OzAurum Resources Limited: Mulgabbie North AC Gold Anomaly Extends Another 1.4km

Perth, Australia - OzAurum Resources Ltd. (ASX:OZM) is pleased to announce significant high-grade gold aircore (AC) drilling results from 149 holes for 10,556 meters (m) of drilling at its Mulgabbie North Project, situated two kilometres (km) from the Northern Star Resources (ASX:NST) Carosue Dam Mine Operations.

Highlights

- AC holes that intersected significant gold mineralisation from composite samples include:

o 4m @ 3.09 g/t Au from 12m - MNOAC 615
o 4m @ 3.03 g/t Au from 64m - MNOAC 560
o 4m @ 2.00 g/t Au from 44m MNOAC 534
o 4m @ 1.68 g/t Au from 56m MNOAC 579
o 4m @ 1.68 g/t Au from 56m within 17m @ 0.8 g/t Au MNOAC 536
o 4m @ 1.65 g/t Au from 68m MNOAC 559
o 4m @ 1.61 g/t Au from 28m MNOAC 546
o 4m @ 1.59 g/t Au from 36m MNOAC 636
o 4m @ 1.47 g/t Au from 40m MNOAC 523
o 4m @ 1.41 g/t Au from 56m MNOAC 597
o 4m @ 1.40 g/t Au from 52m MNOAC 606

- Recent AC drilling further extends the widespread gold zone an additional 1.4km to over 4.2km long and 150m wide at Mulgabbie North.

- New high priority targets for Reverse Circulation (RC) drilling have been defined by the high-grade AC supergene gold zone- coinciding with the magnetic destruction zone.

- The Mulgabbie North Gold Project, situated on the Keith Kilkenny fault zone with the favourable host rocks being felsic-intermediate volcaniclastics and intrusive porphyries, is shaping up as an exciting gold discovery story adjacent the Northern Star Carosue Dam Gold Mine.

Mulgabbie Project AC Drilling Results

A total of 149 AC holes were drilled for 10,556m (MNOAC 515 -663) at the Mulgabbie North gap zone between the Ben and Alicia Prospects. A total of 663 AC holes have been drilled for 48,027m at the Mulgabbie Project to date.

A new zone of widespread gold mineralisation, extending for 1.4km long and up to 150m wide, has been defined by numerous high-grade AC intersections at the Mulgabbie North gap zone between Ben and Alicia Prospects.

Results from the current AC drill program have provided the Company with exciting new high priority targets that will be followed-up with planned RC and diamond drilling in the near future.

Significant four metre composite AC drilling results from holes MNOAC 515-633 at Mulgabbie North include 4m @ 3.09 g/t Au from 12m (MNOAC 615), 4m @ 3.03 g/t Au from 64m (MNOAC 560), 4m @ 2.00 g/t Au from 44m (MNOAC 534) along with 4m @ 1.68g/t Au from 56m (MNOAC 579). Numerous other high-grade anomalous composite gold results can be found in table 1* of this release.

AC holes that have ended in high-grade gold mineralisation include:

- MNOAC 570 1m @ 2.15 g/t Au from 76m to EOH
- MNOAC 573 1m @ 1.65 g/t Au from 96m to EOH
- MNOAC 536 1m @ 1.52 g/t Au from 72m to EOH
- MNOAC 617 3m @ 0.98 g/t Au from 68m to EOH
- MNOAC 648 2m @ 0.96 g/t Au from 60m to EOH
- MNOAC 548 1m @ 0.84 g/t Au from 80m to EOH

A number of significant AC gold intersections are associated with widespread supergene gold mineralisation and paleochannel hosted gold mineralisation. Of particular interest, is MNOAC 536 that intersected a wide zone of supergene gold mineralisation grading at 17m @ 0.80 g/t Au (from 56m), including 4m @ 1.68 g/t Au from 56m and 1m @ 1.52 g/t Au at 73m to EOH. The drill chips from the last metre of MNOAC 536 (grading 1.52 g/t Au) are logged as felsic-intermediate volcaniclastic host rock with intense silicification, hematite and sericite alteration. AC hole MNOAC 536 is situated in the centre of the demagnetised area on the Relief Shear with no associated historical drilling.

Gold mineralisation intersected in MNOAC 615 4m @ 3.09 g/t Au is paleochannel hosted, previously reported high-grade paleochannel gold mineralisation includes 1m @162.5 g/t Au from 27m MNOAC 120 and 1m @ 31 g/t Au from 34m MNOAC 130 (see ASX announcement 24 May 2021).

Results have also been received from 1m resampling of previously released AC 4m composite intersections from holes MNOAC 343-512 with a number of + 1 g/t Au intersections received including MNOAC 378 2m @ 1.94 g/t Au from 40m, please refer to table 3*.

Widespread gold mineralisation at the 4.2 km-long gold zone is currently open to the north and the south. In addition, the new gold zone is co-incident with OzAurum's gold auger calcrete geochemistry anomalies, and a gravity low trough similar to the Northern Star (ASX:NST) Carouse Dam corridor of riches in which their operating gold mines are situated, which includes production of about 1.5 million ounces of gold to date.

As previously announced, another significant aspect of the AC drilling program completed at Mulgabbie thus far is the discovery of a 40-80m wide zone of hematite alteration being intersected in the bottom of the AC holes, defining a trend striking NW for over 4.2 kms, and situated 150m west of the Relief Shear (see ASX announcement dated 15 March 2021). This is significant because hematite alteration is the characteristic alteration of the adjacent Northern Star's Karari and Whirling Dervish Gold Mines. The hematite alteration observed is indicating oxidised fluids from an intrusive complex suggesting proximity to the mineralising centre- likely to be within OzAurum's 100% owned Mulgabbie North tenure. Recent drilling at Mulgabbie North has now intersected intrusive porphyry in RC holes.

High Priority Targets for future Mulgabbie North RC and Diamond Drilling

The current AC gold drill results have clearly defined significant zones of gold mineralisation along and adjacent to the Relief Shear within the Keith Kilkenny fault zone. Of particular interest, is the area immediately along strike to the south of the Ben Prospect where a number of AC holes have intersected extensive significant supergene gold mineralisation including MNOAC 536 has intersecting 17m @ 0.80 g/t Au (from 56m) including 4m @ 1.68 g/t Au and 1m @ 1.52 g/t Au from 72m to EOH.

A number of these exciting new targets that have been identified for future RC drilling coincide with an extensive zone of magnetic destruction and the co-incident, strong and steep gravity gradient that extends the length of the Mulgabbie North Project. Interpretation of the recently completed detailed drone magnetic survey and close spaced gravity survey at Mulgabbie North is ongoing.

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

"The Company is proud to announce these additional high-grade AC intercepts uncovered by our large-scale AC drilling campaign. The discovery of a new widespread zone of gold mineralisation within the Mulgabbie North project, which now extends over 4.2 km, provides us with even greater confidence in the large-scale potential of the Project. In particular, we are excited by the potential of this area where the host rocks are intermediate-felsic volcaniclastic units - very similar to the Northern Star Carosue Dam Karari and Whirling Dervish Gold Mines.

"Extensive supergene gold mineralisation situated with the magnetic destruction zone on the very steep gravity gradient makes for exciting new targets to be tested with future RC and diamond drilling.

"Lastly, this area is under transported cover that has prevented previous effective exploration and now represents a significant exploration opportunity for the Company."

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/SA4MNC85

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