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OzAurum (ASX:OZM) has unveiled several fat gold drill hits – from surface – on-site its Mulgabbie North Gold Project (MNGP).
The company on Monday revealed the following drill hits from surface:
- 20m @ 3.6g/t gold including
- 04m @ 10g/t gold
- 04m @ 6.86g/t gold
- 49m @ 0.85g/t gold
A series of other intersections were hit at depths less than 20m.
The nanocap was hit by strong interest out the gate with a low liquidity base exaggerating gains above 140% to reflect a Monday share price of just below 9 cents per share in the first twenty minutes of trade.
This, the company’s geotechs hope, is evidence of a new high-grade gold zone previously unknown. Drilling so far has used an aircore (AC) drill.
Historical datasets OZM has access to, for now, seem to back up the theory of a high-grade zone. A vertical drillhole sunk back in 1998 hit “significant mineralisation.”
The company will move on to reverse circulation (RC) and further AC drilling on-site “as soon as rigs become available.” Further drilling will target areas where at- and near-surface mineralisation has been detected.
Notably: Results today come from an area near a shear zone named ‘Relief.’
“The multiple shallow, high-grade intercepts, starting from surface, are particularly promising. We’re especially pleased to have identified this new zone on the Relief Shear, just 1.3km south of previous drilling. This discovery, combined with historical results in the area, strengthens our belief that Mulgabbie North has the potential to host a substantial gold deposit,” OzAurum CEO Andrew Pumphrey said.
“What makes this even more compelling is that the target hasn’t seen meaningful follow-up drilling in over 38 years.
“We will commence a RC drilling program when a rig becomes available, and we’re eager to see the results, particularly given the significant gold mineralisation identified.”
OZM last traded at 8.7c.
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