OzAurum Resources Ltd (ASX:OZM) High-Grade Gold Mineralisation Confirmation at Mulgabbie North

13 February 2023

Price Sensitive Announcement $

Overview:

OzAurum Resources Ltd has advised that 1m samples of recent Air core (AC) drilling has confirmed the high-grade nature of the New Cross Fault Gold Discovery within the Mulgabbie North Gold Project.

Highlights:

• Consistent High-Grade Gold at New Cross Fault Discovery: 1m samples of the recent AC drilling returns consistent high-grade mineralisation at the newly mapped New Cross Fault target.
• Multiple High-Grade Intersections Confirm New Zone: Numerous shallow high-grade AC intercepts in 1m drill results from previously reported 4m composite intersections including:
• 16m @ 3.21 g/t gold (Au) – (from 6m) incl 4m @ 10.22 g/t Au – MNOAC 722
• 9m @ 6.76 g/t Au EOH – (from 12m) incl 4m @ 13.54 g/t Au – MNOAC 705
• 4m @ 4.92 g/t Au – (from 20m) – MNOAC 720
• 8m @ 3.75 g/t Au – (from 21m) – MNOAC 739
  
  Other significant intersections include
• 12m @ 2.78 g/t Au – (from 8m) incl 4m @ 4.92 g/t Au – MNOAC 720
• 9m @ 1.76 g/t Au EOH – (from 20m) – MNOAC 710
• 45m @ 0.84 g/t Au – (from 0m) – MNOAC 721
• High-Grade Gold Extends Along Relief Shear: Results confirm consistent high-grade gold mineralisation at the cross fault area within the Relief Shear corridor, validating the exploration model. Several drillholes ended in significant mineralisation, suggesting further potential at depth.
• New Cross Fault Discovery Extends Project Potential: The New Cross Fault discovery, 1.3km south of previous drilling, strengthens the overall prospectivity of the 260,000 oz Mulgabbie North Gold Project*.
• Historical Significance: Limited historical drilling, including a vertical RAB hole drilled in 1998 by Gutnick Resources, also intersected significant mineralisation.
• Targeted Drilling Program Underway: An additional 32-hole AC drilling program (987m), drilling to fresh rock and targeting south of the mapped New Cross Fault is complete. Assay results expected next week.
• New Significant North – South Fault: Identified in the field at cross fault location in costeans.
• Next Steps – High Priority Drilling Targets Being Defined: Reverse Circulation (RC) and AC drilling is planned to commence when we finalise our targeting and rigs become available

Company Notes:

“We are thrilled with the 1m results confirming the New Cross Fault discovery at our Mulgabbie North Gold Project. The consistent high-grade gold mineralisation we’ve encountered in our recent drilling program underscores the significant potential of this exciting new discovery.

Multiple high-grade intercepts, including grades exceeding 10 g/t, reinforce our geological model and suggest we are potentially onto substantial mineralisation. The fact that these high-grade zones extend along the prospective Relief Shear further strengthens our belief that Mulgabbie North has the potential to host a significant gold deposit.

Beyond the impressive grades, the identification of a new north-south fault structure in the area is very exciting. This feature could be a key control on mineralisation and opens up exciting new exploration avenues. Our drilling program is continuing to expand the known footprint of mineralisation, and with assays pending from another 32-hole aircore drill program, we anticipate further positive news flow in the near future.

The Mulgabbie North Project, with its already existing 260,000 oz resource, is rapidly evolving into a compelling gold opportunity.

We are committed to advancing our exploration efforts in 2025 and beyond working hard to deliver meaningful growth for our shareholders.”

Full ASX Announcement: OzAurum Resources ASX Announcement