OZZ Resources (ASX: OZZ) has debuted “outstanding” results from its maiden reverse circulation drilling program at Maguires, which the company says includes many near surface gold intervals.
Located north of Cue in Western Australia’s Murchison district, OZZ’s Maguires gold project was previously explored by BHP (ASX: BHP) in the 1980s and Posgold in the 1990s, with limited work undertaken since then.
OZZ listed on the ASX in early July after raising $5 million in a heavily oversubscribed IPO and set to work at Maguires.
The maiden program at Maguires comprised 45-holes for 4,300m and focused on the Old Prospect with results outlining two zones of mineralisation that remain open at depth and along strike.
These zones have been named Old Prospect North and Old Prospect South and returned best intercepts of 14m at 2.66 grams per tonne gold from 45m; 6m at 3.23g/t gold from 31m, including 7m at 9.1g/t gold from 81m; and 7m at 4.5g/t gold from 46m.
OZZ noted the results tied in with historic drilling which uncovered 6m at 18.6g/t gold, 7m at 8.7g/t gold and 6m at 11.6g/t gold.
Managing director Jonathan Lea said the assays marked a “very bright start” to the company’s journey as a listed gold explorer.
“The results have met or exceeded our expectations, returning some broad zones of strong, high-grade gold mineralisation, including several standout intercepts.”
He added it was important that the intervals showed correlation with historical drilling – providing “additional confidence” that the company will build a resource through further exploration.
“The high-grade shoots represent a very attractive target for the future.”
Advancing Maguires gold project
OZZ has already begun planning for the stage two drilling program at Maguires to expand and increase the extent of defined mineralisation.
“The next phase of work will also involve testing a parallel structure to the west, which has had virtually no reverse circulation drilling,” Mr Lea said.
“The data from that additional drilling should allow the calculation of a maiden JORC mineral resource for Maguires, which could well become a strategic asset for the company given its location in the heart of a prolific mining district,” he added.
OZZ will kick-off the second round of drilling once it has obtained requisite approvals.