Also, adjacent to OzAurum’s tenements within this region is the Carosue Dam mine site which is owned 100% by Saracen Minerals Limited (ASX:SAR), a company of over A$6.5 billion market capitalisation and 50% owner of Australia’s largest mine, the Super Pit in Kalgoorlie. The Carosue Dam mill has produced some 1.5 Million ounces so far.
The projects have been acquired from an experienced Kalgoorlie-based geoscientist, Andrew Pumphrey who has traversed the district and been consolidating these strategic gold tenements for over 30 years. Andrew has been appointed the Managing Director and CEO of OzAurum, and has retained a 20% free carry in the projects until decision to mine.
Pre-IPO funding is to be spent on further exploration activities including a 1,170m RC drilling campaign, one 200m diamond hole, and funding towards an IPO on the Australian Securities Exchange targeted for early 2021.
OzAurum’s RC and Diamond drilling program will commence next week with assay results released shortly thereafter.
The aim of the drilling is to confirm historical Freeport drilling results and to understand the geometry and orientation of high-grade ore shoots. Learnings from this will be used to confidently plan an extensive drilling program post-IPO, with the aim of extending gold mineralisation at depth and making the next significant gold discovery.