Ozz Resources Limited has completed a maiden 45-hole drilling project at its Maguires Gold projectProject in Western Australia and is reporting assay results it calls “outstanding.”
The 45-hole drill program focused on the Old Prospect and returned near-surface intervals of up to 9.10 grammes per tonne, a result Ozz Resources calls “outstanding.”
“We are delighted with the success of our first drilling campaign, which marks a very bright start to our journey as a listed gold explorer,” managing director Jonathan Lea said.
“The results have met or exceeded our expectations, returning some broad zones of strong, high-grade gold mineralisation including several standout intercepts such as 7 metres at 9.10g/t and 7m at 4.50g/t.”
The recently completed maiden 4,300-metre reverse circulation drilling program at Old Prospect identified two zones of mineralisation that remain open along strike and at depth. Highlights from the drilling program include 6m at 18.6g/t, 7m at8.7g/t and 6m at11.6 g/t.
“The mineralised intervals show correlation with the historic drilling, giving additional confidence that OZZ can advance rapidly towards resource definition following further drilling. The high-grade shoots represent a very attractive target for future drilling,” Mr Lea said.
While gold is trading close to $US1760 per ounce on Wednesday, the price is down on $US2000 plus 2020 highs. However, gold continues to enjoy a long-term upward trajectory. Gold’s bright prospects have seen several explorers show new interest in the metal, with Ozz Resources leading the charge.
The Perth-based gold and base metal explorer has several projects underway around Western Australia. The Maguires project includes three main prospecting areas – Maguires Reward, and the Old Prospect North and South, all located in the Murchison district.
The company says there is excellent potential to extend the mineralisation in all directions. Another round of drilling is planned to test the Maguires Reward Prospect (1 kilometre to the west of Old Prospect on a parallel structure). This will follow up a historical drill result of 4m at 19.2g/t. The structure hosting Maguires Reward extends over a strike length of 1 kilometre in a similar structural setting to the Old Prospect.
Ozz Resources believes Maguires Reward has significant potential. Drilling is planned to test the entire strike length, book-ended by the old workings at Maguires North and Oliver’s Patch to the south.
“In light of the success of this campaign, we are actively planning follow-up drilling to expand and increase the defined extent of the mineralisation at Maguires,” Mr Lea said.
The company’s Australian Stock Market listed price is trading at 18c today (6:15 am GMT + 8 hours).