OzAurum Resources Limited: RC Drilling Extends Gold Mineralisation at Mulgabbie

Perth, Australia - OzAurum Resources Ltd. (ASX:OZM) is pleased to announce additional results from the Company's large-scale 20,000 metre (m) Reverse Circulation (RC) drilling campaign, which has so far identified significant wide zones of gold mineralisation. The current RC results include 24 holes for 3,150m of drilling at the Mulgabbie North Project, situated North East of Kalgoorlie.

Highlights

- Significant gold mineralisation intersected, with mineralisation open along strike and at depth.

- RC holes that intersected significant gold mineralisation include:

o 13m @ 1.80 g/t gold (Au) - (from 75m within 22m @ 1.28 g/t Au) including 2m @ 5.42 g/t Au MNORC 086

o 14m @ 1.48g/t Au - (from 90m within 20m @ 1.16 g/t Au) including 1m @ 6.05 g/t Au and 1m @ 6.33 g/t Au MNORC 088

o 11m @ 1.70 g/t Au - (from 79m within 23m @ 1.03 g/t Au) including 1m @ 9.09 g/t Au

MNORC 091

o 13m @ 1.28 g/t Au - (from 99m) including 5m @ 2.09 g/t Au MNORC 103

o 6m @ 1.40 g/t Au - (from 83m) MNORC 103

o 1m @ 8.69 g/t Au - (from 80m) MNORC 101

- Strike length at the James Prospect has increased by 100m to the north and is open along strike with MONRC103 intersecting 13m @ 1.28 g/t Au and 6m @ 1.40 g/t Au.

- Upcoming RC program planned to test strike extensions at both the James and Ben prospects.

Mulgabbie North RC Drilling Results

The current results for the 24 holes that were drilled for 3,150m at the Mulgabbie North Project are a continuation of OzAurum's 20,000m RC drilling campaign that commenced in February this year. To date, a total of 104 RC holes have been drilled at Mulgabbie North for 15,811m.

The current RC drill campaign has identified further gold mineralisation at Mulgabbie. Most notably, RC holes MNORC 086 intersected 13m @ 1.80 g/t Au from 75m from within 22m @ 1.28 g/t Au. Further, MNORC 088 intersected 14m @ 1.48 g/t Au from 90m within 20m @ 1.16 g/t Au, including 1m @ 6.05 g/t Au and 1m @ 6.33 g/t Au.

A number of significant intervals were also intersected in MNORC 103 situated approximately 100m along strike at the James Prospect. Significant intervals from this hole include 6m @ 1.40 g/t Au from 83m and 13m @ 1.28 g/t Au from 99m, including 5m @ 2.09 g/t Au. Gold mineralisation intersected in this hole represents an extension of the James Prospect gold mineralisation which is open at depth and along strike to the north.

Numerous RC drill holes intersected higher grade gold mineralisation within wide lower grade intervals indicating that Mulgabbie North is potentially situated within a large mineralised gold system. Gold Mineralisation at Mulgabbie North is currently open at depth and along strike at both the Ben and James Prospects.

These excellent RC results, combined with recently announced high-grade AC results defining new zones of mineralisation (see ASX announcement on 21 June 2021), further highlight the potential of Mulgabbie North to be a significant gold project.

Lastly, RC drilling at Mulgabbie North has discovered wide zones of weak to moderate hematite alteration in some RC holes. Specifically, the hematite alteration indicates oxidised fluids from an intrusive complex suggesting proximity to the mineralising centre - likely to be within OzAurum's 100% owned Mulgabbie North tenure. This haematite alteration is the key characteristic alteration of the neighbouring Northern Star's (ASX:NST) Karari and Whirling Dervish Gold Mines that have produced approximately 1.5 million ounces of gold to date.

Upcoming RC drilling and Planned Exploration Activities:

The additional planned RC drilling at Mulgabbie North will further test strike extensions at the James and Ben Prospects where significant gold mineralisation has been identified.

The Company is currently utilising best practice RC drilling, sampling and assay protocols to enable a potential future JORC 2012 compliant resource to be estimated with confidence at Mulgabbie North.

Due to the current high demand on assay laboratories, the Company is experiencing long delays with receiving assay results, with up to a ten week turnaround time. As a result of these delays, the RC drill rig is being utilised on a three week on three week off campaign basis.

OzAurum's Chief Executive Officer, Andrew Pumphrey, said:

"The additional high-grade gold intercepts achieved through the current RC drilling campaign are very encouraging, and in particular, the additional 100m of open strike added at the James prospect provides us with even greater confidence in the Mulgabbie North Project. The extensive gold mineralisation that has been intersected along the Relief Shear to date further demonstrates the potential of Mulgabbie North to become a large tonnage gold project. Not only is Mulgabbie North situated on a granted Mining Lease, but it is also strategically located immediately adjacent to Northern Star's 3.2 Mtpa Carosue Gold Mill - further highlighting the prospectivity and potential of the Project.

We look forward to updating the market on additional results as they become available."

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About OzAurum Resources Limited:

OzAurum Resources Ltd. (ASX:OZM) is a Western Australian gold explorer with two advanced gold projects located 130 km north east of Kalgoorlie. The Company's main objective is to make a significant gold discovery that can be brought to production.

Source:
OzAurum Resources Ltd.

Contact:

Andrew Pumphrey Managing Director and CEO Mob +61-419-965-976 Office +61-8-9093-0039