OzAurum Resources Limited reported high grade gold results from its recently completed Reverse Circulation (RC) and Diamond drilling programs at the
Mulgabbie North Project located in the Eastern Goldfields, Western Australia. Mulgabbie North Drilling Update: The company reported the results and progress of the latest RC and diamond drilling program, including the results from recently drilled RC holes MNORC 203-208 and diamond holes
MNODH 010-014. 13m @ 4.60 g/t gold (Au) (from 21m) ­ including 1m @ 22.70 g/t Au (from 21m) and 1m @ 22.10 g/t Au (from 22m) MNODH 014 ­ James Prospect; 23m @ 2.46 g/t Au ­ (from 56m) including 6m @ 5.10 g/t Au (from 70m) ­ vertical hole, MNORC 208 ­ James Prospect; 13m @ 1.58 g/t Au ­ (from 22m) MNORC 204 ­ Demag Zone; 8m @ 2.04 g/t Au ­ (from 35m) MNODH 013 ­ James Prospect; 17m @ 0.92 g/t Au ­ (from 50m) including 11m @ 1.14 g/t Au (from 52m) MNORC 203 ­ Demag Zone. Holes MNODH 013 and 014 were drilled as twin holes to existing RC holes, MNORC 038 and 004, at the James Prospect - demonstrating the excellent high repeatability of diamond drill hole grades to RC drill hole grades. MNORC 038 intersected 27m @ 2.20 g/t Au including 14m @ 3.89 g/t (from 25m) and was twinned with MNODH 013 intersecting 13m @ 4.60 g/t Au (from 21m). Vertical RC drill hole MNORC 208 at James Prospect intersected 23m @ 2.46 g/t Au ­ (from 56m) including 6m @ 5.10 g/t Au (from 70m). Excellent RC drill results continue to be received from the Demag Zone with MNORC 204 intersecting 13m @ 1.58 g/t Au (from 22m) and MNORC 203 intersecting 17m @ 0.92 g/t (from 50m) including 11m @ 1.14 g/t Au (from 52m). Gold mineralisation at Mulgabbie North is consistent with gold grades over wide zones demonstrating excellent high repeatability of twinned holes providing considerable confidence in the Project moving forward. Mulgabbie North gold mineralisation is open along strike and at depth with many targets still to be drill tested with future RC drilling. One diamond drill hole MNODH 010 was drilled at the Hotel Prospect that intersected 10m @ 0.87 g/t Au (from 22m) including 5m @ 1.10 g/t Au (from 47m) and 13m @ 0.71 g/t Au (from 44m) including 6m @ 1.12 g/t Au (from 47m). Gold mineralisation at the hotel Prospect is hosted in granophyric quartz dolerite unit with associated quartz veining and pyrite mineralisation. A further two diamond holes, MNODH 011 and 012, were drilled at the Perseverance Prospect targeting
gold mineralisation situated on the contact of a basalt unit and the dolerite, both holes failed to intersect significant gold mineralisation. Mulgabbie North Project and Demag Zone Background: The virgin gold discovery Demag Zone is an development at the Mulgabbie North Project.
The Demag Zone is situated between the Alicia and Ben Prospects within the Mulgabbie North Project. Only limited historical drilling has been undertaken within the three recently drilled 100m spaced RC drill lines at the Demag Zone, being ten shallow wide-spaced vertical RAB holes drilled by Gutnick Resources in 1999. Aircore (AC) drilling results intersected at the Demag Zone included MNOAC 523 4m @ 1.47 g/t Au from 40m, MNOAC 524 4m @ 1.25 g/t Au from 56m, MNOAC 534 4m @ 2.00 g/t Au from 44m, MNOAC 535 4m @ 1.21 g/t Au from 40m, MNOAC 536 17m @ 0.80 g/t Au from 56m including 1m @ 1.52 g/t Au EOH and MNOAC 546 4m @ 1.61 g/t Au. A thick blanket of high-grade supergene gold mineralisation has been delineated by AC drilling over the Demag Zone that OZM has targeted by RC drilling, and diamond drilling. The Demag Zone is located on the Relief Shear and the lithological contact that hosts gold mineralisation is located at the James, Ben and Alicia Prospects. Higher grade gold intersections at the
Demag Zone have significant pyrite and arsenopyrite mineralisation within the intensely sericite carbonate albite altered felsic to intermediate volcaniclastic unit. Intrusive porphyries have been intercepted in a number of RC drill holes at Mulgabbie North along the Relief Shear. Future geological work will be undertaken to understand the potential the links of intrusive porphyry to current gold mineralisation and will be targeted with future diamond drilling. RC results, combined with AC results defining new zones of mineralisation now extending for 4.2km in strike, further highlight the potential of Mulgabbie North to host significant gold project. Diamond drill holes at Mulgabbie North intersected wide zones of weak to moderate hematite alteration. Specifically, the hematite alteration indicates oxidised fluids from an intrusive complex suggesting proximity to the mineralising centre - likely to be within OzAurum's 100% owned Mulgabbie North tenure. The Demag Zone is most likely a result of fluid pathways along the interpreted fault zone. Previous explorers in the area have interpreted a series of significant cross-cutting faults, including those that intersect the Carosue Dam Mines and have also interpreted the cross-cutting fault intersecting the Demag Zone area, which is a key characteristic of significant gold deposits in the Kalgoorlie region. Upcoming Drilling and Planned Activities: Ongoing diamond drilling at the Mulgabbie North will recommence in mid-February 2023. The timing of the JORC 2012 compliant resource to be estimated at Mulgabbie North has been revised and is now expected to be completed in second quarter of 2023. Twinning of RC holes by diamond drill holes is a requirement of Mineral Resource Estimation QAQC process. The Company will continue to provide regular market updates on exploration activities and report on drilling results as soon as they become available. The diamond drill rig is being operated by OZM, with OZM paying operating costs only. The drill rig, and associated equipment is owned by the CEO, Andrew Pumphrey and has been supplied to the Company at no cost, providing OZM maximum flexibility with diamond drilling requirements.