- OzAurum Resources (OZM) announces “exceptional” results from the first diamond drill hole at the Demag zone within its Mulgabbie North project in WA
- The hole returned a 55-metre intercept grading one g/t gold including four metres at 4.98 g/t gold and one metre at 15.55 g/t gold
- MD Andrew Pumphrey says the results closely correlate with a nearby RC hole that returned broad gold mineralisation, further validating the Mulgabbie project’s potential
- Drilling at the Demag zone is continuing with the third diamond hole now underway
- Company shares are up 9.09 per cent to trade at 18 cents at 12:52 pm AEST
OzAurum Resources (OZM) has announced “exceptional” results from the first diamond drill hole at the Demag zone within its Mulgabbie North project in Western Australia.
The Demag Zone can be found between the Alicia and Ben prospects and is considered to be an “exciting development” within the Mulgabbie North gold project.
The first completed diamond hole, MNODH 002, intersected 55 metres at one gram per tonne (g/t) gold from 47 metres including higher grade intercepts of four metres at 4.98 g/t gold and one metre at 15.55 g/t gold.
OzAurum said this result closely correlates with a recently reported reverse circulation (RC) drillhole which intersected 56 metres at 1.31 g/t gold from 68 metres including 18 metres at 2.07 g/t gold and one metre at 5.26 g/t gold.
CEO and Managing Director Andrew Pumphrey said the company is “excited” to report the drilling progress at Mulgabbie North thus far.
“The first completed diamond hole drilled at our new virgin gold discovery Demag Zone has intersected significant gold mineralisation that closely correlates with adjacent RC hole MNORC 177, further validating the potential of Mulgabbie to be a significant gold discovery,” he said.
OzAurum has since completed a second hole at the Demag zone which was drilled to a depth of 335 metres. The diamond hole intersected arsenopyrite and pyrite mineralisation with silica flooding that aligns with mineralisation seen in MNORC 177.
The third diamond hole is now underway and currently at a depth of 160 metres and planned to be drilled to a final 400-metre depth.
OzAurum is continuing diamond drilling at the Demag zone and also plans to undertake follow-up RC drilling within the area.
In addition, RC drilling of saprolite gold anomalies and extensions to the Ben and James prospects is ongoing.
Company shares were up 9.09 per cent to trade at 18 cents at 12:52 pm AEST.