OzAurum scores with confirmation of high-grade gold at the New Cross Fault target

OzAurum’s drilling has defined strong gold mineralisation along a strike of over 400m at the newly mapped New Cross Fault target.

OzAurum’s detailed 1m composite sampling has returned consistent high-grade gold mineralisation along a strike of over 400m at the New Cross Fault target. Pic: Getty Images

• OzAurum drilling returns consistent high-grade gold mineralisation at the newly mapped New Cross Fault target

• Results such as 16m at 3.21g/t gold and 9m at 6.76g/t have defined a mineralised zone over 400m

• Mineralisation remains open along strike and at depth while assays are pending for another 32 aircore holes

Special Report: OzAurum Resources is “thrilled” after detailed 1m sampling of recent aircore drilling returned consistent high-grade gold mineralisation at the newly mapped New Cross Fault target within its Mulgabbie North project in WA.

Notable results from the recently completed 52-hole program totalling 2013m, which is 1.3km south of its most southern aircore drilling along the highly prospective Relief Shear, were:

• 16m grading 3.21g/t gold from 6m including 4m at 10.22g/t (MNOAC 722)
• 9m at 6.76g/t gold from 12m including 4m at 13.54g/t (MNOAC 705); and
• 12m at 2.78g/t gold from 8m including 4m at 4.92g/t (MNOAC 720).

To date, drilling has defined a gold mineralised zone with a strike of over 400m and widths ranging from 25m to over 75m.

OzAurum Resources (ASX:OZM) says the results represent exciting targets for follow-up reverse circulation drilling as well as additional aircore drilling along strike to the north and south.

It noted that mineralisation at Cross Fault is open at depth and along strike while the oxidised former pyrite and arsenopyrite mineralisation in drill chips from multiple holes is an indicator of significant gold mineralisation potential at depth.

This is highlighted by holes MNOAC 705 (9m at 6.76g/t gold) and MNOAC 710 (9m at 1.76g/t gold) ending in mineralisation.

The Mulgabbie North gold project aircore drill area. Pic: OzAurum Resources

Compelling gold opportunity

"We are thrilled with the 1m results confirming the New Cross Fault discovery at our Mulgabbie North gold project,” managing director Andrew Pumphrey said.

“The consistent high-grade gold mineralisation we've encountered in our recent drilling program underscores the significant potential of this exciting new discovery. Multiple high-grade intercepts, including grades exceeding 10g/t, reinforce our geological model and suggest we are potentially onto substantial mineralisation.

“The fact that these high-grade zones extend along the prospective Relief Shear further strengthens our belief that Mulgabbie North has the potential to host a significant gold deposit.”

OzAurum shares surged earlier this month on thick, high-grade gold hits that elucidated its potential well beyond an existing lower grade deposit where a heap leach JV is being investigated.

“Beyond the impressive grades, the identification of a new north-south fault structure in the area is very exciting. This feature could be a key control on mineralisation and opens up exciting new exploration avenues,” Pumphrey said.

“Our drilling program is continuing to expand the known footprint of mineralisation, and with assays pending from another 32-hole aircore drill program, we anticipate further positive news flow in the near future.

“The Mulgabbie North Project, with its already existing 260,000oz resource, is rapidly evolving into a compelling gold opportunity.”

Mulgabbie North

The 158km2 Mulgabbie North project is adjacent to Northern Star’s Carosue Dam gold operation, which contains a large 4.2Mtpa mill.

The 260,000oz resource sits at a 0.7g/t ore grade with a high level of certainty given that 64% is contained in the higher confidence measured and indicated categories.

A heap leach feasibility study is currently underway to study the potential for a trial pit and heap leach operation to bring the project into near-term production and deliver early cash flow.

OzAurum noted at the end of January that the design phase is progressing well with plans for the trial pit and heap leach being finalised.

Recent gold intersections such as 20m at 3.57g/t from surface and 10m at 6.59g/t from 12m along the Relief Shear have sent shares in the company on a tear, rising 330% to the current 15.5c since shares closed at 3.6c on January 31 prior to its announcing the gold results.

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.

Originally published as OzAurum scores with confirmation of high-grade gold at the New Cross Fault target