OzAurum Resources (OZM) has reported “exceptional” gold results from the Demag Zone at the Mulgabbie North project in Western Australia.
The company recently completed a nine-hole reverse circulation (RC) program, drilling for 1870 metres to target extensions at the new discovery, Demag Zone.
Results from the program included 18 metres at two grams per tonne (g/t) gold from 90 metres, including five metres at 5.68 g/t gold and one metre at 21 g/t gold.
The company reported the gold mineralisation is associated with significant wide downhole intervals of sericite carbonate alteration, along with pyrite and arsenopyrite mineralisation which has been intersected in both RC and diamond drilling.
Diamond drilling is ongoing at the Demag Zone, with the fifth diamond hole at a current depth of roughly 450 metres of its planned 470 metres.
CEO and Managing Director Andrew Pumphrey said the company is excited to report on the significant drilling progress at its Mulgabbie North Gold Project.
“The RC and diamond holes drilled at the new virgin gold discovery Demag Zone have continued to intersect significant gold mineralisation, further validating the potential of the Mulgabbie project to host a significant gold discovery,” Mr Pumphrey said.
“We look forward to providing shareholders with further drilling updates at this exciting new discovery.”
OzAurum Resources was up 4.55 per cent, trading at 11.5 cents at 1:44 pm AEST.
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