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OceanaGold says adios to Mirasol's exploration ground

OceanaGold (TSX:OGC) has exited two exploration projects in Argentina’s Santa Cruz province it’s been working on over the past couple of years.
OceanaGold says adios to Mirasol's exploration ground OceanaGold says adios to Mirasol's exploration ground OceanaGold says adios to Mirasol's exploration ground OceanaGold says adios to Mirasol's exploration ground OceanaGold says adios to Mirasol's exploration ground

OceanaGold has decided to leave Mirasol to its own devices in Argentina

Michael Quinn

The multinational miner and explorer spent nearly C$6 million (US$4.5 million) on exploration and made option payments of about $650,000 to ground holder Mirasol Resources.

Work included a combined 8,750m drilled in 48 holes at the La Curva and Claudia exploration prospects.

Mirasol is a project generator listed in Toronto, with other partners on its books including Newcrest Mining and Hochschild Mining - both of which are in joint venture with the Canadian company in Chile.

For its part, OceanaGold is also involved with Nevada-focused NuLegacy Gold and Gold Standard Ventures, though in both those cases the interest is via equity investments (of circa 15-16%), rather than exploration joint ventures.

In total, OceanaGold spent US$33.7 million on exploration last year, with production of more than 530,000 ounces of gold and 15,000t of copper bankrolling the work.

OceanaGold is currently budgeting to spend between $26-36 million in 2019.