OzAurum Resources Ltd. announced significant high-grade gold Aircore (AC) drilling results from 39 holes for 1,298 metres (m) of drilling at its Mulgabbie North Project. Mulgabbie Project: AC Drilling Results - A total of 35 vertical AC holes were drilled for 1,258m (MNOAC 664 -698) at the Mulgabbie North Project targeting high-grade paleochannel gold mineralisation situated 1.1km north of current diamond drilling at Demag Zone. A further four holes for 40m (MNOAC 699-701) were drilled south of Golden Goose Prospect within the Project area.

A number of AC holes intersected significant paleochannel hosted gold mineralisation. The typical paleochannel horizon intersected consisted of a transported quartz sand/clay horizon with an average thickness of four metres. High-grade paleochannel gold mineralisation intersections include: 1m @ 15.15 g/t Au from 20m - MNOAC 665; 1m @ 14.90 g/t Au from 23m - MNOAC 687; 1m @ 11.65 g/t Au from 28m - MNOAC 678; 1m @ 8.28 g/t Au from 30m - MNOAC 669; 1m @ 7.36 g/t Au from 21m - MNOAC 665; 1m @ 7.32 g/t Au from 22m - MNOAC 670; 1m @ 7.05 g/t Au from 25m - MNOAC 680; 1m @ 6.52 g/t Au from 22m - MNOAC 676; 1m @ 6.48 g/t Au from 22m - MNOAC 665; 1m @ 4.22 g/t Au from 20m - MNOAC 679; 1m @ 3.81 g/t Au from 22m - MNOAC 669.

The Company's geological understanding of the paleochannel gold mineralisation at Mulgabbie has significantly increased as a result of both the recent drilling campaign and the extensive geological interpretation that has been completed to date and which is still ongoing. Of particular importance, is the relationship of paleochannel gold mineralisation to the primary gold source. Paleochannel gold deposits represent the base of former stream and river channels into which primary gold mineralisation has been eroded and deposited.

The current interpretation is that the paleochannel flow direction is to the south east, indicating a potential significant primary gold source situated between the James and Libby Prospects where a significant cross fault has been interpreted in this area. OzAurum will be targeting this area with future AC, RC and diamond drilling. Four AC holes were drilled south of the Golden Goose Prospect with the aim of testing a magnetic high target, but no significant gold mineralisation has been intersected.

Widespread gold mineralisation at the 4.2 km-long gold zone is currently open to the north and to the south. In addition, the new gold zone is co-incident with OzAurum's gold auger calcrete geochemistry anomalies, and a gravity low trough similar to the Northern Star Carouse Dam corridor of riches in which their operating gold mines are situated, which includes production of about 1.5 million ounces of gold to date. Patricia Project: Structural Review and Diamond Drilling Update - Two diamond drill holes (PTODH 001 + 002) have been completed for a total of 495.70m at the high-grade Patricia Gold Project with both holes planned to twin existing OzAurum drilled RC holes PTORC 024 (5m @ 37.11 g/t Au) and PTORC 022 (5m @ 11.74 g/t Au) to provide orientated diamond core from which structural measurements can be collected.

Structural measurements can be used to resolve the structural complexity that is seen at Patricia with the aim of targeting high-grade gold mineralisation at depth. A structural consultant is due to commence work on the Patricia Gold Project on the 23rd of May 2022. Both diamond holes and have small sections of holes that have been half cut and sent for analysis with PTODH 001 (160-172m section) and PTODH 002 (162-177m) sections assayed.

Visible gold can be seen in the remaining half cut core of PTODH 001 at 165.5m, with that section assaying 6.87 g/t Au. Poor correlation of RC results to current diamond results is due to the coarse gold nature of this deposit. Further diamond drilling will continue to assist with resolving this structural complexity.

Once the structural analysis has been completed, further analysis of the diamond core from holes PTODH 001 + PTODH 002 will be undertaken.