OzAurum Resources (ASX:OZM) Releases “Exceptional” Demag Discovery Results – The Market Herald

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  • OzAurum Resources (OZM) announces “exceptional” results from the first diamond drill hole in the Demag zone within its Mulgabbie North project in WA
  • The hole returned an intersection of 55 meters grading 1 g/t gold, including four meters at 4.98 g/t gold and one meter at 15.55 g/t gold.
  • MD Andrew Pumphrey says the results closely correlate with a nearby RC hole that returned broad gold mineralization, further validating the potential of the Mulgabbie Project
  • Drilling in the Demag zone continues with the third diamond hole underway
  • Shares of the company are up 9.09% to trade at 18 cents at 12:52 a.m. AEST

OzAurum Resources (OZM) has announced “exceptional” results from the first diamond drill hole in the Demag Zone at its Mulgabbie North project in Western Australia.

The Demag zone lies between the Alicia and Ben prospects and is considered an “exciting development” within the Mulgabbie North gold project.

The first diamond hole completed, MNODH 002, intersected 55 meters at one gram per tonne (g/t) of gold from 47 meters, including higher grade intersections of four meters at 4.98 g/t. t gold and one meter at 15.55 g/t gold.

OzAurum said this result correlates closely with a recently reported reverse circulation (RC) drill hole that intersected 56 meters at 1.31 g/t gold from 68 meters, including 18 meters at 2.07 g/t gold and one meter at 5.26 g/t gold.

CEO and managing director Andrew Pumphrey said the company was “delighted” to report on the progress of drilling at Mulgabbie North so far.

“The first completed diamond hole drilled at our new virgin gold discovery Demag Zone has intersected significant gold mineralization that closely correlates to the adjacent RC hole MNORC 177, further validating Mulgabbie’s potential as a significant gold discovery,” a- he declared.

OzAurum has since completed a second hole in the Demag zone which was drilled to a depth of 335 meters. The diamond hole intersected arsenopyrite and pyrite mineralization with a silica flood that aligns with mineralization seen in MNORC 177.

The third diamond hole is now in progress and currently at a depth of 160 meters and is expected to be drilled to a final depth of 400 meters.

OzAurum is continuing diamond drilling in the Demag area and also plans to undertake follow-up RC drilling in the area.

Additionally, RC drilling of the gold-bearing saprolite anomalies and extensions of the Ben and James prospects is ongoing.

Shares of the company rose 9.09% to trade at 18 cents at 12:52 a.m. AEST.

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