OceanaGold is signalling an upgrade of the gold resource at its Frasers underground mine in Otago later this year after receiving results from drilling in June.The company said an updated resource estimate would be calculated later this year. It expected
OceanaGold is signalling an upgrade of the gold resource at its Frasers underground mine in Otago later this year after receiving results from drilling in June.
The company said an updated resource estimate would be calculated later this year. It expected a significant portion of the current inferred resources would be upgraded to indicated resources and then integrated into the mine plan as reserves.
The company commissioned the Frasers mine in January 2008 to mine underground extensions of its opencast Macraes Mine.
In April last year it reported high grade mineralisation encountered from drilling down from the panel two area of the mine.
It said today that the first 14 diamond drill holes of an infill drilling programme targeting the southern part of the inferred resource were completed in June. The widths and grade tenor continue to appear as good as, or better than, the panel two mining area.
Results to date are expected to extend the indicated resource boundary and therefore expand the panel two deep reserves.
A follow-up drilling programme is under way.
