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Ozz Resources expands Pinnacle potential

13 January 2022
ASX: OZZ
Rueben Hale

OZZ has advanced gold and copper exploration endeavours, staking additional 63 kilometres of geographically similar territory to its Pinnacle project 250 kilometres north of Kalgoorlie in Western Australia.  

Just months after securing Pinnacle, the company has acquired two additional exploration licences covering an area of 63 square kilometres adjacent to the project and immediately to the east of its existing Mt Davis project.   

The area has had limited drilling since the early 2000s, despite a highly prospective greenstone belt and structural preparation from the district-scale Keith-Kilkenny shear zone.  

Most of the tenement area is shrouded by transported cover, restricting historical exploration.  

In addition to the gold potential, the tenements lie on the same structures and lithologies as the Jaguar base metal deposits, located 25km to the north.  

The company said the acquisition delivers the increased potential for gold and base metals discovery across the area with cover blanketing the bedrock exposure and base metal mineralisation. 

“We are planning extensive drilling programs targeting both gold and base metal mineralisation across the Pinnacle Well consolidated ground package in 2022, with the new tenure expected to yield numerous drilling targets this year and beyond,” managing director Jonathon Lea said.  

A full data review is underway, with results expected to guide drilling targets in 2022. 

Consideration  

The upfront consideration for the acquisition of 100 per cent of the two tenements comprises $30,000 in cash and 1 million OZZ shares. 

OZZ’s Australian Stock Exchange-listed price is trading at 12.5c (7:00 am UTC+8 hours) 

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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