OzAurum Resources Limited: Patricia High-Grade Gold - 5m @ 37.11 g/t Au

Perth, Australia - OzAurum Resources Ltd. (ASX:OZM) is pleased to announce significant high-grade gold results from its Maiden 28-hole Reverse Circulation (RC) drilling program at the Patricia Gold Project. The maiden drill program is now complete and an additional 13 holes have been drilled at the Project for a total of 41 holes drilled for 7,850m. The Patricia Gold Project is situated North East of Kalgoorlie in the Eastern Goldfields of Western Australia.

Highlights

- RC holes that intersected significant gold mineralisation, include:

o 5m @ 37.11 g/t gold (Au) - (from 154m) PTORC 024
o 1m @ 90.40 g/t Au - (from 156m within 5m @ 37.11 g/t Au) visible Au PTORC 024
o 1m @ 63.60 g/t Au - (from 155m within 5m @ 37.11 g/t Au) PTORC 024
o 1m @ 16.00 g/t Au - (from 154m within 5m @ 37.11 g/t Au) PTORC 024
o 1m @ 13.25 g/t Au - (from 157m within 5m @ 37.11 g/t Au) PTORC 024
o 5m @ 11.74 g/t (Au) - (from 151m) PTORC 022
o 1m @ 31.10 g/t Au - (from 154m within 5m @ 11.74 g/t Au) PTORC 022
o 1m @ 10.80 g/t Au - (from 151m within 5m @ 11.74 g/t Au) PTORC 022
o 1m @ 7.42 g/t Au - (from 191m within 5m @ 3.19 g/t Au) PTORC 035

- Numerous high grade gold intersections encountered along the existing Patricia open pit.

- High grade intersection PTORC024 5m @ 37.11 g/t Au is consistent with historical mined grade of 41 g/t Au

Patricia RC Drilling Program

The maiden 28 hole program at the Patricia Gold Project is now complete - delivering excellent results. Results in this release are from these 26 holes drilled (PTORC 010-035) for 5280m of drilling. So far, a total of 41 holes have been drilled for a total of 7,850m, and the Company eagerly awaits the results from the additional 6 holes (PTORC036-041).

Outstanding results received from PTORC 024 with a peak assay of 5m @ 37.11 g/t Au intersected from 154m including 1m @ 90.40 g/t Au, 1m @ 63.60 g/t Au, 1m @ 16.00 g/t Au and 1m @ 13.25 g/t Au. Lengths stated are downhole interval length - the true width is yet to be determined but is expected to be 50% of the downhole length. Other excellent noteworthy results were received from PTORC 022 with 5m @ 11.74 g/t Au intercected from 151m including 1m 31.10 g/t Au, 1m @ 10.80 g/t Au, 1m @ 9.18 g/t Au and 1m @ 7.38 g/t Au. Results from other holes included PTORC033 1m @ 4.66 g/t Au from 191m and PTORC035 5m @ 3.19 g/t Au including 1m @ 7.42 g/t Au.

High grade intercept PTORC 024 5m @ 37.11 g/t Au is consistent with the 41 g/t Au average grade mined from 4,115t of ore producing 5,384 oz's from underground mining at the historic Patricia Gold Mine.

Visible gold was intersected in two adjacent RC drill holes PTORC 022 and PTORC 024. The visible gold in drill chips from PTORC 022 154-155 was first identified by OzAurum's exploration geologist Hugo Serra whilst relogging RC drill chips. Random drill chips were selected for Petrographic analysis from PTORC 022 (154-155m) and PTORC 024 (156-157) and in both samples free visible gold was observed - see photomicrographs 1 + 2 below*. Associated with the free gold is electrum (gold silver alloy) pyrite and chalcopyrite.

A 2.5 kg sample of drill cuttings from PTORC 022 (154-155m) and PTORC 024 (156-157) were also panned off to confirm the presence of visible gold and with both intervals a significant tail of fine gold was observed - see photographs 1 + 2*.

Drilling in very restricted areas around parts of the Patricia open pit has resulted in a planned RC drill pattern with hole spacing of 20m along the side of the pit. In some locations, two holes drilled were drilled with the closest hole to pit crest at a -55deg dip and the second hole at a -62deg dip, allowing up to 60m separation between hole traces downhole at the planned target pierce point. The hole collars PTORC 022 and PTORC 024 are 40m apart but due to a change in azimuth direction drill traces will intersect downhole intervals with visible gold approximately 18m apart. The change in drill hole azimuth is required to remain perpendicular to the mineralisation.

Initial observations and the early interpretation of RC drill logging is demonstrating that Patricia is a structurally complex project, potentially with late stage faulting that is offsetting lithologies and potential gold mineralisation. Planned diamond drilling will provide structural data that will assist us to resolve this.

This RC drilling program at Patricia is the first in over 30 years. We eagerly await drilling results from the next six RC drill holes. The aim of this initial drilling program is to target high grade gold mineralisation immediately beneath the existing Patricia open pit. Unfortunately, two of forty one RC holes drilled were abandoned due to ground conditions with the drill target not being reached in both these holes.

The turnaround currently being experienced at the sample laboratory now out to up to 10 weeks.

Planned Exploration at Patricia

A significant amount time has been spent on the geological interpretation and 3D geological modelling of the Patricia high grade gold mineralisation, lithologies and potential controls to high grade gold mineralisation to date. Historical underground mine shafts, stopes and drives have also been modelled in 3D. This drilling campaign will help us validate current modelling and the learnings from this drilling will also be used to update our current 3D models.

A diamond drilling program has also been planned at Patricia and will commence once the diamond drill rig can be mobilised to site in the coming months.

Patricia RC drilling has involved using a modern high pressure RC drilling rig with samples being drilled dry that are of a consistent sample weight. This high standard of drilling and sampling gives us confidence for a potential future JORC compliant resource to be estimated at Patricia.

Patricia Gold Project Geology and Background Information

The Patricia Gold Project is situated within the Celia Tectonic Zone that hosts numerous large gold deposits and operating gold mines including Sunrise Dam, Deep South, Safari Bore, Linden and the Anglo Saxon Gold Mine.

At the Patricia segment of the Celia Tectonic Zone the greenstone sequence consists of intermediate to felsic volcanics and volcaniclastics with interleaved ultramafic and banded iron formation. The Patricia Gold Project is situated on a significant flexure of the greenstone stratigraphy with the strike changing from 320deg to 350deg back to 320deg. This change in strike direction represents a dilation jog which is a classic structural trap for gold fluids. Coincidently a large intermediate porphyry body intrudes the greenstone sequence at this point.

The historic Patricia Gold Mine was discovered in 1930 and mined underground up until 1937. During this time the Patricia Gold Mine produced 5,384 oz's of gold from 4115 tonnes of ore at an average grade of 41 g/t Au.

Aztec Exploration Ltd commenced modern exploration in 1983 at Patricia. Aztec produced a very high quality dataset of geological information based on a RC drilling, diamond drilling, costeaning and geological mapping. Subsequently Aztec established an open mining operation in 1986 with small CIP treatment plant located onsite.

The current Patricia open pit is some 800m long x 150m wide and was mined to a depth of 25 metres.

Planned Patricia open pit dewatering has been deferred due to the current focus on the exploration drilling at Patricia.

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

"These exceptional RC drill results from Patricia, including intersecting 5m @ 37.11 g/t Au, extend the initial high-grade gold results intersected at the Project thus far. These results are consistent with the average grade mined historically from underground of 41 g/t Au at Patricia. We are very much looking forward to continuing to explore this project with future diamond drilling planned at Patricia."

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/F1PJ5QVO

About OzAurum Resources Limited:

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.

Source:
OzAurum Resources Ltd.

Contact:

Andrew Pumphrey Managing Director and CEO Mob +61-419-965-976 Office +61-8-9093-0039