11:10 AM EDT, 04/04/2024 (MT Newswires) -- National Bank of Canada on Wednesday noted OceanaGold's ( OCANF ) exploration update from its resource conversion and extensional drilling programs at the Haile mine in South Carolina and the Didipio mine in the Philippines.

According to the bank, drilling from the Horseshoe extension target at Haile intersected similar grades and widths to the Horseshoe orebody. Management noted that the extension target is close to the planned future underground development.

Highlights include 7.6 g/t gold over 34.9 meters and 5.8 g/t gold over 39.3 meters. Results were from 2,142 meters of drilling out of the planned 10,605 meters for 2024.

Meanwhile, the bank said the results at Didipio extended mineralization at depth. Highlights include 2.0 g/t gold over 103 meters and 2.2 g/t gold over 91 meters.

National Bank said OceanaGold ( OCANF ) has completed 6,763 meters of extensional and resource conversion drilling in 23 holes from the Didipio underground since early February.

The bank said OceanaGold ( OCANF ) remains its top pick in the intermediate precious metal space, citing the company's significant near-term production and EBITDA growth.

National Bank gave OceanaGold ( OCANF ) an outperform rating with a $3.75 price target.

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