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OzAurum Resources Limited (OZM.AX) Additional High-Grade Gold Intercepts Incl 14m at 3.89g/t Au
Perth, Australia, April 12, 2021 - (ABN Newswire) - OzAurum Resources Ltd (ASX:OZM) is pleased to announce further Reverse Circulation (RC) drilling results from its initial 20,000 metre (m) drilling campaign at the Mulgabbie North Project situated North East of Kalgoorlie, including twenty-one holes for 4,038m of drilling.
- Significant high-grade gold mineralisation intersected, with mineralisation open along strike and at depth.
- RC holes that intersected significant gold mineralisation, include:
o 14m @ 3.89 g/t gold (Au) - (within 27m @ 2.2 g/t Au and including 5m @ 9.44 g/t Au from 25m) MNORC 038
o 4m @ 5.28 g/t Au - (within 44m @ 1.06 g/t Au from 107m) MNORC 033
o 12m @ 2.00 g/t Au - (within 35m @ 1.02 g/t Au from 128m) MNORC 034
o 10m @ 1.58 g/t Au - (within 33m @ 0.92 g/t Au from 179m) MNORC 034
o 12m @ 1.66 g/t Au - (within 51m @ 0.7 g/t Au from 108m) MNORC 030
o 9m @ 1.47 g/t Au - including 1m @ 9.47 g/t Au (from 168m) MNORC 020
o 12m @ 1.65 g/t Au - (from 189m) MNORC 021
- Numerous RC holes intersected high grade gold mineralisation within wide, lower grade zones such as MNORC 034 with 68m of mineralisation intersected downhole.
- Additional RC drilling results at Mulgabbie North clearly indicate that the Project is situated within a large gold mineralised system. The Company is confident that, through continuous drilling, the Project has the potential to host a significant gold discovery.
Mulgabbie North RC Drilling Results
The twenty-one holes that were drilled for 4,038m at the Mulgabbie North Project are a continuation of OzAurum's initial 20,000m RC drilling campaign. These excellent RC results, combined with recently announced aircore (AC) results defining new zones of mineralisation (see ASX announcement on 29 March 2021), further highlight the potential of Mulgabbie North to be a significant gold project.
Most notably, RC hole MNORC 038 intersected 14m @ 3.89 g/t Au from 25m within a wider zone of 27m @ 2.2 g/t Au, and includes 5m @ 9.44 g/t Au. Numerous RC drill holes intersected high grade 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.
Wide zones of weak to moderate hematite alteration have been discovered in some RC holes at Mulgabbie North. 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.
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. Gold mineralisation at these prospects is hosted in the intermediate-felsic volcaniclastic units. The RC drilling program at Mulgabbie North will 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 spacing and a limited number of historic + 33-year-old RC drill hole positions will be redrilled to meet JORC 2012 requirements.
OzAurum's Chief Executive Officer, Andrew Pumphrey, said:
"The Company is very encouraged by the additional high-grade intercepts so early on in our large-scale drilling campaign, and we are confident that ongoing RC drilling has the potential to unlock a significant gold project at Mulgabbie. In particular, we are excited by the potential of this area where the host rocks are intermediate-felsic volcaniclastic units. In addition, the wide zones of Hematite alteration intersected in some deeper holes is very promising since this is a key signature of oxidised gold fluids, similar to that of Northern Star (ASX: NST) Carosue Dam Karari and Whirling Dervish Gold Mines. Lastly, this area is under transported cover that has prevented previous effective exploration. "
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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.
Managing Director and CEO
OzAurum Resources Limited
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