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OzAurum Resources Limited (OZM.AX) RC Drilling Identifies Wide Zone of Gold Mineralisation

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OzAurum Resources Limited
OzAurum Resources Limited

OzAurum Resources Limited (OZM.AX) RC Drilling Identifies Wide Zone of Gold Mineralisation

Perth, Australia, May 31, 2021 - (ABN Newswire) - OzAurum Resources Ltd (ASX:OZM) is pleased to announce further results from the Company's initial 20,000 metre (m) Reverse Circulation (RC) drilling campaign, which have so far identified significant wide zones of gold mineralisation. The current RC results include 26 holes for 3,740m of drilling at the Mulgabbie North Project, situated North East of Kalgoorlie.

Highlights

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

o 20m @ 1.91 g/t gold (Au) - (within 46m @ 1.04 g/t Au from 73m) MNORC 040
o 9m @ 1.64 g/t Au - (within 52m @ 0.73 g/t Au from 102m) MNORC 041
o 4m @ 1.90 g/t Au - (within 35m @ 1.1 g/t Au from 124m) MNORC 042
o 6m @ 1.92 g/t Au - (from 35m) MNORC 045
o 6m @ 2.79 g/t Au - (from 200m) MNORC 051
o 4m @ 1.57 g/t Au - (from 153m) MNORC 055
o 7m @ 1.48 g/t Au including 1m @ 7.36 g/t Au - (from 36m) MNORC 051

- Numerous RC holes intersected higher grade gold mineralisation within wide, lower grade zones such as MNORC 041 with 52m of mineralisation intersected downhole.

- New gold zone identified west of the Ben Prospect, with primary gold mineralisation intersected at depth and associated with previously drilled aircore (AC) hole MNOAC 020 (see ASX Announcement 15th March 2021).

- Maiden drilling campaign to commence at OZM's 100%-owned Patricia Gold Project with the aim of discovering further high-grade gold mineralisation.

- OzAurum director, Martin C Holland, appointed to an executive role as Head of Corporate- commencing 1 June 2021.

Mulgabbie North RC Drilling Results

The 26 holes that were drilled for 3,740m at the Mulgabbie North Project are a continuation of OzAurum's initial 20,000m RC drilling campaign. A further 42 RC holes for 5,764m have also been drilled with assays still pending at the labs. To date, a total of 98 RC holes have been drilled at Mulgabbie North for 15,811m.

These excellent RC results, combined with recently announced aircore (AC) results defining new zones of mineralisation (see ASX announcement on 24 May 2021), further highlight the potential of Mulgabbie North to be a significant gold project.

Most notably, RC hole MNORC 040 intersected 20m @ 1.91 g/t Au from 25m within a wider zone of 46m @ 1.04 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.

A new gold zone has been discovered south west of the Ben Prospect with MNORC 058 intersecting 19m @ 1.02 g/t from 112m depth. Our current interpretation is this deeper primary gold mineralisation is associated with previously intersected AC hole MNOAC 020 (see ASX release 15th March 2021).

A further 42 RC holes for 5,764m have been drilled testing 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 has associated quartz veining and mineralisation. The Company is eagerly awaiting the results from these holes.

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, as well as, western air core gold anomalies and associated mineralisation. 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 spacing and a limited number of historic + 33-year-old RC drill hole positions will be redrilled to meet JORC 2012 requirements.

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.

Patricia RC Drilling to Commence

A maiden RC drilling program is planned at the Company's advanced Patricia Gold Project, situated 40 km north east of Mulgabbie. The planned drilling program, which is expected to commence in the coming weeks, will target high-grade gold mineralisation. Historical high-grade gold intersections include PT 001 5m @ 18.8 g/t Au from 35m, including 1m @ 80 g/t Au. The 25m deep open pit at Patricia is 800m long and 150m wide.

Martin Holland to take on Head of Corporate Role

OzAurum Non-Executive Director and major shareholder, Martin C Holland, will be moving over to an Executive Director role as the Head of Corporate allowing the Managing Director and CEO, Andrew Pumphrey, to focus on the geological and technical aspects of exploration at the Mulgabbie and Patricia Gold Projects in Western Australia.

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

"The Company is very encouraged by the additional high-grade gold intercepts acheived through our RC drilling campaign thus far. These results, and the many results still pending in the assay labs, provide further confidence 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. This area is under transported cover that has prevented previous effective exploration. "

"Lastly, Martin's executive appointment, as Head of Corporate, materially enhances OzAurum's corporate marketing strategy, and allows me to be on the ground focusing on the Company's strategic exploration program. We believe this aligned partnership enables the Company to fast track its objective of making a significant gold discovery," Mr Pumphrey concluded.

To view tables and figures, please visit:
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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.

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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