OzAurum hits more gold at Mulgabbie North in WA; maiden JORC due Q1 2023

Tue 22 Nov 22, 11:19am (AEST)
Gold nuggets sitting on dark sand
Source: iStock

Key Points

  • OzAurum has hit more gold at Mulgabbie North with overall characteristics of mineralisation continuing to remain uniform
  • Company will post a maiden resource in Q1 of 2023 for the project
  • RC drilling and metallurgical testwork on materials will be conducted through late 2022

OzAurum (ASX:OZM) is enjoying upward pressure on the bourse from bullish sentiment in the first hour of trades as the company reveals its latest successful gold hits in ongoing diamond drilling at Mulgabbie North

Three drillholes reportedly intersected “wide zones of alteration and sulphides.” RC drilling will commence later this month elsewhere at the project to test further prospective leads; metallurgical tests are also soon to occur. 

The Mulgabbie North acreage is nearby Northern Star’s (ASX:NST) Carusoe Dam project which OzAurum hopes is an indication its own acreage replicates the underpinning geology of the former’s tenement. 

What has OzAurum found today? 

Information provider Undervalue Equity classifies high grade gold as that over concentrations of 5 grams of gold per tonne of ore (5g/t). 

Compare that to the following: 

  • 33m @ 1.02g/t gold from 90m depth, including: 

    • 14m @ 1.46g/t gold from 92m depth 

  • 26m @ 0.85g/t gold from 99m depth, including: 

    • 03m @ 2.36g/t gold 

  • 07m @ 1.41g/t gold from 66m depth 

  • 04m @ 1.35g/t gold from 216m depth 

Mineralisation at significant depths continues to be a defining trend at Mulgabbie North, which increasingly appears as if open pit operations may not be the world’s smartest choice of mine plan. 

Previous results from RC drilling in late August were similar in depth and grade: 

  • 18m @ 2.00g/t gold from 90m depth, including: 

    • 05m @ 5.68g/t gold

  • 23m @ 1.24g/t gold from 232m depth

  • 40m @ 0.73g/t gold from 98m depth, including: 

    • 07m @ 1.46g/t gold 

Maiden resource before April 2023

“OzAurum continues to advance Mulgabbie North which has delivered further excellent diamond drilling results,” OzAurum CEO Andrew Pumphrey said.

“The Mulgabbie North Maiden Mineral Resource Estimate, planned in Q1 2023, is a huge milestone for the Company to achieve in just two years since listing on the ASX.” 

“With Sighter CIP Metallurgical testwork to be completed soon, in addition to the commencement of RC drilling next week, we look forward to updating the market on further exploration results as they become available.”

OZM's three month charts
OZM's three month charts


Written By

Jonathon Davidson

Finance Writer

Jonathon is a journalism graduate and avid market watcher with exposure to governance, NGO and mining environments. He was most recently hired as an oil and gas specialist for a trade publication.

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