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Highlights
- OzAurum Resources commences a 20-hole RC drilling campaign at the New Cross Fault discovery.
- The discovery is part of the Mulgabbie North Gold Project, near Northern Star Resources' Carosue Dam operation.
- Assay results are anticipated shortly, aiding in the understanding of high-grade gold mineralization.
OzAurum Resources (ASX:OZM) has embarked on a 20-hole reverse circulation (RC) drilling initiative at the New Cross Fault gold discovery within its expansive Mulgabbie North project in Western Australia. This undertaking highlights a strategic move to explore and potentially expand the company’s existing resource base, which is currently estimated at 268,000 ounces of gold.
The Mulgabbie North Gold Project is strategically positioned adjacent to the Carosue Dam Gold Operation, run by Northern Star Resources (ASX:NST). Recent geological evaluations have identified a significant north-south fault within the project area, a geological structure known to be frequently associated with major gold deposits in the region, including those already being tapped into within the Carosue Dam basin.
Preliminary aircore drilling has delivered promising results, revealing intersections with significant gold grades, such as 16m at 3.21 g/t including 4m at 10.22 g/t, and 9m at 6.76 g/t EOH with 4m at 13.54 g/t. These outcomes underscore the potential for discovering high-grade mineralization beneath the sandstone-dominated terrain, reminiscent of known deposits in the vicinity.
The current RC drilling operation is set to further delineate shallow, high-grade zones, with a focus on systematically exploring and validating the encouraging aircore results. The strategic importance of this program has been emphasized by OZM’s leadership, highlighting the company's commitment to progressing the Mulgabbie North project and creating shareholder value. Assay results from this drilling are eagerly awaited, promising further insight into the gold potential of the area.
OzAurum Resources’ exploration activities are not confined to Mulgabbie North alone. The company also possesses rights to the Patricia Gold Project northeast of Mulgabbie and maintains interests in Brazil's Minas Gerais region, eyeing opportunities in niobium and rare earth elements (REE).
Future Prospects
This drilling campaign is part of a broader, methodical exploration strategy at Mulgabbie North, underpinning OzAurum Resources’ resolve to uncover and develop viable high-grade gold deposits. The forthcoming assay results will be critical in shaping the next phases of development at this promising site.
