OzAurum Resources Limited: New Gold Zone Defined at Mulgabbie Alicia Prospect

Perth, Australia - OzAurum Resources Ltd. (ASX:OZM) is pleased to announce further results from the Company's large-scale 20,000 metre (m) Reverse Circulation (RC) drilling campaign, which has so far identified significant wide zones of gold mineralisation. The current RC results include two holes for 400m of drilling at the Alicia Prospect within the Mulgabbie North Project, located North East of Kalgoorlie.

Highlights

- Significant new primary gold mineralisation intersected over a wide zone at the Alicia Prospect situated 1km south east of current RC drilling

- Gold mineralisation is open along strike and at depth

- RC holes that intersected significant gold mineralisation include:

o 33m @ 1.24 g/t gold (Au) - (from 93m) including 8m @ 3.29 g/t Au MNORC 109
o 23m @ 0.92 g/t Au - (from 89m) MNORC 109
o 6m @ 1.45 g/t Au - (from 83m) MNORC 110

- New wide zone of primary gold mineralisation extends over 80m of strike along the Relief Shear

- MNORC 109 + 110 situated 40m grid north and south of historic Gutnick Resources NL RC hole PINC 3 that intersected 24m @ 1.60 g/t from 68m including 1m @ 18.90 g/t Au

- Host rocks, alteration and mineralisation are identical to Mulgabbie North RC drilling currently situated 1km to the north

- Drill results confirm the magnitude and continuity of mineralisation over the Relief Shear, including potential for mineralisation at the Alicia Prospect to link with previously intersected gold mineralisation at the Ben Prospect also along the Relief Shear - 1km to the north

- Planned RC drilling to commence in the coming weeks to scope out the extent of this new mineralisation discovery

- 12,000m Aircore (AC) program to commence on the 28th September to test the 1km gap along strike to the north

Mulgabbie North RC Drilling Results

The current RC results include two holes that were drilled for 400m - 1km south of concurrent RC drilling at the Mulgabbie North Project. The drilling is a continuation of OzAurum's 20,000m RC drilling campaign that commenced in February this year. To date, a total of 124 RC holes have been drilled at Mulgabbie North for 18,461m.

This RC drill campaign has identified further significant gold mineralisation at the Alicia Prospect within the Mulgabbie North Project. These are the first two holes that have been drilled at the Alicia Prospect by the Company, with both holes intersecting wide zones of gold mineralisation. RC holes MNORC 109 intersected 33m @ 1.24 g/t Au from 93m including 8m @ 3.29 g/t Au and from 135m 6m @ 1.45 g/t Au also MNORC 110 intersected 23m @ 0.92 g/t Au from 89m.

The Alicia Prospect is situated 1km south of concurrent RC drilling at the Ben Prospect. The RC holes at the Alicia Prospect are located 80m apart along strike, both intersecting wide zones of gold mineralisation hosted in altered intermediate-felsic volcaniclastic rocks with pyrite and arsenopyrite mineralisation. This mineralisation is analogous to mineralisation at the Ben Prospect - located 1km to the north. This new gold mineralisation identified is also related to the Relief Shear, similar to the Ben Prospect.

RC drilling at the Alicia Prospect was first undertaken by Gutnick Resources in 1998 and 1999 with only 6 RC holes drilled in the area. Gutnick RC hole PINC3 intersected 24m @ 1.60 g/t Au including 1m @ 18.90 g/t Au. OzAurum RC hole MNORC 109 is situated 40m grid north of PINC3 and MNORC 110 is situated 40m grid south of PINC3.

These 3 RC holes MNORC 109, PINC3 and MNORC 110 have defined a continuous thick zone of gold mineralisation over 80m of strike. This new zone is currently open at depth and along strike at the Alicia Prospect.

The recently completed OzAurum drone magnetometer survey at Mulgabbie North has identified a large demagnetised zone coinciding with the location of these recent RC holes MNORC 109 + 110 and extending into current RC drilling at Mulgabbie North.

The location of RC holes MNORC 109 + 110 at the Alicia Prospect are also situated within a large gravity low trough - very similar to the gravity low trough that hosts the Northern Star (ASX: NST) Carosue Dam corridor of riches that operating gold mines Karari and Whirling Dervish are located.
The current RC drilling at Mulgabbie North has defined primary gold mineralisation for over 1km of strike and we are confident that extensional RC drilling completed will further extend this strike. Also, we believe future RC drilling will identify new primary gold mineralisation related to geochemical gold anomalies and recent AC saprolite hosted gold mineralisation.

These excellent RC results, combined with recently announced aircore (AC) results defining new zones of mineralisation now extending for 2.8 km in strike (see ASX announcement on 2nd September 2021), further highlight the potential of Mulgabbie North to be a significant gold project.

RC drilling at Mulgabbie North has also discovered wide zones of weak to moderate hematite alteration in some RC holes. Specifically, the hematite alteration indicates oxidised fluids from an intrusive complex suggesting proximity to the mineralising centre - likely to be within OzAurum's 100% owned Mulgabbie North tenure.

Upcoming RC and AC drilling and Planned Exploration Activities:

Follow up RC drilling at Mulgabbie North at the Alicia Prospect will commence in the coming weeks, along with ongoing RC drill testing of AC saprolite gold anomalies and extensions to the Ben and James Prospects.

A 12,000m AC drill program is planned to commence on 28th of September to test the drilling gap between the Alicia and Ben Prospects.

Utilising best practice RC drilling, sampling and assay protocols will allow for a potential future JORC 2012 compliant resource to be estimated with confidence at Mulgabbie North.

Due to the current high demand on assay laboratories, the Company is experiencing long delays with receiving assay results, with up to a 10 week turnaround time.

RC drilling is being undertaken on a three week on three week off campaign basis due to long delays in receiving assay results from the assay laboratory.

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

"The new wide zones of gold mineralisation intercepted at the Alicia Prospect,1km to the south of current RC drilling at Mulgabbie North, highlights the sheer magnitude of gold mineralisation over the project area. These results, together with previously announced widespread gold mineralisation, further demonstrate the potential of Mulgabbie North to develop into a significant gold project. Additional RC drilling is due to commence in the coming weeks to further test this exciting target at the Alicia Prospect which also coincides with a large zone of demagnetisation and a coincident gravity low trough extending through the Mulgabbie North Project. Aircore drilling will also commence later this month to test the 1.0km gap in drilling between the Alicia and Ben Prospects along the Relief Shear. This is an exciting time for OzAurum, and we believe we are on the right path to making a significant gold discovery."

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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