The drilling programme at the Globe Deeps area, to evaluate both open pit and underground mining potential, saw 12 holes and a total 4745m drilled by the end of December, with all assaying completed to give the estimated resource.
Oceana chief executive Mick Wilkes said the Globe Deeps exploration found a continuity of the type of mineralisation found within the Globe Progress open pit being mined which "extends a further 150m" below the current pit design.
"Globe Deeps is open at depth and continues to show promise of further extensions ... We believe the vast majority of these resources will be converted to reserves in the future, further extending the mine life at Reefton," he said in a statement yesterday. A follow-up drilling programme is expected to be completed later in the year.
• The Overseas Investment Office yesterday released details Oceana has bought a freehold interest in a 999ha farm near the Hyde-Macraes Rd area for $880,000.
Oceana is to upgrade a pipeline over the farm, while leasing it out, then sell the property, once a registered easement is in place.
