OzAurum appears to be sitting on a large mineralised gold system as it continues to deliver high-grade gold hits from its large-scale drilling campaign at its Mulgabbie North Project in Western Australia.
ASX-listed gold explorer, OzAurum Resources (ASX:OZM), owns two advanced gold projects, Mulgabbie and Patricia, in a +30-million-oz gold province near Kalgoorlie in WA.
Today, the company announced additional high-grade gold results from its large-scale Reverse Circulation (RC) drilling campaign at it’s Mulgabbie North project – just a stone’s throw away from Northern Star Resources’ (ASX:NST) Carosue Dam mine that has produced over 1.5 million oz of gold so far.
Twenty-one RC holes were drilled for 4038m, with numerous holes intersecting high-grade mineralisation within wide lower grade intervals, indicating that Mulgabbie North is situated within a large mineralised gold system.
Most notably, RC hole MNORC 038 intersected 14m @ 3.89 g/t Au from 25m within a wider zone of 27m @ 2.2 g/t Au, and includes 5m @ 9.44 g/t Au. Gold mineralisation at Mulgabbie North is currently open at depth and along strike at both the Ben and James prospects.
Previously, OzAurum announced that it had intersected high-grade gold mineralisation through its maiden RC drilling at Mugabbie North which 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.
In addition to these excellent RC results, the concurrent aircore (AC) drilling program also currently underway at Mulgabbie North, has revealed a new 400m long, and up to 150m wide, of widespread gold mineralisation that has so far identified highly prospective intermediate-felsic volcaniclastic host – similar to the adjacent Northern Star Carosue Dam mine.
Furthermore, the AC campaign also discovered a 40-80m wide zone of hematite alteration being intersected in the bottom of the AC holes defining a trend striking NW for approximately 1.2km, situated immediately west of the current Mulgabbie North RC drilling.
This is of particular significance since this hermatite alteration is the key characteristic alteration of the adjacent Northern Star Carosue Dam, Karari and Whirling Dervish gold mines.
These excellent RC results, combined with the recently announced aircore (AC) results defining new zones of gold mineralisation, further highlight the potential of Mulgabbie North to be a significant gold project.
OzAurum is now planning additional RC drilling at Mulgabbie North to scope out the extent of known mineralisation aimed at making a significant gold discovery.
“The company is very encouraged by the additional high-grade intercepts so early on in our large-scale drilling campaign, and we are confident that ongoing RC drilling has the potential to unlock a significant gold project at Mulgabbie,” CEO Andrew Pumphrey said.
“In addition, the wide zones of hematite alteration intersected in some deeper holes is very promising since this is a key signature of oxidised gold fluids, similar to that of Northern Star’s (ASX: NST) Carosue Dam Karari and Whirling Dervish Gold Mines. Lastly, this area is under transported cover that has prevented previous effective exploration,” he concluded.
The 4,038m of additional drilling is a continuation of OzAurum’s initial 20,000m RC drilling campaign, making up the broader initial 50,000m combined RC and AC drilling campaigns.
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.