OzAurum Resources Ltd (ASX:OZM) has encountered shallow, high-grade paleochannel gold mineralisation during aircore drilling at its Mulgabbie North Project in WA.
The West Aussie gold explorer reported assays from 39 holes, covering 1,298 metres, which were drilled 1.2 kilometres north of a current diamond drilling campaign at Mulgabbie North’s Demag Zone.
Multiple 1-metre samples intersected shallow high-grade gold, including:
- 1-metre at 15.15 g/t gold from 20 metres;
- 1-metre at 14.90 g/t from 23 metres;
- 1-metre at 11.65 g/t from 28 metres;
- 1-metre at 8.28 g/t from 30 metres;
- 1-metre at 7.36 g/t from 21 metres;
- 1-metre at 7.32 g/t from 22 metres;
- 1-metre at 7.05 g/t from 25 metres;
- 1-metre at 6.52 g/t from 22 metres;
- 1 metre at 6.48 g/t from 22 metres;
- 1-metre at 4.22 g/t from 20 metres;
- 1-metre at 3.81 g/t from 22 metres; and
- 1-metre at 3.80 g/t from 22 metres.
Further aircore drilling is planned to test these high-grade paleochannel targets, while a new potential source of high-grade paleochannel gold will also be targeted with aircore, reverse circulation (RC) and diamond drilling.
Potential for “significant new gold discovery”
OzAurum CEO Andrew Pumphrey said: “The company is proud to announce these additional high-grade aircore paleochannel hosted intercepts uncovered by our recent aircore drilling campaign.
“The potential connection between high-grade paleochannel gold mineralisation and primary gold mineralisation at Mulgabbie North has identified a new target area with the potential to make another significant new gold discovery.
“The widespread zone of gold mineralisation within the Mulgabbie North Project, which now extends over 4.2 kilometres, provides us with even greater confidence in the largescale potential of the project.
“In particular, we are excited by the potential of this area where the host rocks are intermediate-felsic volcaniclastic units — very similar to the Northern Star Carosue Dam Karari and Whirling Dervish Gold Mines.”
Exploring for paleochannel gold
The company’s geological understanding of the paleochannel gold mineralisation at Mulgabbie has increased thanks to both the recent drilling campaign and a geological interpretation program.
Of particular importance is discovering how paleochannel gold mineralisation relates to the primary gold source at Mulgabbie North.
The current interpretation is that the paleochannel flows to the southeast, indicating a potentially significant primary gold source between the James and Libby prospects, where a significant cross fault has been interpreted in this area.
OzAurum will target this area with aircore, RC and diamond drilling down the line.
In addition, four aircore holes were drilled south of the Golden Goose prospect in a bid to test a magnetic high target, but OzAurum didn’t encounter any gold mineralisation of note.
Widespread gold mineralisation across Mulgabbie North’s 4.2-kilometre zone is open to the north and to the south.
Patricia project update
Beyond Mulgabbie North, OzAurum is also focused on completing a structural review and diamond drilling at the nearby Patricia Gold Project.
So far, the explorer has drilled two diamond holes, covering 495.7 metres and designed to twin with existing OzAurum RC holes, which uncovered 5 metres at 37.11 g/t gold and 5 metres at 11.74 g/t.
A structural consultant is due to commence work on the Patricia Gold Project on May 23.