OzAurum Resources Limited (ASX:OZM) Announces New Gold Discovery at Mulgabbie North
High-Grade Gold Discovery
OzAurum Resources Limited (ASX:OZM) has reported a new high-grade gold discovery at its Mulgabbie North Gold Project. The recent aircore (AC) drill intersection at MNOAC 705 assayed 4 meters at 14.17 grams per tonne gold, accompanied by visible gold recovery.
Rapid Follow-Up Drilling
The company is deploying a reverse circulation (RC) drilling rig expected to arrive onsite next week to expand the new discovery. Significant quartz veining, up to 50%, has been observed in multiple high-grade intervals, indicating a robust gold system.
Geological Significance
The high-grade gold mineralisation is hosted in favourable sandstone units within the Cross Fault area, similar to other major gold deposits in the Carosue Dam Basin. Pending assays for one-meter samples are expected next week.
Executive Comments
CEO and Managing Director Andrew Pumphrey stated: “This exciting new discovery at Mulgabbie North marks a significant milestone for OzAurum. The high-grade gold intersected in MNOAC 705, with visible gold observed, confirms our geological model and reinforces our belief in the project’s potential.
The association with significant quartz veining and a favourable sandstone host, analogous to other major gold deposits in the region, further strengthens our conviction. With the RC drill rig arriving on-site next week, we are poised to aggressively expand on this discovery and unlock the full potential of the Cross Fault target.
We are confident that Mulgabbie North has the potential to deliver substantial value for our shareholders.”
Motley Fool contributor Kiarra Jackson has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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