OceanaGold Announces Additional High-Grade Drill Results at Haile
Rhea-AI Summary
OceanaGold (TSX/NYSE: OGC) reported additional high-grade drill results from the Haile Gold Mine in the US, covering Horseshoe Underground, Ledbetter Underground, Clydesdale and Pisces targets.
Key intercepts include 15.5 m @ 30.64 g/t Au, 27.9 m @ 8.60 g/t Au, and 14.5 m @ 15.81 g/t Au, supporting resource conversion and extensions. The 2026 Haile program plans ~34,500 m of drilling.
Positive
- Multiple high-grade Horseshoe intercepts up to 15.5 m @ 30.64 g/t Au
- Ledbetter conversion hole 27.9 m @ 8.60 g/t Au infills resource gap
- Clydesdale delivers 14.5 m @ 15.81 g/t Au in early drilling
- Several Ledbetter holes return grades higher than modelled Inferred resources
- Extensional drilling adds mineralization outside current Horseshoe resource shell
- Approximately 34,500 m of drilling planned at Haile in 2026
Negative
- True widths of reported drill intervals have not been determined
- Numerous holes returned no significant results across Haile targets
- Clydesdale and Pisces remain early-stage targets requiring further drilling to define resources
News Market Reaction – OGC
In the May 12 session, OGC gained 4.25%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Historical Context
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| May 06 | Q1 2026 results | Positive | -4.0% | Record revenue, strong cash generation, debt-free balance sheet and buybacks. |
| Apr 29 | Sustainability report | Positive | +2.9% | 2025 sustainability report with MSCI AA rating and lower safety, emissions metrics. |
| Apr 16 | Results notice & AGM | Neutral | +0.5% | Announcement of Q1 results release timing, conference call and AGM schedule. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Recent strong fundamental and ESG updates have seen mixed price reactions, with at least one instance of a negative move on very strong financial results.
Over the past month, OceanaGold reported record Q1 2026 revenue of $715M, strong free cash flow of $255M, and rising cash to $620M while remaining debt‑free, yet the stock fell 3.96% on that news. A 2025 Sustainability Report with an MSCI AA rating and significant safety and emissions improvements coincided with a 2.93% gain. A neutral notice about upcoming Q1 results and the AGM had only a modest positive impact. Today’s high‑grade Haile drilling fits a pattern of fundamentally positive updates.
Key Terms
mineral reserves technical
inferred mineral resources technical
indicated mineral resources technical
AI-generated analysis. How Rhea-AI works. Not financial advice.
Drilling Highlights (core length):
Horseshoe Underground (conversion and extension drilling):
- 15.5 m @ 30.64 g/t Au (UGD0121)
- 30.5 m @ 13.86 g/t Au (UGD0113)
- 22.5 m @ 13.42 g/t Au (UGD0122)
- 18.4 m @ 9.62 g/t Au (UGD0119)
- 21.9 m @ 6.48 g/t Au including 3.7 m @ 23.55 g/t Au (UGD0120)
- 26.3 m @ 3.41 g/t Au and 44.3 m @ 3.72 g/t Au (UGD0107)
Ledbetter Underground (conversion drilling):
- 27.9 m @ 8.60 g/t Au (DDH1313)
- 27.9 m @ 4.16 g/t Au (DDH1319)
- 18.4 m @ 3.68 g/t Au (DDH1317)
- 13.0 m @ 2.25 g/t Au and 17.1 m @ 8.20 g/t Au (DDH1283)
- 2.6 m @ 9.63 g/t Au and 3.3 m @ 40.45 g/t Au (DDH1315)
- 14.5 m @ 15.81 g/t Au including 4.5 m @ 41.6 g/t Au (DDH1305)
Gerard Bond, President and CEO of OceanaGold, said "Our ongoing exploration success at Haile continues to demonstrate our ability to add tremendous value through the drill bit. At Horseshoe, recent drilling points to reserve growth potential near existing infrastructure, with mineralization still open in multiple directions. Results from Ledbetter are strengthening confidence in down-plunge resource conversion, and a new significant high-grade intercept at
Drill results can be viewed in 3D using VRIFY at the following link:
https://vrify.com/meetings/recordings/3777660f-584a-43cb-82cc-c8fc9e773b08
VRIFY note: Drill results reflect only those set forth in OceanaGold's press release dated May 12, 2026, and do not include all historical drill results except those relevant to the current targets in this release.
Horseshoe Underground
The Horseshoe Underground has defined Mineral Reserves (see news release dated February 18, 2026) as well as three discrete zones of mineralization to the southwest (Horseshoe extensions), known as the upper (surface to 900mRL), middle (900mRl to 730mRL) and lower (below 730mRL) zones. Notably, all three of these zones are near both existing and planned underground development infrastructure. Success from the 2025 exploration program added Inferred Mineral Resources to the upper zone for the first time, while also expanding the Inferred Mineral Resources in the middle and lower zones. On the main Horseshoe orebody, the 2025 resource estimate resulted in conversion of Inferred to Indicated Mineral Resources in the lower mineralized zones. The 2026 drill program focuses on both resource conversion and extension of the main Horseshoe orebody and the three zones at Horseshoe extensions.
At Horseshoe extensions (Figure 1), drilling totalling 14 holes for 4,372 m has targeted both conversion and extension opportunities. In the upper zone, the results of two holes - 15.5 m @ 30.64 g/t Au (UGD0121) and 18.4 m @ 9.62 g/t Au (UGD0119), confirm the continuity of the mineralization. Results from two extension holes in the upper zone - 21.9 m @ 6.48 g/t Au including 3.7 m @ 23.55 g/t Au (UGD0120) and 22.5 m @ 13.42 g/t Au (UGD0122), support expansion of the known mineralization in the area (Figure 2).
Significant results between the middle and lower zones include 25.8 m @ 3.63 g/t Au (UGD0126) and 16.4 m @ 4.11 g/t Au (UGD0104), extending known mineralization to the west (Figure 2). Extensional drilling at the bottom of the lower zone returned 26.3 m @ 3.41 g/t Au and 44.3 m @ 3.72 g/t (UGD0107), adding mineralization at depth outside of the known resource. The lower zone remains open in multiple directions with additional follow-up drilling planned in this area (Figure 2).
Since the last resource estimate, conversion drilling totalling 1,258 m in 4 holes has continued to target conversion of Inferred Mineral Resources in the lower levels of the main Horseshoe orebody (Figure 2). Notable intercepts include: 12.2 m @ 24.14 g/t Au (UGD0112); and 30.5 m @ 13.86 g/t Au (UGD0113). These results are in-line with the resource model and are expected to be included the next reserve update.
Ledbetter Underground
The Company announced in February 2026 a change in the mining method for the final pit phase of Ledbetter to an underground mining mine. This has expanded the exploration opportunity at Ledbetter, as mineralization outside the prior pit shell is now potentially economic.
In 2025, the Company began a drill program targeting known mineralization with the goal of converting Inferred Mineral Resources and increasing confidence down plunge of the existing reserve in an area referred to as Lobe 3. Eight holes have been drilled since the Company's news release dated September 11, 2025, with new drilling totalling 4,306 m. The highlight of the Ledbetter drilling is 27.9 m @ 4.16 g/t Au (DDH1319) in Lobe 3, which has infilled a gap in known resources, demonstrating continuity of high-grade mineralization. To the northeast, holes DDH1315 and DDH1317 targeted the conversion of Inferred Mineral Resources and returned higher grades than the model predicted, including a result of 18.44 m @ 3.68 g/t Au (DDH1317) (Figure 3).
Advanced Drilling Targets – Clydesdale & Pisces
The
The Pisces target is located along the corridor between the Horseshoe and Palomino deposits at approximately 550 m below surface and close to existing and planned underground infrastructure. Drilling at Pisces is ongoing, with ~6,500 m planned. The work is focused on further understanding the distribution of the high-grade mineralization in the area.
2026 Exploration Program
There are approximately 34,500 m of drilling planned at Haile for 2026 from both surface and underground. Drilling will continue to focus on resource conversion at Horseshoe Underground, including targeting expansions of the upper, middle and lower zones to the southwest. At Ledbetter Underground, drilling will continue to infill and test extensions to Lobe 3.
Table 1: Haile drill intersections subsequent to the news release dated September 11, 2025, results update.
Drill Hole ID | From (m) | To (m) | Interval (m)* | Au (g/t) | Target | Activity | |
UGD0104 | 294.7 | 311.1 | 16.4 | 4.11 | Horseshoe | Extension | |
UGD0107 | 266.4 | 292.7 | 26.3 | 3.41 | Horseshoe | Extension | |
And | 305.6 | 349.9 | 44.3 | 3.72 | Horseshoe | Extension | |
UGD0108 | NSR | Horseshoe | Extension | ||||
UGD0112 | 217.9 | 238.7 | 20.8 | 2.06 | Horseshoe | Conversion | |
And | 244.6 | 256.8 | 12.2 | 24.14 | Horseshoe | Conversion | |
UGD0113 | 243.2 | 273.7 | 30.5 | 13.86 | Horseshoe | Conversion | |
UGD0114 | 267.7 | 277.9 | 10.2 | 1.59 | Horseshoe | Conversion | |
UGD0115 | NSR | Horseshoe | Conversion | ||||
UGD0116 | 251.6 | 256.2 | 4.6 | 3.20 | Horseshoe | Extension | |
UGD0117 | NSR | Horseshoe | Extension | ||||
UGD0118 | 233.6 | 241.3 | 7.7 | 1.95 | Horseshoe | Extension | |
UGD0119 | 151.6 | 170.1 | 18.4 | 9.62 | Horseshoe | Extension | |
UGD0120 | 164.2 | 186.1 | 21.9 | 6.48 | Horseshoe | Extension | |
Including | 172.8 | 176.5 | 3.7 | 23.55 | Horseshoe | Extension | |
UGD0121 | 185.4 | 201.9 | 15.5 | 30.64 | Horseshoe | Extension | |
UGD0122 | 197.5 | 220.0 | 22.5 | 13.42 | Horseshoe | Extension | |
UGD0123 | NSR | Horseshoe | Extension | ||||
UGD0124 | NSR | Horseshoe | Extension | ||||
UGD0125 | NSR | Horseshoe | Extension | ||||
UGD0126 | 308.0 | 333.8 | 25.8 | 3.63 | Horseshoe | Extension | |
Including | 325.6 | 326.4 | 0.9 | 42.30 | Horseshoe | Extension | |
DDH1305 | 797.0 | 811.5 | 14.5 | 15.81 | Initial Drilling | ||
Including | 797.0 | 801.4 | 4.5 | 41.60 | Initial Drilling | ||
DDH1318 | NSR | Initial Drilling | |||||
DDH1283 | 466.5 | 479.5 | 13.0 | 2.25 | Ledbetter 04 | Conversion | |
And | 494.5 | 511.6 | 17.1 | 8.20 | Ledbetter 04 | Conversion | |
Including | 502.5 | 506.8 | 4.3 | 16.24 | Ledbetter 04 | Conversion | |
DDH1309 | NSR | Ledbetter 04 | Conversion | ||||
DDH1311 | 485.9 | 491.8 | 5.9 | 3.66 | Ledbetter 04 | Conversion | |
DDH1312 | NSR | Ledbetter 04 | Conversion | ||||
DDH1313 | 486.6 | 514.5 | 27.9 | 8.60 | Ledbetter 04 | Conversion | |
Including | 486.6 | 490.8 | 4.2 | 23.11 | Ledbetter 04 | Conversion | |
Including | 508.9 | 511.5 | 2.6 | 15.67 | Ledbetter 04 | Conversion | |
DDH1315 | 489.0 | 491.6 | 2.6 | 9.63 | Ledbetter 04 | Conversion | |
And | 498.1 | 501.4 | 3.3 | 40.45 | Ledbetter 04 | Conversion | |
Including | 498.1 | 499.9 | 1.8 | 73.70 | Ledbetter 04 | Conversion | |
DDH1317 | 489.5 | 508.0 | 18.4 | 3.68 | Ledbetter 04 | Conversion | |
DDH1319 | 456.1 | 484.0 | 27.9 | 4.16 | Ledbetter 04 | Conversion | |
DDH1295 | NSR | Pisces | Extension | ||||
DDH1298 | NSR | Pisces | Extension | ||||
UGD0109 | NSR | Pisces | Extension | ||||
UGD0110 | NSR | Pisces | Extension | ||||
UGD0111 | NSR | Pisces | Extension | ||||
DDH1307 | NSR | Pisces | Extension | ||||
DDH1316 | 656.1 | 672.5 | 16.4 | 2.68 | Pisces | Extension | |
*Notes: Intervals are down hole core length, true widths have not been determined. "Initial Drilling" intercepts are associated with early-stage exploration drilling, "Extension" drilling intercepts are intercepts outside the current resource model shell directed at defining mineralization to an Inferred Mineral Resource category and "Conversion" drilling intercepts are intercepts converting Inferred Mineral Resources to Indicated Mineral Resources category. NSR = No Significant Result.
For further information relating to drill hole data, please refer to the Company's website at https://oceanagold.com/operations/additional-drillhole-data.
About OceanaGold
OceanaGold is a global intermediate gold and copper producer committed to safely and responsibly maximizing the generation of Free Cash Flow from our operations and delivering strong returns for our shareholders. We have a portfolio of four operating mines: the wholly-owned Haile Gold Mine in
For further information please contact:
Investor Relations:
Rebecca Henare, VP, Investor Relations
Tel: +1 604-678-4095
ir@oceanagold.com
Valerie Burns, Manager, Investor Relations
Tel: +1 604-235-0742
ir@oceanagold.com
Media Relations:
Louise Burgess, VP, Communications
Tel: +1 604-403-2019
media@oceanagold.com
Qualified Person Statement
The scientific and technical information in this press release has been reviewed and approved by Mr. Keenan Jennings, a qualified person under National Instrument 43-101 – Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators ("NI 43-101"). Mr. Jennings is the EVP, Chief Exploration Officer of OceanaGold.
Quality Assurance and Quality Control ("QA/QC")
From July 2017 to 2025, almost all Haile exploration core samples have been prepared at the ALS lab in
Some holes are composited and analyzed for carbon, sulphur and multi-elements using LECO and ICP-OES methods. Both ALS and SGS labs used for OceanaGold samples are ISO 17025 certified.
Blanks and standards are each inserted every 20th sample. Precision and accuracy of certified reference materials ("CRMs") compared to expected values have been consistently within
All drill hole samples are handled and transported from the drill rigs to the secured Haile Exploration warehouse by OceanaGold personnel or contractors. Access to the property is controlled by locked doors and cameras monitored by OceanaGold security. The main gate requires an electronic employee badge to enter. Samples are packaged at the Haile Exploration warehouse by OceanaGold geologists and geotechnicians. Samples are trucked in sealed plastic barrels by certified couriers with submittal forms that are verified during sample pick-up and delivery to ALS. No sample shipments have been recorded as missing or tampered with.
Technical Report
For further information, please refer to the following NI 43-101 technical report available on the SEDAR+ website at www.sedarplus.ca under the Company's profile or on the Company's website at www.oceanagold.com: "NI 43-101 Technical Report Haile Gold Mine
Cautionary Statement for Public Release
This news release contains certain "forward-looking statements" and "forward-looking information" (collectively, "forward-looking statements") within the meaning of applicable Canadian and
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks include, among others: the risk of not achieving the Company's production estimates, forecasts or 2026 Guidance; inaccuracy of Mineral Reserves, Mineral Resources and operating and capital cost estimates; the actual results of current and future production, development and/or exploration activities; possible variations of ore grade, metallurgy or recovery rates; changes in mine plans, project parameters or assumptions as plans continue to be refined; delays in, or inability to complete, development or construction or expansion activities or to re-commence or sustain operations as planned; failures or underperformance of plant, equipment, infrastructure or processes; geotechnical risks or events, including open pit wall stability, crown pillar failure, land subsidence and tailings dam failures; scarcity in and disruption of global supply chain and/or increases in prices, including as a result of international conflicts, such as the recent
The Company's forward-looking statements are based on the applicable assumptions and factors Management considers reasonable as of the date hereof, based on the information available to Management at such time. These assumptions and factors include, but are not limited to, assumptions and factors related to the Company's ability to carry on current and future operations, including: exploration and development activities; the timing, extent, duration and economic viability of such operations; the accuracy and reliability of estimates, projections, forecasts, studies and assessments; the Company's ability to meet or achieve Guidance, estimates, projections and forecasts; the availability and cost of inputs; the price and market for outputs, including gold, copper and silver; foreign exchange rates; taxation levels; the timely receipt of necessary permits, certifications, approvals or licences; the ability to meet current and future obligations; the ability to obtain timely financing on reasonable terms when required; the current and future social, economic and political conditions; and other assumptions and factors generally associated with the mining industry.
The Company's forward-looking statements are based on the opinions and estimates of Management and reflect their current expectations regarding future events and operating performance and speak only as of the date hereof. The Company does not assume any obligation to update forward-looking statements if circumstances or Management's beliefs, expectations or opinions should change other than as required by applicable laws. There can be no assurance that forward-looking statements will prove to be accurate, and actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements. Accordingly, no assurance can be given that any events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what benefits or liabilities the Company will derive therefrom. For the reasons set forth above, undue reliance should not be placed on forward-looking statements.
Cautionary Statements for United States Readers
The scientific and technical disclosure in this news release was prepared in accordance with Canadian National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"), which differs from the scientific and technical disclosure requirements of the SEC that are applicable to domestic
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SOURCE OceanaGold Corporation