- OzAurum Resources (OZM) has received the first reverse circulation (RC) drilling results from holes at its Mulgabbie North Project
- All nine holes intersected significant high-grade gold mineralisation, which remains open along strike and at depth
- Some deeper holes intersected wide zones of hematite alteration also found at Northern Star’s (NST) nearby gold mines
- The company is planning further RC drilling at Mulgabbie North, to test the strike and depth extensions of fold mineralisation
- OzAurum Resources is up 5.56 per cent and trading at 19 cents per share
OzAurum Resources (OZM) has received the first reverse circulation (RC) drilling results from holes at its Mulgabbie North Project.
The company kicked off its mining program at the gold project near Kalgoorlie in early February. Thus far, OzAurum has completed 31 RC holes and 137 air-core holes at the site, and received drilling results for nine of the RC holes.
All nine RC holes intersected significant high-grade gold mineralisation, open along strike and at depth. Of particular interest is hole MNORC 011, which intersected two metres at 6.39 grams per tonne from 184 metres downhole depth.
In addition, some deeper holes drilled at Mulgabbie North intersected wide zones of hematite alteration. This is exciting, as this kind of alteration is a key signature of the nearby Karari and Whirling Dervish gold mines, owned by Northern Star (NST).
OzAurum’s CEO, Andrew Pumphrey, commented that the company is thrilled to have generated high-grade intercepts so early on in the drilling campaign.
“In particular, we are excited by the potential of this area, where the host rocks are intermediate-felsic volcaniclastic units — very similar to the Karari and Whirling Dervish Gold Mines,” he said.
“In addition, the wide zones of hematite alteration intersected for the first time in some deeper holes is very promising, since this is a key signature of the adjacent Northern Star Karari and Whirling Dervish Gold Mines,” he added.
OzAurum is currently awaiting results from numerous other holes that have been drilled at the project. The company is also planning further RC drilling, to test the strike and depth extensions of fold mineralisation at the James and Ben prospects.
OzAurum Resources is up 5.56 per cent, trading at 19 cents per share at 3:52 pm AEDT.