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.
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
“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.”
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