Latest news with #OzAurum
The Australian
6 days ago
- Business
- The Australian
OzAurum extends Cross Fault high-grade gold discovery across 400m
RC drilling at Cross Fault delivers gold intercepts across 400m strike Multiple zones identified, with mineralisation open at depth Follow-up drilling being planned with a resource in the works Special report : Results from ongoing RC drilling at OzAurum's Mulgabbie North project has confirmed multiple zones of gold mineralisation in fresh rock over a 400m strike, enhancing the scale at the emerging Cross Fault discovery. Around 17 holes for 1858m were carried out at the Cross Fault zone with high-grade intercepts now returned over a 400m strike. The aims of the program are to confirm earlier drilling results and test for gold mineralisation. Wide zones of pyrite and arsenopyrite mineralisation were observed in RC drill chips from multiple RC drill holes indicating gold potential at depth. Standout results include 10m at 2.18g/t gold from 85m, including 2m at 6.09g/t from 85m and 2m at 3.12g/t from 93m, as well as 21m at 1.22g/t from 33m, including 1m at 5.45g/t from 43m and 1m at 11.41g/t from 53m. An additional hole, MNORC 275, drilled at Golden Goose intersected 10m at 0.18 g/t Au from 15m and even though significant mineralisation wasn't intersected at depth, OzAurum (ASX:OZM) believes the target is prospective for further testing. Drilling for a resource now in the works OZM CEO and managing director Andrew Pumphrey said the RC drilling results from the Cross Fault discovery were highly encouraging, confirming the presence of significant high-grade gold mineralisation in fresh rock across a growing strike length. 'Importantly, the mineralisation style we're seeing – brittle sandstone-hosted with strong sulphide and quartz veining – is analogous to major deposits at Carosue Dam just 2km away,' he said. 'With mineralisation open at depth and along strike, we're now planning follow-up drilling aimed at delivering a maiden resource at Cross Fault. 'In parallel, we're excited to progress drilling at Heysen's Find, where high-grade rock chip samples have pointed to another promising gold target within our tenement.' Cross Fault building momentum OZM has been building momentum at the project since unveiling a high-grade gold hit of 20m at 3.57g/t from surface in February. That news triggered a fivefold share surge, re-rating the company from below $5m to its current ~$18m valuation. Gold prices at ~$5,000/oz in Australia are fuelling major tailwinds for OzAurum, strengthening its cash position, enabling exploration and drilling, and enhancing project value. This article was developed in collaboration OzAurum Resources, a Stockhead advertiser at the time of publishing. This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions. Sponsored Nova Minerals has released a conceptual processing flowsheet for its 1.24Moz RPM deposit in Alaska. Sponsored Rhythm Biosciences has announced that its second-generation ColoSTAT blood test detects colorectal cancer consistently across all stages of the disease.
West Australian
23-05-2025
- Business
- West Australian
Prominent Kalgoorlie-Boulder businessman Ashok Parekh appointed chair of junior explorer OzAurum Resources
Prominent Kalgoorlie-Boulder businessman Ashok Parekh has been appointed non-executive chair of OzAurum Resources, a Goldfields-headquartered junior explorer with projects in the region as well as Brazil. The moved reunites Mr Parekh, also the non-executive chair of emerging mid-tier gold miner Horizon Minerals, with Andrew Pumphrey, who founded OzAurum in February 2021. Mr Pumphrey said Mr Parekh's deep industry knowledge, extensive network within the Kalgoorlie-Boulder region and the wider mining and resources sector, and proven commercial acumen made him an exceptional strategic appointment for OzAurum at this pivotal time. 'I have known and worked with Ashok for many years and his experience in gold exploration and mining will be invaluable as we progress our projects,' Mr Pumphrey, who is the managing director and chief executive of OzAurum, said. Mr Parekh's arrival sees Jeffrey Williams step down as chair, a position he has occupied since the company's inception. Mr Williams will continue in his role as non-executive director. OzAurum has two gold projects 130km north-east of Kalgoorlie-Boulder — Mulgabbie North and Patricia. The company's website said it was exploring 8km of strike at Mulgabbie North, which is next to Northern Star Resources' Carosue Dam operations. The website said gold mineralisation was open at depth and along strike, and Mulgabbie North had all the hallmarks indicating potential for a significant gold discovery. It said a Mulgabbie North gold heap leach 50:50 profit share agreement was signed last September with two companies — Line Hydrogen and BIM Metals, together known as LHBM — to complete the Mulgabbie North heap leach feasibility study, which was being fully funded by LHBM. OzAurum said the study was expected to take up to 12 months and following completion and, if a decision to start production was made, LHBM would operate and be responsible for funding the proposed mining and heap leach operation, with net cash after operating and capital costs to be split 50:50 between OzAurum and LHBM. OzAurum said Mulgabbie North had a mineral resource estimate of 11.6 million tonnes at 0.70 grams per tonne for 260,000 ounces of gold, with 64 per cent in the measured and indicated categories. Patricia, 40km north-east of Mulgabbie North, has an open pit where the company is targeting high-grade gold mineralisation at depth. Historical production at Patricia from 1930-37 generated 5384oz of gold at 41 g/t. The project includes the Heysen's Find Prospect 7.5km south of the Patricia open pit. The company also has two niobium-rare earth elements projects in the Brazilian State of Minas Gerais — Catalao and Salitre, which it acquired last year. Both projects are situated within the Alto Paranaba Magmatic Province that accounts for 97 per cent of worldwide niobium production, all hosted in carbonatite intrusions.
