OZM is targeting mineralisation similar to that of other large gold deposits in the Goldfields region. Pic: Getty Images
Adjacent to Carosue Dam, OzAurum is wishing upon a golden star
Mining
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- OZM has begun a 20-hole 1500m RC drill program at its New Cross Fault discovery
- Discovery is part of the broader Mulgabbie North project
- Assay results are due in the coming weeks.
Special Report: OzAurum Resources has kicked off a 20-hole RC drilling campaign at the New Cross Fault gold discovery at its Mulgabbie North project in WA.
The company’s flagship 268,000oz Mulgabbie North Gold Project is adjacent to Northern Star Resources’ (ASX:NST) 4.2Mtpa Carosue Dam Gold Operation.
Now, a new significant north-south fault has been identified, the likes of which OzAurum Resources (ASX:OZM) notes are often associated with large gold deposits such as Carosue Dam and other large gold deposits in the Eastern Goldfields of WA.
Sandstone appears to be the dominant host for high-grade gold mineralisation – and sandstones are often the hallmark of large gold deposits currently being mined in the Carosue Dam basin, which is around 2km from the project.
The plan is to test new shallow, high-grade gold mineralisation flagged in recent aircore drilling which returned:
- 16m at 3.21g/t gold, including 4m at 10.22g/t;
- 9m at 6.76g/t gold EOH, including 4m at 13.54g/t;
- 4m at 4.92g/t gold;
- 8m at 3.75g/t gold; and
- 12m at 2.78g/t gold including 4m at 4.92g/t gold.
Systematic exploration is the key
“This RC drilling program marks a crucial step in our exploration strategy at Mulgabbie North,” OZM CEO and managing director Andrew Pumphrey said.
“The program is designed to follow up on the exceptional results from our recent aircore drilling, which identified a new zone of high-grade gold mineralisation.
“We are systematically exploring the potential of this discovery, and we look forward to receiving the assay results in due course.
“We remain committed to advancing the Mulgabbie North project and delivering value to our shareholders.”
OZM also owns the high-grade Patricia Gold Project north east of Mulgabbie, and has projects in Minas Gerais, Brazil, prospective for niobium and REE.
This article was developed in collaboration with OzAurum Resources, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
