Since picking up the Waihi property in New Zealand from Newmont for US$100 million four years ago, OceanaGold (TSX: OCG) has extended the mine life of its Correnso underground gold mine by three years generating US$200 million of free cash flow.
It has also fully permitted a new underground mine that it is building about 1-2 km away, and which it hopes to put into production by 2021. The underground mine sits below a past-producing open-pit mine called Martha, which was closed in 2015 due to a pit wall failure.
OceanaGold started chasing veins below the 200-metre pit bottom in 2017, and since then has defined significant gold mineralization to a depth of about 550 metres, where it remains open.
Continue reading at The Northern Miner.