Join our daily newsletter At The Bell to receive exclusive market insights
- OzAurum Resources (OZM) drills its second diamond hole to a depth of 335 metres at the newly discovered Demag Zone at its Mulgabbie North gold project near Kalgoorlie, WA
- Results from the diamond drilling will be shipped off for assaying once the core processing is complete
- The company knows the holes have intersected zones of arsenopyrite and pyrite mineralisation with silica flooding
- Planning is underway for a third diamond hole at the Demag Zone, with drilling to commence next month
- OZM shares are up 2.5 per cent to trade at 20.5 cents per share at 10:55 am AEST
OzAurum Resources (OZM) has drilled its second diamond hole, MNODH 003, to a depth of 335 metres at the newly discovered Demag Zone at the Mulgabbie North gold project near Kalgoorlie, WA.
Results from the diamond drilling will be shipped off for assaying once the core processing is complete.
However, the company knows the holes have intersected zones of arsenopyrite and pyrite mineralisation with silica flooding that correlates well with mineralisation seen in the adjacent RC hole 177.
Planning is underway for a third diamond hole at the Demag Zone, with drilling to commence next month.
In the meantime, reverse circulation (RC) drilling will commence at the gold project in a week. RC drilling will test the Demag Zone, as well as the nearby Ben and James prospects.
“Exploration continues to demonstrate the potential for Mulgabbie North to deliver a significant gold discovery situated right alongside the Northern Star Carosue Dam Mill,” CEO and Managing Director Andrew Pumphrey said.
“The second diamond drill hole, completed at the Demag Zone, has intersected mineralisation that closely correlates with adjacent RC hole MNORC 177, further validating the potential of Mulgabbie.”
OZM shares were up 2.5 per cent to trade at 20.5 cents per share at 10:55 am AEST.
