OzAurum puts Aussie gold in sight at Mulgabbie North

OzAurum has recovered visible gold from its newly revealed high-grade discovery at Mulgabbie North.

The visible gold comes among other exciting revelations. Pic: Getty Images

• OzAurum has recovered visible gold from a starring discovery intercept

• Quartz composition and sandstone shows more similarities to highly significant systems and deposits

• RC drill rig quickly deployed for follow-up over an open gold zone

 

Special Report: OzAurum has now recovered visible gold from one of the starring intercepts which marked a high-grade discovery at its Mulgabbie North gold project in WA’s Eastern Goldfields.

The OzAurum Resources (ASX:OZM)  ticker shot up earlier this week on an otherwise gloomy Monday on the ASX after aircore drilling returned a number of high-grade 4m composite results.

And the company has now returned visible gold thanks to a 4m at 14.17 g/t from 16m intercept as it plans a rapid follow-up RC campaign.

But of more importance might be the significant quartz veining observed up to 50% in high-grade intervals and sandstone’s appearance as the dominant host rock – both hallmarks of major deposits.

Either way, OzAurum CEO and managing director Andrew Pumphrey said the discovery has marked a significant milestone for the company.

“The high-grade gold intersected in MNOAC 705, with visible gold observed, confirms our geological model and reinforces our belief in the project's potential,” Pumphrey said.

“The association with significant quartz veining and a favourable sandstone host, analogous to other major gold deposits in the region, further strengthens our conviction.

“With the RC drill rig arriving on-site next week, we are poised to aggressively expand on this discovery and unlock the full potential of the Cross Fault target.”

Pumphrey added OZM is confident in Mulgabbie North’s potential to deliver substantial value for its shareholders.

One-metre samples are now also in the lab, with results expected in the next week as drilling begins.

Visible gold panned from the 4m at 14.17 g/t Au interval. Pic: OZM

Monetising Mulgabbie

OzAurum says the shallow, high-grade results have made for compelling follow-up targets for both RC and AC drilling along strike to the north and south.

The newly defined gold zone, stretching along strike for over 400m notably remains open both at depth and along strike.

The company currently has a 260koz inventory at Mulgabbie North, and was already confident it had the opportunity to discover multiple deposits within an already defined gold corridor.

The project sits a 2km skip away from Northern Star’s 3.5moz Carosue Dam mine, and there are multiple processing options on hand as ASX goldies sit on the precipice of reaping in a billion per quarter.

A plan to commercialise WA gold assets certainly makes sense, and a heap leach feasibility study fully-funded by LHBM is expected to be released later this year.

Mulgabbie North AC drill area. Pic: OZM

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.