OceanaGold provides Mineral Resource and Reserve update for the year ended 31st December 2018
OceanaGold Corporation (ASX: OGC) provided an annual Resource and Reserve update on 29th March 2019 for the year ended 31st December 2018.
OceanaGold reported the minerals as per the JORC 2012 reporting standards into proven and probable mineral reserves and subdivided the reported mineral reserves as per the operations location. As per the company, its total proven and probable reserve stands at 127 million tonnes with an average grade of 1.36g/t of gold.
OceanaGold’s total proven reserves are at 51.3 million tonnes with an average grade of 1.23g/t of gold, and its probable reserves are at 75.5 million tonnes, with an average grade of 1.46g/t of gold. Probable reserves of the company exceed the proven minerals reserves, and out of total mineral reserves, almost 60% are probable.
The company operates in various countries such as the U.S.A, New Zealand, Philippines, and the company’s Didipio operations, which consists of open pits and underground mines, presented the highest proven mineral reserves of 29.2 million tonnes and lowest probable reserves of 7.3 million tonnes. However, the average gold grade of 0.97g/t from the Philippines operation remained the lowest among other reported grades from different operations.
OceanaGold’s Haile operations in the United States, which also consists of open pits and underground mines, reported lowest proven mineral reserves of 10.2 million tonnes and highest probable reserves of 44.2 million tonnes; however, the average proven grade of gold remained the highest among other projects and was at 1.86g/t of gold.
The New Zealand operations, which consists of Waihi, Macraes, and Blackwater, reported a proven mineral reserve of 11.8 million tonnes and a probable mineral reserve of 24.1 million tonnes.
The company’s total probable and proven mineral reserves now account for 5.56Moz of gold, 3.38Moz of silver and 0.14Mt of copper.
Other JORC 2012 edition complied mineral resources were divided into measured and indicated.
The total mineral resources (Measured and Indicated) were at 190 million tonnes, out of which 126 million tonnes were Indicated mineral resources and only 65.1 million tonnes were Measured mineral resources.
Philippines operations again returned promising results and the measured mineral resources were highest and were at 34.1 million tonnes, but its indicated mineral resources were lowest at 6.6 million tonnes. However, the grade again remained the lowest, as compared to other operations and was at 0.89g/t of gold.
OceanaGold reported measured mineral resources of 10.5 million tonnes and indicated mineral resources of 45.3 million tonnes from its United States operations. Similarly, the company reported 20.5 million tonnes of measured mineral resources and 73.4 million tonnes of indicated mineral resources from its New Zealand operations. As per the company, all mineral resources, i.e. Measure or Indicated reported by the company includes Mineral Reserves.
The company’s total measured and indicated mineral resources now account for 8.59 million ounces of gold, 5.52 million ounces of silver and 0.16 million tonnes of copper,
Inferred Resources profile:
OceanaGold reported a total of 64 million tonnes of inferred mineral resource with an average grade of 1.8g/t of gold. The company’s operation in New Zealand reported an inferred mineral resource of 41 million tonnes; likewise, operation in Philippines reported an inferred resource of 7.7 million tonnes and operations in the U.S reported an inferred mineral resource of 15 million tonnes.
The total inferred mineral resources of the company now account for 3.6 million ounces of gold, 3.5 million ounces of silver and 0.03 million tonnes of copper, which marks a 42% yearly increase, net of mining depletion in 2018.
Such high mineral reserve helps the company to leap and take advantage of high gold prices.
The stock of the company is trading at A$4.420 (as on 29th March 2019, 03:10 PM), down by 4.741% as compared to its previous close.
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