Oceana Gold Corporation (ASX: OGC) announced on 26th February 2019 that the company has identified a high-grade mineral resource at its Wharekirauponga project (WKP). The project is located ten kilometres north of the Township of Waihi, Hauraki, New Zealand. As per the company, the inferred resource is comprised of material from several veins along the East Graben vein trend, and the resource has a gold grade of 11.9g/t with a total of 1.1 million tonnes. The East Graben main vein contributing 460,000 tonnes at a grade of 12.2g/t gold for 180,000 ounces, represent approx.45% of the inferred resource and the footwall veins to the East Graben main vein contributes 325,000 tonnes at a grade of 13.9g/t, which represents 36% of the contained inferred metal totalling 145,000 ounces of gold.
As per the company report, the indicated resource of 0.41 million tonnes with a grade of 18.0g/t gold for 234Koz and 22.7g/t of silver for 296koz is identified on the East Graben Vein. The company also recognized an inferred resource of 1.05 million tonnes with a grade of 11.9g/t gold for 401koz and 16.8g/t of silver for 568koz on the East Graben and T-stream veins.
The resource classification is based on average drill hole spacing. Indicated resources are defined using an average distance to the three closest drill holes of 50 metres, and as of now only East Graben vein is considered for classification as indicated resource and approx.32,000m has been drilled in 67 more drill holes on the project since 1980. All drill core was routinely oriented by plasticine imprint or using the Ezimark or Reflex core method.
As per the president and CEO of the company, Mick Wilkes, the discovery and identification of the new resources mark a robust organic growth potential of the company through exploration and in 2019 the company is expecting to drill 14,500 metres of diamond drilling at WKP.
The company previously surged on Australian stock exchange (ASX) after it presented its quarterly (Q4 2018) and full year 2018 results. In the recent announcement, the company declared a six-month ordinary 100% unfranked dividend of US$0.01 or A$0.014. It also announced about the board of directors change recently. The company appointed Ian Reid as the new Non-Executive Chairman, effective from June 2019 as Mr. Jim Askew will retire on June 2019 Annual General Meeting as a present Non-Executive chairman. The company appointed Mr. Craig Nelsen as a new Non-Executive Director.
The share price of the company is on a surge from A$4.200, which marked a day’s low on 8th February 2019. The prices started surging from the level of A$4.200 to reach a high of A$4.840, which marked a day’s high of 20th February 2019. Currently, the market price of the share is hovering in the range of A$4.840 to A$4.570.
At the time of writing this report, the shares are trading at A$4.710 (as on 26th February 2019, 3:39 PM), up by 1.29% from its previous close of A$4.650. During the session so far, the share marked a day’s high of A$4.810 and a day’s low of A$4.670 with an average volume of 449,843.
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