OzAurum Resources Limited Stock Market Press Releases and Company Profile
Spectacular High-Grade Gold RC Hits
Spectacular High-Grade Gold RC Hits

Perth, Aug 11, 2021 AEST (ABN Newswire) - OzAurum Resources Ltd (googlechartASX:OZM) is pleased to announce that the Maiden 28-hole Reverse Circulation (RC) program has been completed at the Patricia Gold Project with an additional seven holes drilled to make up a total of 35 drill holes drilled so far for 6,530 meters (m). The Patricia Gold Project is situated North East of Kalgoorlie, and the current drill program represents the first drilling at Patricia in over 30 years.

Highlights

- RC holes that intersected significant gold mineralisation, include:

o 4m @ 38.08 g/t gold (Au) - (from 99m within 8m @ 20.9 g/t Au)
including 1m @ 93.9 g/t Au PTORC 002
o 1m @ 21.00 g/t Au - (from 118m) PTORC 002
o 1m @ 6.72 g/t Au - (from 94m within 5m @ 3 g/t Au) PTORC 001
o 1m @ 5.48 g/t Au - (from 96m within 5m @ 3 g/t Au) PTORC 001
o 1m @ 4.63 g/t Au - (from 57m within 4m @ 1.6 g/t Au) PTORC 001
o 1m @ 4.18 g/t Au - (from 190m) PTORC 009

- Numerous high grade gold intersections, including visible gold intersected in two RC holes PTORC 022 (154-155m) and PTORC 024 (156-157m)

- Assays pending for RC holes that have intersected visible gold mineralisation

- High grade intersection PTORC002 4m @ 38.08 g/t Au is in line with historical mined grade of 41 g/t Au at Patricia

Patricia RC Drilling Program

The Maiden 28-hole drilling program at Patricia is now complete, already delivering exceptional results from the first nine holes. An additional seven holes have been drilled making up a total of 35 holes drilled so far for 6,530 m of drilling.

Outstanding results were received from drill hole PTORC 002 with 4m @ 38.08 g/t Au intersected within a broader zone of 8m @ 20.9 g/t from 99m including 1m @ 93.9 g/t Au. This intersection includes downhole interval length - the true width is yet to be determined but is expected to be 50 percent of the downhole length. Other excellent noteworthy results were received from PTORC 001 with 4m @ 1.6 g/t Au intercepted including 1m 4.63 g/t Au from 57m as well as 5m @ 3.00 g/t Au from 93m including 1m @ 6.72 g/t Au and 1m @ 5.48 g/t Au.

The high grade intercept PTORC 002 4m @ 38.08 g/t Au is in line with the 41 g/t Au average grade previously mined from 4,115t of ore producing 5,384 oz's from underground mining at the historic Patricia Gold Mine.

Visible gold has been intersected in two adjacent RC drill holes PTORC 022 and PTORC 024.

Visible gold in drill chips from PTORC 022 154-155 was first identified by OzAurum exploration geologist Hugo Serra whilst relogging RC drill chips.

Random drill chips were selected for Petrographic analysis from PTORC 022 (154-155m) and PTORC 024 (156-157) and in both samples free visible gold was observed - see photomicrographs 1 + 2 below*. Associated with the free gold is electrum (gold silver alloy) pyrite and chalcopyrite.

A 2.5 kilogram (kg) sample of drill cuttings from PTORC 022 (154-155m) and PTORC 024 (156-157) were also panned off to confirm the presence of visible gold and with both intervals a significant tail of fine gold was observed - see photographs 1 + 2*.

Drilling in very restricted areas around parts of the Patricia open pit has resulted in a planned RC drill pattern with hole spacing of 20m along the side of the pit. In some locations, two holes drilled were drilled with the closest hole to pit crest at a -55deg dip and the second hole at a -62deg dip, allowing up to 60m separation between hole traces downhole at the planned target pierce point. The hole collars PTORC 022 and PTORC 024 are 40m apart but due to a change in azimuth direction drill traces will intersect downhole intervals with visible gold approximately 18m apart. The change in drill hole azimuth is required to remain perpendicular to the mineralisation.

Initial observations and early interpretation of RC drill logging demonstrates that Patricia is a structurally complex project, potentially with late stage faulting that is offsetting lithologies and potential gold mineralisation. Planned diamond drilling will provide structural data that will assist us to resolve this.

This RC drilling program at Patricia is the first in over 30 years. The Company is eagerly awaiting drilling results from the next 24 RC drill holes. The aim of this initial drilling program is to target high grade gold mineralisation immediately beneath the existing Patricia open pit. Unfortunately, two of 35 RC holes drilled were abandoned due to ground conditions with the drill target not being reached in both of these holes.

The RC rig is operating on a three week on three week off basis due to the slow sample turnaround currently being experienced at the sample laboratory now out to up to ten weeks.

A significant amount time has been spent on the geological interpretation and 3D geological modelling of the Patricia high grade gold mineralisation, lithologies and potential controls to high grade gold mineralisation to date. Historical underground mine shafts, stopes and drives have also been modelled in 3D. This first drilling campaign will help us validate current modelling and the learnings from this drilling will also be used to update our current 3D models.

A Diamond drilling program has also been planned at Patricia and that will commence once the diamond drill rig can be mobilised to site in the coming months.

Patricia RC drilling was undertaken using a modern high pressure RC drilling rig with samples being drilled dry that are of a consistent sample weight. This high standard of drilling and sampling gives us confidence for a potential future JORC compliant resource to be estimated at Patricia.

Patricia Gold Project Geology and Background Information

The Patricia Gold Project is situated within the Celia Tectonic Zone that hosts numerous large gold deposits and operating gold mines including Sunrise Dam, Deep South, Safari Bore, Linden and the Anglo Saxon Gold Mine.

At the Patricia segment of the Celia Tectonic Zone the greenstone sequence consists of intermediate to felsic volcanics and volcaniclastics with interleaved ultramafic and banded iron formation. The Patricia Gold Project is situated on a significant flexure of the greenstone stratigraphy with the strike changing from 320deg to 350deg back to 320deg. This change in strike direction represents a dilation jog which is a classic structural trap for gold fluids. Coincidently a large intermediate porphyry body intrudes the greenstone sequence at this point.

The historic Patricia Gold Mine was discovered in 1930 and mined underground up until 1937. During this time the Patricia Gold Mine produced 5,384 oz's of gold from 4115 tonnes of ore at an average grade of 41 g/t Au.

Aztec Exploration Ltd commenced modern exploration in 1983 at Patricia. Aztec produced a very high quality dataset of geological information based on a RC drilling, diamond drilling, costeaning and geological mapping. Subsequently Aztec established an open mining operation in 1986 with small CIP treatment plant located onsite.

The current Patricia open pit is some 800m long x 150m wide and was mined to a depth of 25 metres.

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

"The initial drill results from RC drilling at Patricia, including intersecting 4m @ 38.08 g/t Au, represents a very exciting start to exploration at Patricia. Not only is this result is in line with average grade mined historically from underground of 41 g/t Au, but we have also intersected visible gold in two RC holes. This is an exceptional result and validates the high grade potential of the Patricia Gold Project. We eagerly await the assay results from this drilling."

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/A415XD5C


About OzAurum Resources Limited

Ozaurum Resources 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.

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Contact

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



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