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OzAurum Resources (ASX:OZM) finds high-grade gold at Mulgabbie

Mining
ASX:OZM      MCAP $7.938M
02 September 2021 15:20 (AEST)

The Mulgabbie Gold Project. Source: OzAurum Resources

OzAurum Resources (OZM) has received high-grade gold results from drilling at the Mulgabbie North Project in Western Australia.

The company drilled 180 aircore holes, for 13,319 metres, at Mulgabbie North, while a further 80 holes, for 6406 metres, were drilled at the Mulgabbie South.

This forms part of the company’s initial 30,000-metre aircore program that began in February but was later expanded to 45,000 metres. So far, 514 holes, for nearly 37,400 metres, have been drilled.

Significant one-metre results include one metre at 34.5 grams of gold per tonne (g/t) from 27 metres, one metre at 19.7g/t gold from 28 metres and one metre at 19.55g/t gold from 30 metres.

Additional aircore results include four metres at 3.39g/t gold from 20 metres, four metres at 1.87g/t gold from 40 metres and three metres at 0.75g/t gold from 60 metres.

Positively for the company, drilling defined a new zone of widespread gold mineralisation which extends for 2.8 kilometres in length and up to 150 metres in width. The company identified multiple targets for future reverse circulation (RC) drilling within the area.

CEO Andrew Pumphrey commented on today’s results.

“The discovery of a new widespread zone of gold mineralisation within the Mulgabbie North project, and extending for over 2.8 kilometres, provides us with even greater confidence in the large-scale potential of the project,” he said.

“In addition, a new 40 to 80 metre-wide zone of Hematite alteration extending for over 2.8 kilometres intersected for the first time in aircore holes is very promising since this is a key signature of the adjacent Northern Star Carosue Dam Karari and Whirling Dervish Gold Mines that have so far produced about 1.5 million ounces of gold.”

The aircore drilling program is ongoing and assays will be released once the company receives them.

OzAurum Resources will also commence RC drilling in the coming weeks to test strike extensions at the James prospect and other new areas defined by the latest aircore results.

Company shares ended the day 24 per cent in the green to close at 15.5 cents.

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