Source: OZZ Resources
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • OZZ Resources (OZZ) begins its maiden drill campaign at the Maguires Gold Project in Western Australia
  • A total of 5000 metres of RC drilling will be undertaken by Three Rivers Drilling to evaluate the Old Prospect which has been subject to extensive historical work
  • Work is estimated to take roughly four to five weeks to complete with results expected four to six weeks after that
  • OZZ has also completed aeromagnetic surveys at two additional projects and will use the results to outline future drill targets
  • OZZ has ended the day 3.23 per cent in the green with shares trading at 16 cents

OZZ Resources (OZZ) has begun its maiden drill campaign at the Maguires Gold Project in Western Australia.

The Maguires Project is situated roughly 50 kilometres north of Cue and comprises of a single prospecting licence that covers 200 hectares.

It has been explored for both gold and base metals since the 1980s and has been subject to rotary airblast and reverse circulation (RC) drilling.

A total of 5000 metres of RC drilling will be undertaken by Three Rivers Drilling to evaluate the Old Prospect which has been subject to extensive historical drilling.

Work is estimated to take roughly four to five weeks to complete with results expected four to six weeks after that.

Samples will be submitted progressively to a Perth laboratory for analysis with first results expected in August.

Managing Director Jonathan Lea is pleased to begin drilling and is excited to receive results.

“Our geological team has worked tirelessly to enable the early commencement of both the drilling and aeromagnetic programs, within a fortnight of listing on the ASX,” Mr Lea commented.

“We are delighted with the rapid progress we have been able to achieve to date and we are eagerly anticipating receiving the results in the coming months.”

OZZ has also begun exploration programs at two other projects with an aeromagnetic survey already completed at the Rabbit Bore gold and base metal and Peterwangy gold projects.

The company will use the results to plan further exploration programs at these projects.

OZZ has ended the day 3.23 per cent in the green with shares trading at 16 cents in a $6.99 million market cap.

OZZ by the numbers
More From The Market Herald
Caspin Resources (ASX:CPN) - CEO, Greg Miles

" Caspin Resources’ (ASX:CPN) early assays demonstrate highly prospective target at Serradella

Caspin Resources (ASX:CPN) has released early assay results from its drilling program at the Serradella Prospect…
The Market Herald Video

" Investigator Resources (ASX:IVR) intersects high-grade silver at Uno Morgans

Investigator Resources (ASX:IVR) has intersected up to 383g/t silver from its Uno Morgans project in South…
The Market Herald Video

" Chalice Mining (ASX:CHN) intersects new zone at Dampier, Julimar

Chalice Mining (ASX:CHN) intersects a new nickel-copper-platinum group elements (PGE) sulphide zone in initial drilling at…
The Market Herald Video

" Genmin (ASX:GEN) strikes royalty deal with Anglo American over Baniaka project, Gabon

Genmin (ASX:GEN) has struck a royalty agreement with Anglo American's subsidiary, Anglo American Marketing, over the…