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Pinnacle Well purchase brings new highs for Ozz

25 November 2021
ASX: OZZ
Jack Baker

Ozz Resources has continued expanding and strengthening its footprint in the bountiful Leonora gold district with the acquisition of the highly prospective and underexplored Pinnacle Well, a significant landholding and key focus of its continuing consolidation in the area.  

Near numerous world-class deposits, the Archaean aged site holds excellent potential with an extensive alteration identified and multiple generations of quartz veining assaying up to 12 grams of gold per tonne. The area also benefits from being encircled by successful operations in harmony with Ozz’s Mt Davis gold project.    

Snapping up prospects near major gold producers in highly prospective regions, the energetic gold explorer aims to rapidly explore then develop or sell – whichever best adds value for investors.  

The company said the exciting acquisition aligned with its targeted investment plan of action, with the underexplored geology and location almost entirely befitting its rigorous selection criteria.   

“This acquisition, and the rapid start to our exploration efforts since listing, emphasises our commitment to our corporate strategy of focused assessment and improvement through portfolio regeneration,” managing director Jonathan Lea said.  

A farm-in deal for the arrangement triggers a 75 per cent interest in the project for Ozz if it spends $750,000 in exploration over two and a half years, followed by a joint venture.  

The company plans to rapidly advance exploration at Pinnacle Well to commence geochemical and geophysical surveying early in 2022 and drilling in the first half of 2022. 

OZZ’s Australian Stock Exchange-listed price was trading at 13c today (7:08 am UTC+8) 

COMPANY OVERVIEW

A Perth based and Western Australian focussed gold and base metal explorer with an aim of rapid evaluation to value-add for share-holders. Ozz’s projects are located near major gold producing centres in highly prospective regions near Leonora, Cue, Meekatharra and Mt Magnet in Western Australia.

COMPANY INFORMATION

ASX: OZZ

Website

https://www.ozzresources.com.au/
https://www2.asx.com.au/markets/company/ozz

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