OZZ Resources Unveils Positive Maguires Reward Scoping Study and $173K Cash Position

Exploration Momentum at Maguires Reward

OZZ Resources Limited (ASX: OZZ) has delivered its March 2025 Quarterly Activities Report, highlighting steady progress at its flagship Maguires Reward project in the Central Murchison region of Western Australia. The project, anchored by a granted prospecting licence covering 200 hectares, benefits from a recent scoping study conducted by Resolve Mining Solutions. This study outlines the potential for multiple open pit mines, including three pits in the north and one in the south, with positive operating cash flow projections at current gold prices around $3,000 per ounce.

The Old Prospect deposit within Maguires Reward hosts a JORC-compliant mineral resource estimated at 312,000 tonnes grading 2.15 grams per tonne gold, equating to approximately 22,000 ounces of contained gold. The largest northern pit is designed to be about 200 meters in diameter and 50 meters deep, while the southern pit is slightly smaller but still substantial. Importantly, the study incorporates dilution modelling, mine scheduling, and cost estimates, providing a robust foundation for advancing the project.

Ongoing Exploration and Soil Sampling

During the quarter, OZZ completed a systematic soil sampling program across the Maguires Reward tenement, collecting 100 samples on a 200m by 100m grid. These samples are currently undergoing multi-element geochemical analysis, with results pending. The aim is to identify geochemical anomalies that could refine drill targeting along structurally prospective corridors, particularly those associated with the Big Bell Fault shear zone known for hosting gold mineralisation.

While Maguires Reward remains the focal point, other projects in OZZ’s portfolio saw limited on-ground activity this quarter. The Leonora projects, including Mt Davis and Pinnacle Well (now renamed Pepper Tree), continue to be evaluated based on previous surface sampling and litho-geochemical reviews. These studies have identified subtle gold and polymetallic anomalies, but no new fieldwork was conducted during the quarter.

Broader Project Portfolio and Corporate Update

OZZ’s other tenements, including Rabbit Bore in Central Murchison, Peterwangy in the Mid-West region, and Vickers Well near Leonora, remain under review with no substantial exploration activity reported this quarter. The company’s strategic focus appears to be on advancing Maguires Reward towards development, seeking partners to help unlock its potential.

Financially, OZZ reported a net cash outflow of $21,000 for the quarter, primarily due to exploration payments and office rent, with cash reserves standing at $173,000 as of 31 March 2025. The company remains in voluntary suspension on the ASX pending an announcement regarding a proposed transaction, details of which have yet to be disclosed.

OZZ’s management continues to balance prudent cash management with targeted exploration efforts, positioning the company to capitalize on its promising gold assets once market conditions and corporate developments align.