
Cu% |
|
|
Cu Mt |
Cut-Off |
|
|
Horseshoe Underground |
0.1 |
5.04 |
2.0 |
. |
3.7 |
5.49 |
2.3 |
. |
3.8 |
5.48 |
2.3 |
. |
0.67 |
0.3 |
. |
1.55 g/t Au |
|
|
Palomino Underground |
. |
. |
. |
. |
4.5 |
3.10 |
2.8 |
. |
4.5 |
3.10 |
2.8 |
. |
0.45 |
0.4 |
. |
1.55 g/t Au |
|
|
Open Pits |
3.8 |
1.02 |
1.1 |
. |
34.4 |
1.58 |
2.5 |
. |
38.1 |
1.53 |
2.4 |
. |
1.87 |
2.9 |
. |
0.5 g/t / 0.6 g/t Au |
|
|
HAILE TOTAL |
3.9 |
1.15 |
|
|
42.6 |
2.08 |
|
|
46.5 |
2.00 |
|
|
3.00 |
3.6 |
|
|
|
|
Didipio Underground |
15.0 |
1.70 |
2.1 |
0.46 |
14.8 |
0.92 |
1.5 |
0.34 |
29.8 |
1.31 |
1.8 |
0.40 |
1.26 |
1.7 |
0.12 |
0.67 g/t AuEq |
|
|
Open Pit Stockpiles |
18.0 |
0.32 |
2.0 |
0.29 |
. |
. |
. |
. |
18.0 |
0.32 |
2.0 |
0.29 |
0.19 |
1.1 |
0.05 |
0.40 g/t AuEq |
|
|
DIDIPIO TOTAL |
33.0 |
0.95 |
|
|
14.8 |
0.92 |
|
|
47.8 |
0.94 |
|
|
1.44 |
2.8 |
0.17 |
|
|
|
Macraes Underground |
0.3 |
2.60 |
. |
. |
7.6 |
2.43 |
. |
. |
7.9 |
2.43 |
. |
. |
0.62 |
. |
. |
1.28 g/t / 1.19 g/t Au |
|
|
Open Pits |
10.2 |
0.73 |
. |
. |
23.5 |
0.63 |
. |
. |
33.8 |
0.66 |
. |
. |
0.72 |
. |
. |
0.30 g/t Au |
|
|
MACRAES TOTAL |
10.5 |
0.78 |
|
|
31.2 |
1.07 |
|
|
41.7 |
1.00 |
|
|
1.34 |
|
|
|
|
|
Martha Underground |
. |
. |
. |
. |
6.4 |
5.43 |
23.0 |
. |
6.4 |
5.43 |
23.0 |
. |
1.12 |
4.8 |
. |
2.15 g/t Au |
|
|
Wharekirauponga |
. |
. |
. |
. |
2.0 |
15.9 |
25.3 |
. |
2.0 |
15.9 |
25.3 |
. |
1.01 |
1.6 |
. |
2.50 g/t Au |
|
|
Open Pits |
. |
. |
. |
. |
7.2 |
1.73 |
12.7 |
. |
7.2 |
1.73 |
12.7 |
. |
0.40 |
2.9 |
. |
0.5 g/t / 0.56 g/t Au |
|
|
WAIHI TOTAL |
|
|
|
|
15.6 |
5.06 |
|
|
15.6 |
5.06 |
|
|
2.54 |
9.3 |
|
|
|
|
TOTAL |
47.4 |
0.93 |
|
|
104 |
2.06 |
|
|
152 |
1.71 |
|
|
8.31 |
15.7 |
0.17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Mineral Resources include Mineral Reserves. There is no certainty that Mineral Resources, not included as Mineral Reserves, will convert to Mineral Reserves.
- All resources are based upon metal prices of
US$1,700 /oz gold,US$3.50 /lb copper andUS$20 /oz silver and a0.70 NZD /USD exchange rate forNew Zealand resources. -
Open Pit resources constrained to shells based upon economic assumptions above.Waihi Open Pit resources reported within a pit design limited by infrastructural considerations.Haile Open Pit resources reported within reserve design pit. - Underground resources for Didipio, Horseshoe at Haile, and Frasers and
Golden Point at Macraes, are reported within volumes guided by optimised stope designs. Underground resources for Palomino at Haile and Martha and Wharekirauponga at Waihi are reported within optimised stope designs based upon economic assumptions above. -
Haile Open Pit primary cut-off 0.50 g/t Au, oxide cut-off 0.60 g/t Au. Palomino resources and Horseshoe resources at a 1.55 g/t Au cut-off. - For
Didipio Open Pit , only stockpiles remain. These include 5.3 Mt of low grade at 0.27 g/t AuEq. Underground resources reported at a 0.67 g/t AuEq cut-off between the 2,460mRL and 1,920mRL with gold equivalence (AuEq) cut-off based on presented gold and copper prices. AuEq = Au g/t + 1.39 x Cu %. - Waihi: Martha Underground at a 2.15 g/t Au cut-off, Wharekirauponga at a 2.5 g/t Au cut-off,
Martha Open Pit at a 0.5 g/t Au cut-off andGladstone Open Pit at a 0.56 g/t Au cut-off.
The year-over-year decrease of 0.28 Moz was largely due to mining depletion across the operations and the previously mentioned removal of
Inferred Resources
The Inferred Mineral Resource estimates as at
Table 3: Inferred Resources as at
PROJECT |
INFERRED |
|
||||||
AREA |
Mt |
Au g/t |
Ag g/t |
Cu% |
|
|
Cu Mt |
Cut-Off |
Horseshoe Underground |
1.8 |
4.1 |
2.1 |
. |
0.2 |
0.13 |
. |
1.55 g/t Au |
Palomino Underground |
0.8 |
2.2 |
2.0 |
. |
0.1 |
0.05 |
. |
1.55 g/t Au |
Open Pits |
2.8 |
0.9 |
. |
. |
0.1 |
. |
. |
0.5 g/t / 0.6 g/t Au |
HAILE TOTAL |
5.4 |
2.2 |
|
|
0.4 |
0.2 |
|
|
Didipio Underground |
12 |
0.8 |
1.3 |
0.3 |
0.3 |
0.5 |
0.03 |
0.67 g/t AuEq |
Open Pit Stockpiles |
|
|
|
|
|
|
|
0.40 g/t AuEq |
DIDIPIO TOTAL |
12 |
0.8 |
1.3 |
0.1 |
0.3 |
0.5 |
0.03 |
|
Macraes Underground |
2.5 |
1.9 |
. |
. |
0.2 |
. |
. |
1.28 g/t / 1.19 g/t Au |
Open Pits |
11 |
0.8 |
. |
. |
0.3 |
. |
. |
0.30 g/t Au |
MACRAES TOTAL |
13 |
1.0 |
|
|
0.4 |
|
|
|
Martha Underground |
3.1 |
4.7 |
24 |
. |
0.5 |
2.4 |
. |
2.15 g/t Au |
Wharekirauponga |
1.2 |
9.0 |
17 |
. |
0.4 |
0.7 |
. |
2.50 g/t Au |
Open Pits |
5.7 |
1.7 |
16 |
. |
0.3 |
3.0 |
. |
0.5 g/t / 0.56 g/t Au |
WAIHI TOTAL |
10 |
3.6 |
19 |
|
1.1 |
6.0 |
|
|
TOTAL |
40 |
1.8 |
|
|
2.3 |
6.7 |
0.03 |
|
- See footnotes for Table 2
Of the 1.6 Moz year-over-year gold decrease in Inferred Resources, 0.7 Moz is attributed to the sale in
Technical reports for Haile and Macraes, prepared in accordance with NI 43-101, will be filed under the Company's profile on SEDAR+ at www.sedarplus.com and on the Company's website concurrent with the filing of the Company's 2023 annual information form by
All Mineral Reserves and Mineral Resources were estimated as at
All tonnage, grade and contained metal content estimates have been rounded; rounding may result in apparent summation differences between tonnes, grade, and contained metal content.
Mineral Resources are reported inclusive of Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. The estimation of Mineral Resources is inherently uncertain and involves subjective judgments about many relevant factors. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.
The updates to the Mineral Resources estimate for Haile open pit and underground have been verified and approved by, or are based on information prepared by, or under the supervision of,
Any updates to the Mineral Resources estimate for Macraes open pits have been verified and approved by, or are based on information prepared by, or under the supervision of,
Any updates to the Mineral Resources estimate for Waihi's Martha open pit have been verified and approved by, or are based on information prepared by, or under the supervision of,
All such persons noted above are "qualified persons" for the purposes of NI 43-101.
For further scientific and technical information supporting the disclosure in this news release (including disclosure regarding Mineral Resources and Mineral Reserves, data verification, key assumptions, parameters, methods used to estimate the Mineral Resources and Mineral Reserves, and risks and other factors), please refer to the following NI 43-101 technical reports available on the SEDAR+ website at www.sedarplus.com under the Company's name:
- "NI 43-101 Technical Report Macraes Gold Mine Otago, New Zealand" dated
September 25, 2020 with an effective date ofJune 30, 2020 , prepared byD. Carr , Chief Metallurgist andT. Cooney , previously General Manager of Studies, andP. Doelman , Tech Services and Project Manager,S. Doyle , previously Principal Resource Geologist andP. Edwards , Senior Project Geologist; - "NI 43-101 Technical Report Didipio Gold /
Copper Operations Luzon Island ,Philippines " datedMarch 31, 2022 with an effective date ofDecember 31, 2021 , prepared byD. Carr , , P Jones, andJ. Moore ; - "
Waihi District - Martha Underground Feasibility Study NI 43-101 Technical Report" with an effective date ofMarch 31, 2021 , prepared byT. Maton ,Study Manager andP. Church , previously Principal Resource Development Geologist, andD. Carr ; and - "NI 43-101 Technical Report Haile Gold Mine
Lancaster County, South Carolina " datedMarch 30, 2022 with an effective date ofDecember 31, 2021 , prepared byD. Carr , Chief Metallurgist,G. Hollett , Group Mining Engineer, andJ. Moore ,B. Drury andD. Londono ,M. Kirby ,J. Poeck ,M. Sullivan ,D. Bird ,B. S. Prosser andJ. Tinucci ofSRK Consulting ,J. Newton Janney-Moore andW. Lucas Kingston of Newfields andL. Standridge of Call and Nicholas.
The disclosure in this news release has been prepared in accordance with NI 43-101, which differs significantly from the requirements of the
Certain information contained in this news release may be deemed "forward-looking" within the meaning of applicable securities laws. All statements other than statements of historical facts included in this news release constitute forward-looking statements, including but not limited to, the extension of mine life at Haile, the timing for first ore from Palomino, preparation for an updated NI 43-101 on each of Haile and Macraes and the scope of such technical report, information relating 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
The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements and information, whether as a result of new information, events or otherwise, except as required by applicable securities laws. The information contained in this release is not investment or financial product advice.
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