OzAurum Resources is pleased to announce that OzAurum Resources Pty Limited, a Western Australian based, advanced gold exploration company has secured ~A$1M in over-subscribed pre-IPO funding to acquire 80% of two advanced gold projects, Mulgabbie North and the Patricia Project, in plus thirty-million-ounce gold province in Kalgoorlie.
OzAurum Resources has raised $1m in over-subscribed pre-IPO funding to acquire 80 per cent of two advanced gold projects, Mulgabbie North and the Patricia project, in a +30-million-ounce (Moz) gold province in Kalgoorlie, Western Australia.
The portfolio of strategic gold assets sits adjacent to the Carosue Dam mine which is 100 per cent owned by Saracen Minerals Ltd (ASX:SAR), currently capitalised at over $6.5bn and 50 per cent owner of Australia’s largest mine, the Super Pit in Kalgoorlie.
The Carosue Dam mine has produced some 1.5Moz so far, and is only a stones-throw away from OzAurum’s tenements.
More specifically, Mulgabbie North 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 notable mines including Granny Smith (+2.5Moz), Wallaby (+7Moz) and Sunrise Dam (+15Moz). The Patricia project is a high-grade gold project open at depth.
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.