At the gold mine in Otago, New Zealand an updated resource estimate has given OceanaGold reason to believe that the Fraser Underground mine will have an additional three years mine life. The managing director said that mining would continue until 2017 based on the new estimate.
Mick Wilkes, the MD of OceanaGold also said that the exploration program over the past 12 months had been successful in considerably expanding the measured and indicated resources at Frasers Underground, and was expected to extend the mine life at that operation by at least another three years.
He added that they would continue to complete lower zone infill and extension drilling and explore the Hangingwall down dip at Frasers, which had the potential to add further years to the mine life at Frasers Underground.
The measured and indicated resources at the mine have gone up to 7.9 Metric tons at 2.36 grams per ton of gold for 602,000 ounces. Also diamond drilling at a close by deposit in the Lower Zone found 77,000 ounces ore with a measured and indicated resource @ 2.51 grams per ton of gold.
The Frasers Underground mine essentially mines the down dip extensions of the Hangingwall shear mineralization in the Macraes open pit. The company has also been developing an additional gold copper mine in the Philippines called the Didipio project. It is expected to be commissioned in the last quarter of next year.