11:32 AM EST, 02/24/2025 (MT Newswires) -- (Adds comment and updates shares.)

OceanaGold ( OCANF ) on Monday released drilling results from the new Pisces discovery at the Haile gold mine in South Carolina.

Highlights from Pisces include 44.2 meters at 10.9 grams per tonne (g/t) gold and 9.4 meters at 44.1 g/t gold.

"While still early-days at the Pisces discovery, we are excited about its size potential and it remains open in multiple directions," chief executive Gerard Bond said. "Pisces is close to existing and planned underground infrastructure, which may provide benefits from a mining perspective."

Results from definition drilling at the Horseshoe target include 12.9 meters at 50.1 g/t gold and 31.9 meters at 11.7 g/t gold.

OceanaGold ( OCANF ) said it increased its 2025 exploration budget at Haile by 20% to $10 million, the largest exploration budget at the site since the mine began production.

National Bank of Canada maintained its outperform rating and $6 price target following the release.

National Bank said it values Haile at $1.53 billion, or $2.16 per share, making up 42% of its mining asset value of OceanaGold's ( OCANF ) overall net asset value.

"Given the high-grade intercepts in today's release and additional discovery at the Haile U/G, we would expect OceanaGold ( OCANF ) to outperform peers in today's trading," the bank said.

OceanaGold ( OCANF ) shares were last seen down $0.105 to $3.895 on the Toronto Stock Exchange.

Price: 3.90, Change: -0.10, Percent Change: -2.50