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Ozz snap up high-grade historic goldfield

4 March 2022
ASX: OZZ
Jack Baker

Ozz Resources purchased four tenements, including the famed Linger and Die mining operation, bookending its recently acquired Pinnacle Well project near Leonora.

The attractive acquisition comes as gold tracks above $US1900 an ounce with easy-to-get grades, including a historical high of 17.04 grams per tonne over 85 metres opportune amongst plentiful pickings of new targets.

The outright purchase form part of the United Mines pact, which considers cash, shares, and royalties, also adding to a significant exploration pipeline in the district aided by good infrastructure nearby.

The company said the near-surface grades typically exceeding one ounce per tonne provide critical mass for progress.

“This acquisition provides scope for the definition of high-grade resources that could be toll-treated at nearby plants or form the basis of a standalone operation in conjunction with the adjacent and highly prospective Pinnacle Well and Mt Davis projects,” managing director Jonathan Lea said.

“With an existing understanding of the geological controls on mineralisation being limited, and with only patchy and typically shallow drilling completed to date, there are multiple, high-potential targets to be drill tested in 2022 and beyond.”

Exploration will be commencing in the coming weeks with results likely the financial quarter.

OZZ’s Australian Stock Exchange-listed share price has risen 6.98 per cent today, trading at 9.2c (6:41 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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