OzAurum makes strategic leadership appointment and announces further widespread gold
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OzAurum announces further widespread gold mineralisation from its 20,000m reverse circulation drilling campaign at the Mulgabbie North Project in Kalgoorlie, and appoints well-known mining executive, Martin Holland, as head of corporate.
OzAurum Resources (ASX:OZM), the Western Australian gold explorer in Kalgoorlie, today announced additional results from its large-scale reverse circulation (RC) drilling campaign at the Mulgabbie North project, which kicked off a day after it listed on the ASX in February this year.
To date, a total of 98 RC holes have been drilled at Mulgabbie North for 15,811m. Not long after its ASX debut, OzAurum announced it had intersected high-grade gold mineralisation during its maiden RC drilling at Mugabbie North.
Today’s results, from the additional 26 holes that were drilled for 3,740m, appear to be a continuation of OzAurum’s early exploration success, revealing intercepts of thick gold intervals at depth.
Most notably, RC hole MNORC 040 intersected 20m @ 1.91 g/t Au from 25m within a wider zone of 46m @ 1.04 g/t Au. In addition, numerous RC drill holes intersected higher grade gold mineralisation within wide lower grade intervals indicating Mulgabbie North is situated within a large mineralised gold system.
According to OzAurum, gold mineralisation at Mulgabbie North is currently open at depth and along strike at both the Ben and James prospects. In particular, a new gold zone has also been discovered southwest of the Ben Prospect with MNORC 058 intersecting 19m @ 1.02 g/t from 112m depth.
A further 42 RC holes for 5,764m have also been drilled, and the company is eagerly awaiting these results with pending assays still at the labs.
“The company is very encouraged by the additional high-grade gold intercepts achieved through our RC drilling campaign thus far,” said CEO Andrew Pumphrey.
“These results, and the many results still pending in the assay labs, provide further confidence that ongoing RC drilling has the potential to unlock a significant gold project at Mulgabbie.”
OzAurum also announced it will commence a maiden RC drilling campaign at its other 100%-owned Patricia Gold Project, to target high-grade gold mineralisation. To date, historical high-grade intersections at Patricia have included a PT 001 5m @ 18.8 g/t Au from 35m, including 1m @ 80 g/t Au. The 25m deep open pit at Patricia is 800m long and 150m wide.
In more good news, the company has appointed current non-executive director, Martin Holland, to an executive role as OzAurum’s head of corporate to allow managing director and CEO, Andrew Pumphrey, to focus on the geological and technical aspects of exploration at the Mulgabbie and Patricia Gold projects in WA. Holland is also the founder and current chairman and CEO of ASX-listed copper explorer Cobre (ASX: CBE).
According to Pumphrey, Martin’s executive appointment “materially enhances OzAurum’s corporate marketing strategy, and allows me to be on the ground focusing on the company’s strategic exploration program”.
“We believe this aligned partnership enables the company to fast-track its objective of making a significant gold discovery.”
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).
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.