OceanaGold Continues To Delineate High-Grade Gold Mineralization At Haile And Wharekirauponga

VANCOUVER, BC, Dec. 14, 2023 /CNW/ - OceanaGold Corporation (TSX: OGC) ("OceanaGold" or the "Company") is pleased to provide an update on results from the 2023 exploration and resource conversion programs at Haile in the United States and Wharekirauponga in New Zealand.

Gerard Bond, President & CEO of OceanaGold, said "2023 has been a successful year for resource conversion at OceanaGold. Drill results released during this year highlight the upside potential for growth within our existing mine footprint at Haile, while results at Wharekirauponga continue to demonstrate the exceptional grade and continuity within the EG vein. Today's drill results provide increased confidence in our resource base and will be reflected in our updated reserves and resource statement to be released early next year."

Highlights

• Haile resource conversion highlights include (core length):
  • 73.8m @ 16.17g/t Au, Horseshoe (UGD0008 - conversion)
  • 19.1m @ 8.63g/t Au and 31.4m @ 9.59g/t Au, Horseshoe (UGD0017 - conversion)
  • 22.6m @ 5.43g/t Au, Horseshoe (UGD0003 - conversion)
  • 73.2m @ 4.92g/t Au, Palomino (DDH1194 - conversion)
  • 21.3m @ 6.15g/t Au, Palomino (DDH1197 - conversion)
• Wharekirauponga resource conversion highlights include (estimated true width intersections):
  • 5.0m @ 77.1g/t Au and 111.6g/t Ag, EG Vein (WKP118B – conversion)
  • 8.4m @ 42.2g/t Au and 90.7g/t Ag, EG Vein (WKP118A – conversion)
  • 4.4m @ 41.6g/t Au and 54.2g/t Ag, EG HWS Vein (WKP118B – conversion)
  • 3.7m @ 39.1g/t Au and 70.3g/t Ag, EG HWS Vein (WKP118A – conversion)
  • 1.5m @ 79.2g/t Au and 208.2g/t Ag, EG Vein (WKP121 – conversion)
  • 3.8m @ 25.8g/t Au and 106.0g/t Ag, EG Vein (WKP111B – conversion)

Haile

A program of resource conversion drilling at Horseshoe Underground totalling ~18,400 metres ("m") is scheduled to be completed by the end of 2024. To date, conversion drilling totalling 6,513m in fifteen holes has been completed, with 3,896m completed since the September 14, 2023 news release. Drilling from underground has targeted the conversion of the lower Horseshoe Inferred resource with 12 holes to date and assay results from four new holes since the last update. Highlights from recent drilling include 73.8m @ 16.17g/t Au from hole UGD0008, in line with the block model estimate, and is similar to hole UGD0002 returning 73.9m @ 13.03g/t Au released in September 2023.

Results were received from five remaining resource conversion holes at Palomino, located approximately 800m southwest of the Horseshoe Underground mine, where future access may be gained from underground infrastructure. Highlights included 73.2m @ 4.92g/t Au (including 9.1m @ 9.63g/t Au) in hole DDH1194 and 21.3m @ 6.15g/t Au (including 4.6m @ 16.32g/t Au) in hole DDH1197. The Palomino resource conversion drill program is now complete, all assay results have been received, and modelling is underway for a resource update in early 2024.

Wharekirauponga

Since the June 19, 2023 exploration update, 5,700m have been drilled at Wharekirauponga, targeting the conversion of Inferred resources in the EG Vein Zone (Figure 2). New intercepts for the EG vein and the EG Hanging Wall Splay ("EG HWS") continue to increase confidence in the geologic model and high-grade continuity of the deposit. Opportunities remain for up-plunge, down-plunge and along-strike extensions of the EG Vein. High-grade intercepts remain open. Step-out drilling in hole WKP100, the most southerly hole on the EG Vein (previously released), confirmed mineralisation continues for at least a further 200 m along strike of the currently defined southern shoot. A new drill site is being consented to enable drill testing of the south-westerly strike extensions of the mineralisation above hole WKP100. The EG Vein Zone remains the primary, near-term target for drilling with resource conversion and extensional drilling to continue through the remainder of 2023 and 2024.

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