Momentum continues at OzAurum’s Mulgabbie North gold discovery
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Only a month after OzAurum made its ASX debut, the junior gold explorer is continuing to deliver high-grade gold hits from its Mulgabbie North project in Western Australia.
OzAurum Resources (ASX:OZM), which lit up the ASX boards on February 8 following a heavily subscribed IPO, owns two advanced gold projects, Mulgabbie and Patricia, in a +30-million-oz gold province near Kalgoorlie in WA.
Last Monday, OzAurum announced that it had intersected high-grade gold mineralisation through maiden reverse circulation (RC) drilling at its Mulgabbie North project – just a stone’s throw away from Northern Star Resources’ (ASX:NST) Carosue Dam mine that has produced 1.5 million oz of gold so far.
Specifically, RC drilling delivered outstanding intercepts of 4m at 10.26 grams per tonne (g/t) gold, including 1m at 14.6g/t, from within a broader intercept of 10m at 4.6g/t from just 46m.
Momentum continues for OzAurum with today’s news of the discovery of a new wide zone of gold mineralisation through aircore (AC) drilling undertaken just 100m west of the RC drilling campaign currently underway at Mulgabbie North.
So far, the first 31 holes for 2,156m of AC drilling have revealed a new wide gold zone with significant results including 4m at 6.3g/t to the end of hole (EOH) MNOAC 020 intersected at the top of fresh rock, with adjoining AC hole MNOAC 021, situated 40m east, also intersecting 1m at 1.09g/t EOH.
Together these two holes encompass a 40m wide zone of gold mineralisation at the EOH in the top of fresh rock.
OzAurum is now planning an RC drilling campaign in this area to follow up these significant results while it eagerly awaits the ongoing AC drilling results from the current campaign.
Additionally, the AC drilling program has also revealed a 40-80m wide zone of hematite alteration, which was intersected in the bottom of the AC holes and defines a trend striking northwest for about 1.2km – situated immediately west of the current Mulgabbie North RC drilling.
This is of particular significance since this hematite alteration is the key characteristic alteration of the adjacent Northern Star Carosue Dam, Karari and Whirling Dervish gold mines.
“The company is excited that we have intersected these high-grade aircore intercepts so early on in our large-scale drilling campaign,” CEO Andrew Pumphrey said.
“In particular, we are excited by the potential of this area where the host rocks are intermediate-felsic volcaniclastic units – very similar to the Northern Star Carosue Dam Operations including Karari and Whirling Dervish gold mines.”
“In addition, a new 40-80m wide zone of hematite alteration extending for 1.2km was intersected for the first time in AC holes and is very promising since this is also a key signature of the adjacent Northern Star Carosue Dam Operations that have produced approximately 1.5 million ounces of gold.”
The 2,156m drilled so far is just the beginning of OzAurum’s initial 30,000m AC drilling campaign, making up the broader initial 50,000m combined RC and AC drilling campaigns.
The Mulgabbie project covers 10km of a greenstone belt in one of the richest and most prolific gold-producing belts in Australia.
The Norseman-Wiluna greenstone belt hosts a number of major mines including Granny Smith (+2.5Moz), Wallaby (+7Moz) and Sunrise Dam (+15Moz).
OzAurum’s other advanced gold project, the Patricia project, is a high-grade gold project open at depth.
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.