OzAurum Resources Limited (ASX:OZM) Significant High-Grade Gold Aircore Results at Mulgabbie

OzAurum Resources Ltd (ASX:OZM) is pleased to announce significant high-grade gold aircore (AC) drilling results from 180 holes for 13,319 meters (m) of drilling at its Mulgabbie North Project, situated two kilometres from the Northern Star Resources (ASX: NST) Carosue Dam Mine Operations.

Highlights

- AC holes that intersected significant gold mineralisation from 1m samples of previously released composite drill hole results include:

o 1m @ 34.50 g/t Au from 27m - MNOAC 144
o 1m @ 19.70 g/t from 28m - MNOAC 144
o 1m @ 19.55 g/t Au from 30m - MNOAC 216
o 1m @ 10.10 g/t Au from 32m - MNOAC 255

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

o 4m @ 3.39 g/t Au from 20m - MNOAC 404
o 4m @ 1.87 g/t from 40m - MNOAC 378
o 3m @ 0.75 g/t Au from 60m end of hole (EOH) - MNOAC 405

- Discovery of a significant widespread gold zone up to 2.8km long and 150m wide at Mulgabbie North

- New gold zone potentially represents the near surface footprint of significant primary gold mineralisation and high-grade gold paleochannel hosted mineralisation

- High priority wide spaced Reverse Circulation (RC) drilling due to commence in the coming weeks to test strike extensions of the James Prospect and other new areas defined by latest AC drilling results

Mulgabbie Project AC Drilling Results

Of the 180 AC holes drilled for 13,319m (MNOAC 335-514), 100 AC holes for 6,913m (MNOAC 335-435) were drilled at Mulgabbie North and 80 holes were drilled for 6,406m (MNOAC 436-514) at E28/2477 the south of Mulgabbie. This AC drilling forms part of OzAurum's initial 30,000m AC drilling campaign that began in February this year which was later increased to 45,000m. So far, a total of 514 holes have been drilled for 37,398m.

Mulgabbie North Drilling

A new zone of widespread gold mineralisation extending for 2.8km long and up to 150m wide, has been defined by AC drilling at Mulgabbie North. A number of exciting new targets have been identified for future RC drilling in this area including noteworthy strike extensions to the James Prospect.

Significant one metre gold results, in addition to previously released four metre composite results from AC holes MNOAC 131 - 303 (see OZM ASX releases 24 May 2021 and 21 June 2021) at Mulgabbie North include; 1m @ 34.50 g/t Au from 27m (MNOAC144), 1m @ 19.70 g/t Au from 28m (MNOAC144) and 1m @ 19.55 g/t Au from 30m (MNOAC 216). These significant high grade paleochannel gold intersections are along strike from previously reported 1m @ 162 g/t Au from 27m (MNOAC 120) and 1m @ 31 g/t Au from 34m (MNOAC 130) (see ASX release 24 May 2021). Other significant paleochannel results include 1m @ 10.10 g/t Au from 32m (MNOAC 255) and 1m @ 5.55 g/t Au from 30m (MNOAC 254).

Saprolite gold mineralisation was intersected in one metre AC results at Mulgabbie North including 1m @ 7.79 g/t Au from 55m (MNOAC 254), 1m @ 3.44 g/t Au from 70m (MNOAC 216), 1m @ 3.37 g/t Au from 42m (MNOAC 149) and 1m @ 2.48 g/t Au from 52m (MNOAC 289). Gold mineralisation associated with MNOAC 254 defines a new north western gold zone situated 300m west of the Relief Shear contact gold mineralisation. Numerous other one metre gold results that intersected grades over 1 g/t Au are located in table 1*.

Significant four metre composite AC drilling results from holes MNOAC 335-434 at Mulgabbie North include 4m @ 3.39 g/t Au from 20m (MNOAC 404 - Libby Prospect), 4m @ 1.87 g/t Au from 40m (MNOAC 378), 8m @ 0.46 g/t Au from 24m (MNOAC 343) along with 3m @ 0.75 g/t Au from 60m at end of hole (EOH) (MNOAC405). Numerous other anomalous composite gold results can be found in table 2 of this release. These AC results have provided the Company with exciting new targets that will be followed-up with future RC drilling.

South of Mulgabbie Drilling

AC drilling was also completed on the southern area of E28/2477 (MNOAC 435-514) where holes have been drilled at 1km x 80m spacing. A number of excellent four meter composite results have been received from this area including 4m @ 0.36 g/t Au from 76m (MNOAC512), 4m @ 0.13 g/t Au from 76m (MNOAC 491), 4m @ 0.13 g/t Au from 48m (MNOAC 489), 4m @ 0.13 g/t Au (MNOAC 481) and 4m @ 0.11 g/t Au (MNOAC 473). Please see figure 3* and table 2* for significant composite results.

This area is the interpreted position of the southern extension of the Relief Shear. Transported cover up to 40m thick has prevented previous effective exploration of this area. There is no historic drilling in this area, and visual signs of bottom of hole chips is encouraging with sericite altered volcaniclastic rocks being intersected with pyrite mineralisation. Please refer to figure 3* for the location of drilling in this area.

Geological Interpretation

The current interpretation is that some of the high-grade gold mineralisation discovered at Mulgabbie North is tertiary paleochannel hosted gold mineralisation. Ongoing and future work will involve systematic interpretation of the base of this highly mineralised paleochannel position, specifically locating the centre of the base of the mineralised channel facies. This style of gold mineralisation is very encouraging and will be specifically targeted via future vertical AC and RC drill holes.

Widespread gold mineralisation at this new 2.8 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 2.8 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.

High Priority Mulgabbie North RC Drilling

The latest AC gold drill results have clearly defined significant zones of gold mineralisation along and adjacent to the Relief Shear. Of particular interest, is the area immediately along strike to the north of the James Prospect where AC holes have intersected significant gold mineralisation extending north of the most northern RC hole which intersected primary gold mineralisation at the James Prospect including 13m @ 1.28 g/t Au and 6m @ 1.40 g/t Au (MNORC 103, ASX release 19 July 2021). Immediate high priority wide spaced RC drilling is planned to test this extension of the James Prospect and other zones of significant AC gold mineralisation at Mulgabbie North.

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

"The Company is proud to announce the 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, and extending for over 2.8 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.

"In addition, a new 40-80m wide zone of Hematite alteration extending for over 2.8km intersected for the first time in AC holes is very promising since this is a key signature of the adjacent Northern Star Carosue Dam Karari and Whirling Dervish Gold Mines that have so far produced about 1.5 million ounces of gold.

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

In the coming months as drilling results become available the company will be providing the market with regular updates. Laboratory assay results are currently taking up to over 10 weeks from time of delivery causing delays in results being released to the market.

To view tables and figures, please visit:
https://abnnewswire.net/lnk/XMY23Z33

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