OZZ identifies multiple Mid West targets

18 August 2021 09:31
Close up lump of gold mine on wooden table

Gold-focused OZZ Resources Limited has moved a step closer to delivering a mineral resource estimate for the Old Prospect near Cue while honing in on multi-commodity targets at its other projects in Western Australia’s Mid West region.

Ozz awaits the first assays from its Maguires Reward Gold project with the confidence that its maiden 4,300-metre reverse circulation drilling completed last week will confirm historical data and provide exciting new insights into possible extensions to the nearby Old Prospect sitting upon the same structure.

Concurrently, the company is underway with exploration plans for its Rabbit Bore project, also near Cue, and Peterwangy project southeast of  Mullewa, after compiling unsurpassed gold and base metal data from aeromagnetic surveys across both sites.

The news comes as investors move back into gold, seeking refuge from volatile global markets and amidst surging demand for battery-metals showing little sign of softening as the world transitions to electric vehicles.

“With our maiden drilling program successfully completed at Maguires and first assays expected by early next month, we are now rapidly building exploration momentum across our broader portfolio,” managing director Jonathan Lea said.

“We are very encouraged by the results received from recent aeromagnetic surveys at Rabbit Bore and Peterwangy.

“Interpretation of the results has defined a number of priority targets, while also giving us a much more detailed and accurate picture of the potential extent of the prospective greenstone and ultramafic rock packages.

“As we await assays from Maguires, we will continue to refine both gold and nickel targets across our portfolio and build a pipeline of exploration opportunities to be systematically tested.”

Ozz is planning additional follow-up drill programs at Maguires, plus  further geophysical surveys and geochemical sampling programmes at Rabbit Bore and mapping at Peterwangy in the coming months.

The company’s Australian Stock Exchange-listed shares opened at 16c today (08:00 GMT +8 hours).

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