Drilling has hit thick gold mineralisation at OZM’s flagship Mulgabbie North project, right next door to Northern Star’s (ASX:NST) Carosue Dam mill.
New results including 33m at 1.02g/t from 90m were intersected in the same rocks hosting significant gold deposits like the 6.5Moz Kanowna Belle mine.
Furthermore, the geology indicates “that we are potentially on the periphery of potentially higher-grade gold mineralisation”, OZM says.
“Our current interpretation is that faulting is clearly a fluid pathway for mineralising oxidised fluids sourced from a deeper enriched intrusive body.”
Planned Reverse Circulation (RC) drilling will commence on 28 November, testing new structural targets and extensions of the Demag Zone. Drilling will culminate in a maiden resource expected to be completed in Q1 2023.
“OzAurum continues to advance its highly prospective Mulgabbie North project which has delivered further excellent diamond drilling results,” OZM boss Andrew Pumphrey says.
“The Mulgabbie North maiden mineral resource estimate, planned in Q1 2023, is a huge milestone for the company to achieve in just two years since listing on the ASX, and is testament to the scale of our advanced exploration programs.”