OceanaGold Receives Permits for Martha Underground, Mine Life Extension at Waihi
The company has started preparing management plans and detailed mine designs to allow mining operations to begin, which will include stope and infrastructure development. It expects that at full underground mining rate at Martha, the Waihi operation production would return to more recent historic levels.
During the ramp-up phase, the OceanaGold will continue to drill the Martha Underground targets using four diamond rigs from the two underground drill drives located beneath the Martha open pit to further discover and add resources. Based on studies and exploration to-date, the company has an exploration target of between 5 million metric tons (mt) and 8 million mt grading 4 grams (g) per mt to 6 g/mt within the Martha Underground. As of August 9, 2018, the Martha Underground hosted a Measured & Indicated (M&I) Resource of 140,000 oz of gold and an Inferred Resource of approximately 339,000 oz of gold, which was based on only one-third of the planned drilling program. Since this date, the Company has continued to drill from underground and has budgeted a further 42,000 m in 2019 to further test the exploration target.