OzAurum Resources Limited: Widespread Gold Hits at Mulgabbie North

Perth, Australia - OzAurum Resources Ltd. (ASX:OZM) is pleased to announce further results from the Company's large-scale 20,000 metre (m) Reverse Circulation (RC) drilling campaign, that has so far identified significant wide zones of gold mineralisation. The current RC results include 22 holes for 2,250m of drilling at the Mulgabbie North Project, located North East of Kalgoorlie.

Highlights

- Significant wide zone of primary gold mineralisation intersected north of the James Prospect

- Gold mineralisation is open along strike and at depth

- RC holes that intersected significant gold mineralisation include:

o 18m @ 1.64 g/t gold (Au) - (from 105m) within 75m @ 0.72 g/t Au MNORC 115
o 14m @ 1.58 g/t Au - (from 24m) incl 1m @ 5.28 g/t Au MNORC 118
o 9m @ 1.52 g/t Au - (from 117m) MNORC 114
o 6m @ 1.39 g/t Au - (from 100m) MNORC 114
o 4m @ 1.48 g/t gold (Au) - (from 30m) within 20m @ 0.68 g/t Au MNORC 107

- RC drilling has extended the strike of primary gold mineralisation at Mulgabbie North to 1.3km

- Intrusive porphyry has been intersected in a number of RC holes for the first time

- The Relief Shear continues to demonstrate increasing potential to host significant gold mineralisation adjacent the Carosue Dam Mill

- RC drilling results still pending for 37 holes for 6,072m of drilling at Mulgabbie North

"The intersection of a significant wide zone of gold mineralisation in a number of RC drill holes is an extremely exciting development at the James Prospect. In particular, this RC drilling campaign has further extended the strike length of the Mulgabbie North project to 1.3km. This new discovery, coupled with the widespread gold zone that we recently intersected at the Alicia Prospect, demonstrates the enormous potential of Mulgabbie North to be a significant gold project situated directly adjacent to Northern Star's Carosue Dam Mill" Andrew Pumphrey CEO and Managing Director, OzAurum Resources Ltd.

Mulgabbie North RC Drilling Results

OzAurum is pleased to report results from 22 drill holes drilled for 2,250 metres at Mulgabbie North that were planned to test extensions of the James Prospect, as well as, testing aircore (AC) gold anomalies.

Significant gold mineralisation over a wide zone has been intersected in RC drill holes situated north of the James Prospect within the Mulgabbie North Project. This wide zone of gold mineralisation is located on the Relief Shear, and the lithological contact that hosts gold mineralisation at the James and Ben Prospects- which now extends the strike of RC gold mineralisation to 1.3km.

RC hole MNORC 115 is a northern extension of the James Prospect and intersected 18m @ 1.64 g/t Au from 105m from within 75m @ 0.72 g/t Au, and also includes 8m @ 1.02 g/t Au from 81m and 2m @ 1.67 g/t Au from 94m. This wide zone of primary gold mineralisation is hosted in the intermediate to felsic volcaniclastic that has associated pyrite and arsenopyrite mineralisation. The Company has drilled an additional two RC holes MNORC 156 and 157 on section to further test this zone, please refer to figure 3. The estimated true widths are 70% of the downhole intercepts being reported.

Also, of significance, is MNORC 118 that intersected 14m @ 1.58 g/t Au from 24m which is saprolite hosted gold mineralisation with associated quartz veining observed within the mineralised interval. This will be targeted at depth with future RC drilling. This hole is also a northern extension of mineralisation at the James Prospect.

Intrusive porphyries have also been intersected for the first time in a number of RC drill holes at Mulgabbie North along the Relief shear. Future geological work will be undertaken to understand the potential links of intrusive porphyry to current gold mineralisation.

Four RC drill holes were drilled at the Golden Goose Prospect which is situated 4km southeast of Mulgabbie North along the Relief Shear, with MNORC 107 intersecting 20m @ 0.68 g/t Au from 19m including 3m @ 1.02 g/t Au from 23m and 4m @ 1.48 g/t Au from 30m.

The current RC drilling at Mulgabbie North has defined primary gold mineralisation for over 1.3km of strike and OzAurum is confident that extensional RC drilling completed will further extend this strike. Further, we believe future RC drilling will continue to identify new primary gold mineralisation related to the numerous geochemical gold anomalies and recent saprolite hosted gold mineralisation targets identified by AC drilling.

These excellent RC results, combined with recently announced aircore results defining new zones of mineralisation now extending for 2.8 km in strike (see ASX announcement on 2nd September 2021), further highlight the potential of Mulgabbie North to be a significant gold project.

RC drilling at Mulgabbie North has also 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.

Upcoming RC and AC drilling and Planned Exploration Activities:

Follow-up RC drilling at Mulgabbie North and at the Alicia Prospect will continue, along with ongoing RC drill testing of AC saprolite gold anomalies and extensions to the Ben and James Prospects. OzAurum currently has results pending for 37 RC drill holes for a total of 6,072m of drilling.

The 12,000m AC drill program commenced on the 28th of September to test the drilling gap between the Alicia and Ben Prospects. To date, OzAurum has drilled 111 AC holes for 8,501m at the Alicia Prospect with results pending.

Utilising best practice RC drilling, sampling and assay protocols will allow for 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 10 week turnaround time.

RC drilling is being undertaken on a three week on three weeks off campaign basis due to long delays in receiving assay results from the assay laboratory.

A gravity survey over Mulgabbie North is due to commence on the 17th of November, and with two gravity crews, it is expected to take one week to complete.

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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