Multiple drill rigs have been turning non-stop at OzAurum Resources’ advanced gold project at Mulgabbie North in Kalgoorlie, WA, so far delivering high-grade gold hits – with thousands of metres of pending assay results to provide plenty of news flow in the coming weeks.
OzAurum Resources (ASX:OZM), the Western Australian gold explorer in Kalgoorlie, has been drilling around-the-clock as part of its initial large-scale 50,000m drilling campaign which kicked off a day after it listed on the ASX in February this year.
Thus far, OzAurum has announced 38 reverse circulation holes and 130 aircoreholes at its Mulgabbie North gold project. The ongoing RC and AC drilling campaign has resulted in thousands of metres worth of pending assay results which are anticipated to be released in the June quarter.
Not long after its ASX debut, OzAurum announced it had intersected high-grade gold mineralisation during its maiden RC drilling at Mugabbie North.
The program delivered outstanding intercepts of 4m at 10.26 grams per tonne (g/t) gold, including 1m at 14.6g/t, from within a broader intercept of 10m at 4.6g/t from just 46m.
Simultaneously, on March 15, the company announced shallow high-grade gold AC hits including 4m at 6.3g/t from 48m to end of hole.
OzAurum’s early stage AC drilling has so far uncovered a 40-80m wide zone of hematite alteration, intersected at the bottom of the AC holes and defining a trend striking northwest for approximately 1.2km. It’s immediately west of the current Mulgabbie North RC drilling.
This is particularly significant, since this kind of alteration is a key signature of the nearby Carosue Dam, Karari and Whirling Dervish gold mines, owned by Northern Star Resources (ASX:NST).
In addition, this area is under transported cover that has prevented previous effective exploration, and now represents a significant exploration opportunity for the company.
While drill rigs keep turning onsite at the Mulgabbie project, OzAurum is confident that the pending assays will also continue to deliver high-grade gold results, solidifying what appears to be a large mineralised gold system.
“OzAurum is extremely encouraged by the high-grade RC and AC results that have so far been intercepted in our large-scale drilling campaign, and we are confident that that pending assay results and ongoing drilling has the potential to unlock a significant gold project at Mulgabbie,” chief exec Andrew Pumphrey says.
The Mulgabbie project covers 10km of a greenstone belt in one of the richest and most prolific gold-producing belts in Australia.
The Norseman-Wiluna greenstone belt hosts a number of major mines including Granny Smith (+2.5Moz), Wallaby (+7Moz) and Sunrise Dam (+15Moz).
OzAurum’s other advanced gold project, the Patricia project, is a high-grade gold project open at depth.
This article was developed in collaboration with OzAurum Resources, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
Barry Stroman was a reporter for Zerg Watch, before becoming the lead editor. Barry has previously worked for Wired, MacWorld, PCWorld, and VentureBeat covering countless stories concerning all things related to tech and science. Barry studied at NYU.