Maiden Campaign For Newly Listed Gold Explorer
New ASX-listed OzAurum Resources Ltd (ASX: OZM) has commenced a50,000m Stage 1 drill programme at its Mulgabbie North Gold Project situated North East of Kalgoorlie, and adjacent to Saracen Mineral Holdings’ Carosue Dam operations.
CEO, Andrew Pumphrey, said the fast-tracked drilling campaign follows a heavily oversubscribed IPO capital raising of $12 million.
“OzAurum’s IPO is a culmination of hard work and persistence dating back 30 years since I first began prospecting in the area and privately acquiring these assets, and today signifies the beginning of the OzAurum journey as a public listed company,” Mr Pumphrey said.
“This week, OzAurum will launch a 50,000m Aircore and RC-drilling dual-rig programme onsite, and we look very forward to providing shareholders with updates on those results as we prepare the company for growth and future success.”
Stage 1 drilling will consist of 20,000m of RC drilling and 30,000m of aircore drilling at Mulgabbie North to be completed by Raglan Drilling. It is expected that RC drilling will take four to five months to complete, and aircore drilling two to three months to complete.
Planned RC drilling at Mulgabbie North will test strike and depth extensions of gold mineralisation at the James and Ben Prospects that are situated on the Relief Shear. Gold mineralisation at these prospects is hosted in the intermediate – felsic volcaniclastic units that is similar to Saracen’s Carosue Dam sequence. The planned RC drilling programme at Mulgabbie North will scope out the extent of known mineralisation aimed at making a significant gold discovery.
Aircore drilling will test a number of high tenor gold auger soil anomalies situated on the western flank of the Mulgabbie North Project that adjoins the Saracen Carosue Dam tenure. This drilling program will also test +2km of strike of the Relief Shear. Anomalous aircore drilling results will be followed up with RC drilling.
“The company is excited by the potential of this area as host rocks are expected to be intermediate – felsic volcaniclastic units, again similar to the Carosue Dam sequence, and this area is under transported cover that has prevented previous effective exploration,” Mr Pumphrey said.
“This drilling will increase our understanding of the stratigraphy, alteration and vectors to high-grade gold mineralisation with multi- element geochemistry undertaken on all bottom of the hole samples.
“The company looks forward to providing shareholders with updates on drilling progress. In the coming months, as drilling results become available, the company will be providing the market with regular updates- understanding this may be delayed due to high current demand at the analysis laboratories.”
OzAurum has established a fully operational office and camp hub located at Mulgabbie ahead of the commencement of today’s drilling.
Communications have also been installed at Mulgabbie. This infrastructure will serve as an important base to undertake exploration activities going forward at the Mulgabbie and Patricia Projects.
