Quarterly Activities Report
Perth, April 29, 2021 AEST (ABN Newswire) - OzAurum Resources Ltd (
ASX:OZM) is pleased to announce a summary of activities for the March 2021 Quarter. Commencing our 50,000m Stage 1 drilling program at the Mulgabbie North Project, north east of Kalgoorlie has been the Company's core focus over the Quarter. A substantial amount of both RC and aircore drilling has been completed and we are ~30% into the program at Quarter end.
Highlights
- Completed an over-subscribed IPO raising $12m to fund a multi-year exploration effort at the Company's advanced gold projects 130km north east of Kalgoorlie;
- Commenced 50,000m, Stage 1 drilling program at the Mulgabbie North Project situated North East of Kalgoorlie and adjacent to Saracen's Carosue Dam operations with ~15,000m of RC and Aircore drilling completed to date;
- Encountered high grade gold in both RC and Aircore drilling programs including 14m @ 3.89 g/t Au from 25m within a wider zone of 27m @ 2.2 g/t Au, and includes 5m @ 9.44 g/t Au (RC) & a significant AC drilling result of 4m @ 6.3 g/t Au from 48m (MNOAC 020);
- Gold Mineralisation at Mulgabbie North is currently open at depth and along strike at both the Ben and James Prospects;
- A new 400m long, and up to 150m wide zone of widespread gold mineralisation has been intersected by the AC drilling situated west of known mineralisation on the Relief Shear;
- Drilling to date has been highly encouraging and additional planned RC drilling at Mulgabbie North will further test strike and depth extensions of gold mineralisation at the James and Ben Prospects that are situated on the Relief Shear; and
- Stage 1 drilling program continues and the Company remains very well capitalised to fund its exploration activities with a cash balance of $9.2m
To view the full quarterly report, please visit:
https://abnnewswire.net/lnk/JP8SJ5KH
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.
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