OceanaGold drills high-grade gold at Martha

OceanaGold (TSX: OGC; ASX: OGC) has announced new high grade gold intersections from its Martha gold project at its Waihi gold mine in New Zealand. The company will include the latest results in an underground resource model for Martha it will release later this year.

In August 2018, the company announced it had increased Martha’s indicated resource by 700% to 760,000 indicated tonnes grading 5.8 grams gold for 140,000 oz. gold and its inferred resource 250% to 2.49 million inferred tonnes at 4.3 grams gold for 339,000 oz. gold.

Since then it has drilled roughly 10,000 metres at Martha. In particular, it has focussed on defining mineralization in the project’s Martha, Royal, Empire, Dreadnought and Rex veins which, along with the Edward vein, extend 3.2 kilometres.

Highlights from the latest round of assays include Empire’s 36.01 grams gold over 10.7 metres from 206 metres down hole and Martha’s 10.59 grams gold over 4.4 metres from 235 metres down hole.

The company recently announced its third quarter financial and operational results, including an increase in this year’s production guidance to 515,000-545,000 oz. gold from 500,000-540,000 oz. gold.

The company produced 138,000 oz. gold in 2018’s third quarter, up 2,000 oz. gold over the same quarter of the previous year. Cash costs rose for the quarter, however, to US$501 per oz. gold compared with US$416 per oz. gold the previous year. All-in sustaining costs also rose from US$748 per oz. gold to US$761 per oz. gold.

Despite rising costs, the company has earned US$589.2 million in year to date revenue compared with US$478.3 million the year before, and US$110.8 million in net profit compared with US$83.1 million the year before.

Shares of OceanaGold are currently valued at $3.82 with a 52-week range of $2.92 to $4.19. The company has a $2.36 billion market capitalization.


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