OzAurum Unveils High-Grade Gold Discovery at Mulgabbie North

A Breakthrough at Mulgabbie North

OzAurum Resources Ltd (ASX: OZM) has announced a compelling new chapter in its exploration story with a high-grade gold discovery at the Mulgabbie North Gold Project, located northeast of Kalgoorlie. The standout result comes from aircore drilling intersection MNOAC 705, which returned 4 metres at 14.17 grams per tonne (g/t) gold starting from 16 metres depth, accompanied by visible gold – a rare and encouraging sight in OzAurum’s drilling history.

This discovery not only confirms the company’s geological model but also highlights the presence of significant quartz veining, with up to 50% quartz content observed in multiple intervals. Quartz veining is often a hallmark of major gold systems, suggesting that the mineralisation at Mulgabbie North could be substantial.

Geological Context and Significance

The gold mineralisation is hosted within favourable sandstone units along the Cross Fault area, a setting analogous to other major gold deposits in the nearby Carosue Dam Basin, which is home to multi-million-ounce gold mines. The sandstone host rock is brittle, contrasting with the conglomerate-hosted deposits elsewhere in the project area, and this lithological variation could signal a new style or zone of mineralisation within the broader Mulgabbie North tenure.

Importantly, the mineralised zone is open both at depth and along strike, with the current aircore drilling defining a gold system that extends over 400 metres in strike length and varies from 25 to over 75 metres in width. Observations of oxidised pyrite and arsenopyrite mineralisation in drill chips further hint at significant gold potential at depth.

Next Steps: Aggressive Drilling Campaign

OzAurum is moving swiftly to capitalise on this discovery, with a reverse circulation (RC) drilling rig scheduled to arrive onsite imminently. The upcoming program aims to test the high-grade aircore intersections in fresh rock, providing a clearer picture of the mineralisation’s continuity and grade distribution. Up to six RC holes are planned, targeting extensions along strike and at depth.

Pending assay results from one-metre resampling are expected shortly, which will offer further resolution on the grade and distribution of gold mineralisation. These results will be critical in refining the geological model and guiding subsequent drilling phases.

Implications for OzAurum and Shareholders

CEO and Managing Director Andrew Pumphrey expressed confidence in the project’s potential, noting that the discovery represents a significant milestone for the company. The combination of visible gold, high-grade assays, and geological similarities to established deposits in the region underpin a bullish outlook for Mulgabbie North’s future.

With a current Mineral Resource estimate of approximately 260,000 ounces at an average grade of 0.7 g/t gold, the new discovery could materially enhance the project’s resource base and value proposition. The rapid follow-up drilling and ongoing exploration efforts will be closely watched by investors eager to see how this promising find develops.