OzAurum Resources’ Shares Soar 46.25% Following Major Gold Discovery at Mulgabbie North

2 min read | February 05, 2025 03:12 PM AEDT | By Team Kalkine Media

OzAurum Resources’ Shares Soar 46.25% Following Major Gold Discovery at Mulgabbie North — Image source: Shutterstock

Breakthrough Gold Discovery

OzAurum reported that aircore (AC) drilling at Mulgabbie North has confirmed the presence of high-grade gold mineralization, with a key intersection yielding 4 meters at 14.17 grams per tonne (g/t) from a depth of 16 meters (drill hole MNOAC 705). Notably, visible gold was recovered from the drilled samples, reinforcing confidence in the potential of this new discovery.

In addition, the company highlighted the presence of significant quartz veining, with up to 50% quartz observed in multiple high-grade intervals. Quartz veining is a well-established hallmark of robust gold systems, further validating the prospectivity of the Mulgabbie North site.

Aggressive Follow-Up Drilling Planned

To capitalize on this breakthrough, OzAurum has announced plans for rapid follow-up drilling, with a reverse circulation (RC) drilling rig set to arrive at the site next week. The goal of this next phase of exploration is to extend the mineralized zone and gain a clearer understanding of the gold system's scale.

Moreover, the mineralization has been confirmed within favorable sandstone units located in the Cross Fault area. This geological setting is similar to other major gold deposits within the Carosue Dam Basin, an established gold-producing region in Western Australia.

Upcoming Assay Results Expected

Investors are now eagerly awaiting pending assay results, with one-meter sample analyses currently in the laboratory. The results, expected within the next week, will provide further insights into the potential resource size and grade continuity.

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