Foundations for a significant resource inventory have been laid. The maiden estimate at the Maguire project near Cue in Western Australia gives Ozz Resources its base of easy access, high-grade gold.
The project, comprising of a single prospecting license covering an area of 200 hectares, is one of the company’s three sites in the highly endowed and productive Mid West gold region.
The maiden JORC resource estimate came in at 312-kilo tonnes grading at 2.15 grams per tonne for 22-kilo ounces of contained gold, placing an overwhelming majority of the inventory in the higher category.
The company said it was an emphatic first find that would springboard their more effective plans for the project.
“We have been able to deliver a solid, near-surface gold Resource containing around 22,000 troy ounces at an attractive grade after just one drilling program,” managing director Jonathan Lea said.
“Importantly, the mineralization remains open both along strike and down-dip, with excellent potential to grow the Resource with further drilling.
“There is also significant potential in the parallel Maguires Reward structure.”
The company is planning further exploration and drilling programs across all its projects in the district as its resource inventory continues to grow.
Drilling is planned to continue at Maguire for early 2022.
OZZ’s Australian Stock Exchange-listed price rose over 3 per cent yesterday, closing at 16c.