Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

OceanaGold jumps on additional Frasers resource

OceanaGold jumps on additional Frasers resource

July 12 (BusinessDesk) - OceanaGold Corp. has confirmed discovery of significant additional gold reserves in the Panel 2 Deeps area of the Frasers underground mine, in Otago.

Shares in the NZX-listed gold miner leapt 34 cents, or 8.8%, to $4.19 on the news, recovering much of the ground lost over the last month, although gains for shareholders over the last year still stand at just above 200%.

Infill drilling within the P2 Deeps inferred resource boundary recorded significant grades and thicknesses including 20 metres of 3.73 grammes of gold per tonne of overburden, and nine metres at 3.39 g/t Au, the company said in a statement to the exchange.

"Results to date are expected to extend (the) indicated resource boundary and therefore extend P2 Deeps reserves", with the potential for an extra 18 months of mining operations at the mine, near the Macraes goldmine.

OceanaGold announced inferred resource of more than 0.5Mt last September in the P2 zone, with around 40% of that upgraded to provable reserves, with mine development starting in March.

The results from the latest drilling "appear as good or better than the current Panel 2 mining area."

"It is expected that a significant portion of the current inferred resources will be upgraded to indicated resources and then integerated into the mine plan," OceanaGold said.

(BusinessDesk)

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

$7.5 Billion Surplus: Government Accounts "Show Strong Economy"

“The surplus and low levels of debt show the economy is in good shape. This allows the Government to spend more on infrastructure and make record investments in health and education,” Grant Robertson says. More>>

ALSO:

New OIO Application Trumps Judicial Review: OceanaGold Cleared To Buy Land For Waihi Tailings Expansion

In a surprise turnaround, the government has given OceanaGold a greenlight to buy land to expand its Waihi mine after the application was previously turned down by Land Information Minister Eugenie Sage. More>>

ALSO:

Christchurch Rebuild: Fletcher Sued For $7.5m Over Justice Precinct

Fletcher Building is being sued for $7.5 million by utilities contractor Electrix, one of the subcontractors on the Christchurch Justice and Emergency Services Precinct. More>>

Three New Drugs: PHARMAC Signs Bundle Deal For More Cancer Medicines

420 New Zealanders with lung cancer, breast cancer, multiple sclerosis and respiratory disease will benefit each year from a bundle deal PHARMAC has finalised with a medicine supplier. More>>

ALSO:

"Levels Playing Field": Government Responds To Electricity Price Review

The changes announced today include: • Supporting new and independent retailers by requiring the big power companies to sell into the wholesale market at affordable rates. • Extending discount rates to all customers • A pilot scheme to help customers who have not switched power providers before to shop around for better deals... More>>

ALSO: