Significant Near Mine Exploration Potential

The company owns an extensive gold-copper exploration portfolio in the Philippines, one of the world’s most mineralogical prospective regions.This includes numerous prospects already identified within two kilometres of the company’s Didipio deposit.

Exploration in the Philippines focused on delineating potential copper and gold drill targets within the Financial or Technical Assistance Agreement (FTAA) area and adjacent OceanaGold controlled explorations permits.

In 2012, exploration was focused on preparation for scout drilling at Mogambos, and D’Beau, review of the San Pedro near-mine prospect, discovery of anomalous gold at the Dilaping prospect and discovery of porphyry-style copper-gold mineralisation at the Cabinwangan prospect. Several of the targets are now ready for drilling pending renewal of the FTAA exploration period and granting of adjacent tenement applications.

At the near-mine prospects of D’Beau and Mogambos drill pads for the initial scout drilling programme have been prepared. Drilling at D’Beau will target potential continuity at depth of the mineralised monzonite dykes exposed near surface while drilling at Mogambos will test the coincident gold copper anomalies in soil.

In 2013, additional exploration activity will focus on identification of potential drill targets at the San Pedro, Dilaping and Cabinwangan prospects. Drill targets have been identified at the Papaya prospect with five drill holes planned to test geochemical anomalies and mineralised structures. Drill pad preparation is scheduled for 2013.

Figure 1: OceanaGold Philippine exploration tenements
Figure 2: Didipio FTAA and surrounding tenements

Didipio FTAA
The Didipio FTAA-001 straddles a mountainous region between the provinces of Nueva Vizcaya and Quirino in Northern Luzon ~270km north of Manila. Approximately 30 prospects are known within the FTAA which have had varying levels of exploration over past years. Currently, some of the 14 near mine prospects are being explored as well the best of the exploration targets within the rest of the FTAA.

Northern Luzon
In Northern Luzon, the Company holds one granted exploration permit and four Exploration Permit Applications covering two gold-copper prospects. Evaluation of these prospects has reaffirmed their high prosperity.

Surigao Peninsula – North Eastern Mindanao
The Company holds exploration licences, licence applications, and option agreements in the Surigao Peninsula area of North Eastern Mindanao, including

  • Paco  (granted tenement)
  • Mayag  (tenement application)
  • Asiga (option to purchase agreement)
  • Manhulayan (option to purchase agreement)

Other Exploration
The Company holds one exploration permit application covering old underground workings mined for copper in Northern Panay. Copper mineralisation is known to occur over approximately 12km strike within a well defined structural zone.

© 2011 OceanaGold Corporation.
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