OzAurum kicks off RC drilling at Mulgabbie North gold discovery

• OZM starts RC drilling at the Cross Fault gold discovery
• Company aims to expand high-grade gold at depth and along strike
• Discovery sits just 2km from 260,000oz Mulgabbie North resource

Special Report: OzAurum has started reverse circulation drilling at the Cross Fault gold discovery within the Mulgabbie North project in WA’s Eastern Goldfields.

Mulgabbie North is roughly 2km from Northern Star Resources’ (ASX:NST) ~3.5Moz Carosue Dam operation and boasts similar geology.

And the Cross Fault discovery itself is just 2km south of the 260,000oz Mulgabbie North resource.

The 17 hole, 1,600m program aims to expand high-grade gold mineralisation at Cross Fault, both at depth and along strike.

Previous RC drilling yielded significant intersections, which will be targeted in this program. These include:

• 48m at 1.66g/t gold from surface to 48m at end of hole, including 9m at 5.79g/t from 12m;
• 12m at 4.26 g/t Au from 18m including 2m at 22.58g/t;
• 17m at 1.65g/t Au from 45m within 39m at 1.09g/t from 31m; and
• 10m at 1.80g/t Au from 127m and 1m at 3.91g/t at end of hole within 35m at 0.79g/t from 103m.

With high Aussie gold prices of around $5000 per ounce, explorers like OzAurum (ASX:OZM) are kicking exploration up a gear, backed by stronger balance sheets.

Systematic exploration the key

OZM is conducting geological fieldwork along the Relief Shear and the nearby Golden Goose prospect, seeking to locate north-south striking faults in outcrop.

These faults are associated with gold mineralisation at the nearby Carosue Dam project and other significant gold deposits in the Eastern Goldfields.

“This RC drilling program will target high-grade gold mineralisation at the Cross Fault project at Mulgabbie North,” CEO and MD Andrew Pumphrey said.

“The learnings from our recently completed diamond drilling have been applied to this latest round of RC drilling.

“We are systematically exploring the potential of this discovery, and we look forward to receiving the assay results in due course.”

This article was developed in collaboration with OzAurum, 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.