Less than a month after OzAurum made its ASX debut, the junior explorer is delivering high-grade gold hits from its Mulgabbie North project in WA.
OzAurum Resources (ASX:OZM) intersected high-grade gold at its Mulgabbie North project, just a stone’s throw from Northern Star Resources’ (ASX:NST) Carosue Dam mine that has produced 1.5 million oz of gold so far.
Drilling delivered a top hit 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.
Other significant intersections returned from the first nine holes and 1,929m of drilling were 8m at 3.41g/t, including 1m at 7.5g/t, 1m at 7.18g/t and 1m at 5.88g/t.
All nine holes intersected significant gold mineralisation, OzAurum said.
And these early results have shown similarities to Northern Star’s Carosue Dam, Karari and Whirling Dervish gold mines.
“The company is thrilled that we have been able to generate these high-grade intercepts so early on in our large-scale drilling campaign,” CEO Andrew Pumphrey said.
“In particular, we are excited by the potential of this area where we believe host rocks are expected to be intermediate-felsic volcaniclastic units — very similar to the Carosue Dam sequence.
“In addition, the wide zones of hematite alteration intersected for the first time in deeper holes is very promising since this is a key signature of the adjacent Northern Star Karari and Whirling Dervish gold mines.”
The 1,929m drilled so far is just the start of a much larger 20,000m reverse circulation drilling campaign.
The drilling at Mulgabbie North will test strike and depth extensions of gold mineralisation at the James and Ben prospects. Gold mineralisation at the Ben prospect is currently open at depth and along strike.
Of particular interest to OzAurum is one hole that intersected 2m at 6.39g/t from 184m, indicating the potential for more high-grade mineralisation at depth.
The company, which lit up the ASX boards on February 8 following a heavily subscribed IPO, owns two advanced gold projects, Mulgabbie and Patricia, in a +30-million-oz gold province near Kalgoorlie in WA.
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).
The Patricia project, meanwhile, 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.