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Mulgabbie North Gold Project covers 10km of greenstone belt geology in one of the richest and most prolific gold-producing belts in Australia.
OzAurum is exploring 8km of strike along the Relief Shear adjacent to Northern Star’s (ASX: NST) Carosue Dam Mine and the adjoining 3.5 Moz NST Karari and Whirling Dervish gold mines.
Previously underexplored with limited drilling despite significant gold endowment in the belt. Gold mineralisation is open at depth and along strike. Mulgabbie North has all the hallmarks indicating potential for a significant gold discovery.
In September 2024, a Mulgabbie North Gold Heap Leach 50:50 Profit Share Agreement was signed. The agreement is with Line Hydrogen Pty Ltd and BIM Metals Pty Ltd (together LHBM) to complete the Mulgabbie North Heap Leach Feasibility Study (Study), which will be fully funded by LHBM.
CEO and Managing Director, Andrew Pumphrey, commented:
“I am very excited that Brendan James from LHBM has selected the Mulgabbie North Gold Project to fully fund the feasibility study and, if the feasibility study economics are acceptable, to obtain funding and operate a potential future heap leach mining operation at Mulgabbie North. Brendan brings a wealth of experience to the table in design, construction and operation of heap leach projects in Australia and overseas which helps in derisking the project for OZM shareholders. The White Dam heap leach in South Australia is an example of a highly successful gold operation that Brendan ran for a number of years. Coupled with his ambition to produce Net Zero Gold we are all excited to see the Mulgabbie North Project move forward and, potentially into gold production. As well we have identified new cross fault targets from the seismic interpretation the Company undertook a while back and I am keen to see us drilling these new areas to see what we can discover.”
JORC 2012 Classification | Tonnes | Grade Au g/t | Ounces |
---|---|---|---|
Measured (M) | 1,475,000 | 0.82 | 39,000 |
Indicated (Ind) | 5,620,000 | 0.71 | 128,000 |
Inferred (Inf) | 4,543,000 | 0.85 | 93,000 |
Total M+Ind+Inf | 11,638,000 | 0.70 | 260,000 |
The Mineral Resources are reported at 0.3 g/t Au cutoff to a depth of 150m below the surface. All numbers are rounded to reflect appropriate levels of confidence. Apparent difference may occur due to rounding. See ASX Announcement dated 18 July 2023 for full JORC and complaince details. |
Gold was first discovered at Mulgabbie Hotel in 1898 and the field produced 8,000oz of gold at an astounding 34oz (or a little more than 1kg) to the tonne.
7,777 oz from 227 t Average grade 34 oz/t bonanza grades. Vendor 1990 Underground tribute mining has produced 30 oz at grade 64.8 g/t. 1,000 oz recent alluvial tribute gold production M28/364 Hotel 2011 2013. Dolerite hosted mineralisation and telluride mineralisation.
Significant Intersections include:
RCMC 7 | 19m @ 2.46 g/t Au from surface.
RCMC 3 | 11m @ 2.64 g/t Au from 26m.
RCMC 6 | 13m @ 2.16 g/t Au from 45m