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OceanaGold sees excellent potential for more gold discoveries
25 July 2008, Sources: OceanaGold and Lindsay Clark - Gold miner OceanaGold says there is excellent potential for additional gold discoveries at both its Macraes and Reefton gold mines.
OceanaGold says in its 2007 annual report that initial exploration campaigns at Macraes in 2008 will focus on underground targets down-dip from the Round Hill and Golden Point existing open pits.
Drilling results from the Golden Point extension area last year provided encouragement for a new underground mineralised panel at Macraes.
A major programme of reverse circulation drilling is also planned to delineate and extend the open pit target at the Coronation deposit north of the Macraes plant.
OceanaGold said it expected positive gains to be made to resources when additional drilling data is remodelled from Frasers underground mine at Macraes and the Globe Progress open pits in Reefton.
Drilling in and near the open pit designs at Reefton have identified high grade mineralized structures with significant upside potential.
The company expects to spend NZ$4.4 million in 2008 on exploration in New Zealand. This includes NZ$2.5 million on the Macraes line of strike and NZ$1.6 million on Reefton.
