OzAurum Resources Limited: Widespread High-Grade Gold Aircore Results

Perth, Mar 29, 2021 - OzAurum Resources Ltd (ASX:OZM) is pleased to announce additional Aircore (AC) drilling results from 102 holes for 7,284 meters (m) of drilling at its Mulgabbie North Project situated two kilometres from the Northern Star Resources (ASX:NST) Carosue Dam Operations - about 1.5 million ounces gold production to date.


Highlights

- AC holes that intersected significant gold mineralisation from 4m composite samples include:

o 8m @ 4.28 g/t gold (Au) from 24m - MNOAC 120
o 4m @ 2.05 g/t Au from 24m - MNOAC 100
o 4m @ 1.96 g/t Au from 28m - MNOAC 083
o 8m @ 1.52 g/t Au from 36m - MNOAC 083
o 4m @ 1.24 g/t from 44m - MNOAC 096
o 3m @ 1.34 g/t from 72m - MNOAC 115

- New 400m long, and up to 150 wide, gold zone intersected west of current Mulgabbie North RC drilling on the Relief Shear with widespread gold mineralisation.

- New gold zone potentially represents the near surface footprint of significant primary gold mineralisation.

- Multiple zones defined by numerous AC drill holes intersected significant gold mineralisation at end of hole (EOH), with RC drilling starting immediately to test these zones.

- The 40-80m wide zone of Hematite alteration at Mulgabbie North intersected in the bottom of hole AC samples currently extend for 1.2 km along strike, and 150m west of current RC drilling on the Relief Shear. Hematite is a key signature of the adjacent Northern Star Carosue Dam Karari and Whirling Dervish Gold Mines- where about 1.5 million ounces gold have been produced to date.


Mulgabbie North AC Drilling Results

The 102 AC holes drilled for 7,284m form part of OzAurum's initial 30,000m AC drilling campaign which began in February this year.

A new 400m long, and up to 150m wide, of widespread gold mineralisation has been intersected by AC drilling situated west of RC drilling currently also underway at Mulgabbie North that has so far identified highly prospective intermediate-felsic volcaniclastic host- similar to the adjacent Northern Star Carosue Dam Karari and Whirling Dervish Gold Mines that have produced about 1.5 million ounces of gold. Numerous AC holes have intersected 4m composite results of greater than 1 g/t Au including; 4m @ 1.96 g/t Au from 28m (MNOAC083), 8m @ 1.52 g/t Au from 36m (MNOAC083) and 4m @ 1.24 g/t Au from 44m (MNOAC 096).

A significant AC drilling result of 8m @ 4.28 g/t Au from 24m (MNOAC 120) was also intersected along with 3m @ 1.34 g/t Au from 72m (MNOAC096) situated 350m west of the relief shear. These are exciting new targets that will be followed-up in future RC drilling.

Widespread gold mineralisation at this new 400m long zone is currently open at depth. In addition, the new gold zone is co-incident with OZM gold auger calcrete geochemistry anomalies, and a gravity low trough similar to the Northern Star Carouse Dam corridor of riches in which their operating gold mines are situated, including production of about 1.5 million ounces to date.

Another important aspect of this drilling program is a 40-80m wide zone of hematite alteration being intersected in the bottom of the AC holes defining a trend striking NW for approximately 1.2 kms, and situated 150m west of the current Mulgabbie North RC drilling. Hematite alteration is the characteristic alteration of the adjacent Northern Star's Karari and Whirling Dervish Gold Mines that have produced about 1.5 million ounces of gold to date (as announced on 15 March 2021). The hematite alteration observed is indicating oxidised fluids from an intrusive complex suggesting proximity to the mineralising centre- likely to be within OzAurum's 100% owned Mulgabbie North tenure.

The AC drilling program is being undertaken on a 100m x 40m and 200m x 80m drill spacing. All holes are being drilled to top of fresh rock using the AC blade bit drilling to refusal, and utilising the aircore hammer where required. This is a critical drilling technique to discover gold mineralisation in fresh rock.

Historic Freeport RAB holes drilled in 1984-1988 in the same area failed to reach the top of fresh rock in the highly prospective intermediate-felsic lithology due to transported cover and the shallow water table.

OzAurum's Chief Executive Officer, Andrew Pumphrey, said:

"The Company is excited about the additional high-grade AC intercepts so early on in our large-scale drilling campaign. This is a new widespread zone of gold mineralisation situated west of our current RC drilling at Mulgabbie North which provides even greater confidence in the Project. In particular, we are excited by the potential of this area where the host rocks are intermediate-felsic volcaniclastic units - very similar to the Northern Star Carosue Dam Karari and Whirling Dervish Gold Mines. In addition, a new 40-80m wide zone of Hematite alteration extending for 1.2km intersected for the first time in AC holes is very promising since this is a key signature of the adjacent Northern Star Carosue Dam Karari and Whirling Dervish Gold Mines that have so far produced about 1.5 million ounces of gold. Lastly, this area is under transported cover that has prevented previous effective exploration and now represents a significant exploration opportunity for the Company."

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About OzAurum Resources Limited

Ozaurum Resources OzAurum Resources Ltd (ASX:OZM) is a Western Australian gold explorer with two advanced gold projects located 130 km north east of Kalgoorlie. The Company's main objective is to make a significant gold discovery that can be brought to production.



Contact

OzAurum Resources Ltd.
Andrew Pumphrey, Managing Director and CEO
Mob +61-419-965-976
Office +61-8-9093-0039