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OzAurum Resources Limited (OZM.AX) Further High-Grade Gold Mineralisation at Mulgabbie

·5-min read
OzAurum Resources Limited (ASX:OZM)
OzAurum Resources Limited (ASX:OZM)

OzAurum Resources Limited (OZM.AX) Further High-Grade Gold Mineralisation at Mulgabbie

Perth, Australia, July 13, 2021 - (ABN Newswire) - OzAurum Resources Ltd (ASX:OZM) is pleased to announce further results from the Company's large-scale 20,000 meter (m) Reverse Circulation (RC) drilling campaign, which has so far identified significant wide zones of gold mineralisation. The current RC results include 16 holes for 2,414m of drilling at the Mulgabbie North Project, situated North East of Kalgoorlie.

Highlights

- Significant high grade gold mineralisation intersected, with mineralisation open along strike and at depth.
- RC holes that intersected significant gold mineralisation include:

o 10m @ 2.8 g/t gold (Au) -(from 17m) including 1m @ 21.6 g/t Au MNORC 074
o 11m @ 2.14 g/t Au - (from 27m) including 1m @ 19.75 g/t Au MNORC 065
o 2m @ 7.30 g/t Au -(from 19m) MNORC 075
o 9m @ 1.89 g/t Au - (from 73m within 20m @ 1.22 g/t Au) MNORC 079
o 5m @ 3.20 g/t Au-(from 72m within 19m @ 1.1 g/t Au and including 1m @ 6.30 g/t Au) MNORC 76
o 4m @ 3.14 g/t Au - (from 133m within 14m @ 1.26 g/t Au) MNORC 079

- Assays pending for RC holes that have intersected a new fault with associated quartz veining and sulphide mineralisation

- Drone magnetometer survey being completed over Mulgabbie North area to assist with current interpretation of cross cutting faults along the Relief Shear

- New exciting targets identified- located 1km north and south of current RC drilling along Relief Shear to be tested with future RC drilling

Mulgabbie North RC Drilling Results

The 16 holes that were drilled for 2,414m at the Mulgabbie North Project are a continuation of OzAurum's 20,000m RC drilling campaign that commenced in February this year. To date, a total of 104 RC holes have been drilled at Mulgabbie North for 15,811m.

The current RC drill campaign has identified further high-grade gold mineralisation at Mulgabbie. Most notably, RC holes MNORC 074 intersected 10m @ 2.80 g/t Au from 27m including 1m @ 21.60 g/t Au and MNORC 065 intersected 11m @ 2.14 g/t Au from 17m including 1m @ 19.75 g/t Au.

Numerous RC drill holes intersected higher grade gold mineralisation within wide lower grade intervals- indicating Mulgabbie North is situated within a large mineralised gold system. Gold Mineralisation at Mulgabbie North is currently open at depth and along strike at both the Ben and James Prospects.

These excellent RC results, combined with recently announced aircore (AC) results defining new zones of mineralisation (see ASX announcement on 21 June 2021), further highlight the potential of Mulgabbie North to be a significant gold project.

A further 24 RC holes for 3,160m have been drilled with assays still pending at the labs. The aim of these drill holes was to test Mulgabbie North's previously discovered AC gold anomalies and the southern extension of the Ben Prospect. Some of these holes have intersected wide zones of quartz veining with associated pyrite and arsenopyrite mineralisation. At the Ben prospect a significant fault has also been intersected in 4 RC holes that have associated quartz veining and mineralisation. The Company is eagerly awaiting the results from these holes.

Recent drilling at Mulgabbie North has discovered wide zones of weak to moderate hematite alteration in some RC holes. Specifically, the hematite alteration indicates oxidised fluids from an intrusive complex suggesting proximity to the mineralising centre - likely to be within OzAurum's 100% owned Mulgabbie North tenure.

Upcoming RC drilling and Planned Exploration Activities:

The additional planned RC drilling at Mulgabbie North will further test strike and depth extensions of gold mineralisation at the James and Ben Prospects that are situated on the Relief Shear, as well as, western air core gold anomalies and associated mineralisation. In addition, two new exciting targets on the Relief Shear are located 1km north and south of current RC drilling and will be tested with upcoming RC drilling.

A drone magnetometer survey is currently being completed at the Mulgabbie North area that will assist with the current interpretation of cross cutting faults along the Relief Shear.

Gold mineralisation at these prospects is hosted in the intermediate-felsic volcaniclastic units. The RC drilling program at Mulgabbie North will further scope out the extent of known mineralisation aimed at making a significant gold discovery.

Utilising best practice RC drilling, sampling and assay protocols will allow for a potential future JORC 2012 compliant resource to be estimated with confidence at Mulgabbie North. Systematic RC drilling is being undertaken on a 20m x 20m and 40m x 100m spacings.

Due to the current high demand on assay laboratories, the Company is experiencing long delays with receiving assay results, with up to an 8-week turnaround time.

RC is being undertaken on a 3 week on 3 week off campaign basis due to long delays in receiving assay results from the assay laboratory.

OzAurum's Chief Executive Officer, Andrew Pumphrey, said:

"The additional high-grade gold intercepts achieved through the current RC drilling campaign are very encouraging and provide us with even greater confidence in the Mulgabbie Project. We believe that these results, and the many results still pending in the assay labs, have the potential to unlock a significant gold project at Mulgabbie. We look forward to updating the market on additional results as they become available."

To view tables and figures, please visit:
https://abnnewswire.net/lnk/W5F218VV


About OzAurum Resources Limited:


OzAurum Resources Ltd (ASX:OZM) is a Western Australian gold explorer with two advanced gold projects located 130 km north east of Kalgoorlie. The Company's main objective is to make a significant gold discovery that can be brought to production.

Contact:

Andrew Pumphrey
Managing Director and CEO
Mob +61-419-965-976
Office +61-8-9093-0039

Source:
OzAurum Resources Limited

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