- OceanaGold (OGC) has produced its first gold bar at the Martha Underground asset in Waihi, New Zealand
- The maiden gold production comes after the company progressed development by nearly 7.5 kilometres in 2020
- OGC continues to ramp up mining activity, with additional production expected in the first quarter
- Due to Oceana’s successful 2020 drilling campaign, the mine’s indicated resource has increased 36 per cent to one million ounces of gold grading at 5.2g/t
- At market close, OceanaGold is in the grey and trading at $2.23 per share
OceanaGold (OGC) has produced its first gold bar at the Martha Underground asset in Waihi, New Zealand.
The maiden gold production comes after the company progressed development by nearly 7.5 kilometres in 2020.
OGC continues to ramp up mining activity, with additional production expected in the first quarter ahead of the instalment of a new mill shell, which is scheduled to be completed in the late second quarter.
OceanaGold expects the Waihi operation to produce between 35,000 and 45,000 ounces of gold in 2021.
Due to Oceana’s successful 2020 drilling campaign, the mine’s indicated resource has increased 36 per cent to one million ounces of gold grading at 5.2g/t.
CEO Michael Holmes is very pleased with the progress at Martha Underground.
“We will continue to batch process Martha ore this month ahead of the planned mill shut down to install a new SAG mill shell which remains on schedule for completion in late second quarter. Once completed, we expect underground production to sustain continuous milling,” he said.
“The increase in indicated resource underpins the minimum ten-year mine life targeted for MUG. Importantly, we are also on track to complete the Martha feasibility study that will include our initial mineral reserve for the deposit,” he added.
For the next year at the project, OceanaGold has planned an extensive 2021 drilling program, which includes a 27,000-metre drilling campaign targeting resource definition and extensional opportunities.
The company expects to deliver an initial mineral reserve at the end of 2021’s first quarter.
Michael is excited about the future of the Waihi operation.
“We are a responsible mining company that operates to the highest environmental and social standards. With over 30 years of operational success
in New Zealand, we are widely regarded as a valued corporate citizen,” he said.
“We look forward to advancing our exciting growth projects in New Zealand, which we expect will deliver significant socio-economic benefits including an additional 300 new jobs for the local rural communities,” he added.
At market close, OceanaGold is in the grey and trading at $2.23 per share.