OzAurum Resources identifies new high-grade gold target at Mulgabbie North

Aircore (AC) drilling by junior explorer OzAurum Resources (ASX: OZM) has confirmed a new high-grade gold target within its Mulgabbie North project in Western Australia.

The company completed 51 holes for a total of 2,013 metres, identifying the shallow target at a newly mapped cross-fault zone along the Relief Shear strategically located 1.3 kilometres south of historical drilling.

This included limited reverse circulation (RC) work conducted over 38 years ago, as well as a wide-spaced vertical drill program completed in 1998 by Gutnick Resources that intersected significant mineralisation from a rotary air blast hole.

Composite intersections

OzAurum’s new discovery is near Mulgabbie North’s 260,000-ounce resource and is believed to have the potential to add further ounces to the project.

The best 4m composite intersections reported from the campaign were 20m at 3.57 grams per tonne gold from surface including 4m at 10.21g/t and 10m at 6.59g/t gold from 12m including 4m at 14.17g/t.

Other significant intersections were 49m at 0.83g/t gold from surface, 20m at 1.59g/t gold from 8m including 4m at 3.62g/t and 4m at 1.99g/t gold from 20m.

The company is planning follow-up RC and AC drilling to test the full extent of this new zone as soon as drilling rigs become available.

Project potential

Managing director Andrew Pumphrey said the discovery underscored Mulgabbie North’s potential in one of the state’s most prospective gold corridors.

“Combined with historical results in the area, this new target strengthens our belief that Mulgabbie North could host a substantial gold deposit,” he said.

“What makes this even more compelling is that the target has not been subject to any meaningful follow-up drilling in four decades.”

“We are excited to accelerate our drilling program and we expect to hit more high-grade gold mineralisation once a rig becomes available.”

“We are committed to advancing our exploration efforts this year to deliver meaningful growth for our shareholders.”