OzAurum Resources Limited: Significant Gold Hits at Mulgabbie North Including 73m @ 1.3 g/t

Perth, Australia - OzAurum Resources Ltd. (ASX:OZM) is pleased to announce further results from the Company's large-scale Reverse Circulation (RC) drilling campaign, that has so far identified significant wide zones of gold mineralisation. The current RC results include 48 holes for 7,912 meters (m) of drilling at the Mulgabbie North Project, located North East of Kalgoorlie. The Company's recently announced 15,000m drilling program is scheduled to commence this week.

Highlights

- Significant wide zone of primary gold mineralisation intersected north of the James Prospect.

- Gold mineralisation is open along strike and at depth.

- RC holes that intersected significant gold mineralisation include:

o 73m @ 1.30 g/t gold (Au) - (from 17m) vertical hole MNORC 171 incl 1m @ 10.35 g/t Au, 12m @ 2.04 g/t Au and 8m @ 2.00 g/t Au -
o 7m @ 5.26 g/t Au - (from 41m) incl 2m @ 16.02 g/t Au - vertical hole MNORC 172
o 36m @ 1.37 g/t Au - (from 95m) incl 15m @ 2.02 g/t Au MNORC 162
o 15m @ 1.89 g/t Au - (from 56m) incl 1m @ 9.29 g/t Au MNORC 147
o 46m @ 0.70 g/t Au - (from 54m) incl 10m @ 1.61 g/t Au - vertical hole MNORC 172
o 15m @ 1.75 g/t Au - (from 156m) incl 1m @ 9.59 g/t Au MNORC 144
o 10m @ 1.36 g/t Au - (from 10m) incl 1m @ 6.38 g/t Au MNORC 144
o 1m @ 5.36 g/t Au - (from 31m) and 1m @ 5.09 g/t Au MNORC 126

- The strike length confirmed by RC drilling at Mulgabbie North extended to 1.3km of primary gold mineralisation.

- Relief shear continues to demonstrate strong potential to host significant gold mineralisation adjacent the Carosue Dam Mill.

- Vertical hole MNORC 171 intersects higher grade mineralisation.

- MNORC 126 intersects high grade primary gold mineralisation at depth below paleochannel gold mineralisation

"The wide zones of gold mineralisation that were intersected in a number of RC holes is an exciting development at the James Prospect. In particular, the strike of the Mulgabbie North Project has now been extended to 1.3km. These results, coupled with the wide zone of AC gold mineralisation that we recently intercepted at the Alicia Prospect, demonstrate that Mulgabbie North is shaping up to be a significant gold discovery situated right alongside Northern Star's Carosue Dam Mill." Andrew Pumphrey, CEO and Managing Director, OzAurum Resources Ltd.

Mulgabbie North RC Drilling Results

The Company is pleased to report the results from 48 drill holes that were drilled for 7,912m at the Mulgabbie North Project. Current drilling aimed to test extensions of the James Prospect, as well as, to test aircore gold anomalies.

Significant gold mineralisation, over a wide zone, has been intersected in RC drill holes situated north of the James Prospect within the Mulgabbie North Project. This wide zone of gold mineralisation is located on the Relief Shear and the lithological contact that hosts gold mineralisation is at both the James and Ben Prospects. In particular, the current drilling extends the strike of gold mineralisation to confirmed by RC drilling to 1.3km.

Vertical hole MNORC 171 intersected a significant interval of high grade mineralisation of 73m @ 1.30 g/t Au and includes 1m @ 10.30 g/t Au, 12m @ 2.04 g/t Au and 8m @ 2.00 g/t Au. The vertical hole orientation has resulted in a higher grade intersection than seen in adjacent drill hole MNORC 059 suggesting a potential preferred higher grade ore geometry. Future diamond drilling will be undertaken to further understand this potential ore geometry.

Additional significant results include MNORC 162 that intercepted 36m @ 1.37 g/t from 95m including 15m @ 2.02 g/t Au which is situated on the section below MNORC 118 which intersected 14m @ 1.58 g/t Au from 24m. This is saprolite hosted gold mineralisation with associated quartz veining observed within the mineralised interval, and will be targeted at depth with future RC drilling. This hole is also a northern extension of mineralisation at the James Prospect situated 200m north along strike.

High grade primary gold mineralisation has been intercepted below the paleochannel mineralisation with MNORC 126 intersecting 1m @ 5.09 g/t from 103m. This will be followed up with further RC and diamond drilling.

Intrusive porphyries have been intersected in a number of RC drill holes at Mulgabbie North along the Relief shear. Future geological work will be undertaken to understand the potential links of intrusive porphyry to current gold mineralisation.

The current RC drilling at Mulgabbie North has defined primary gold mineralisation for over 1.3 km of strike, and we are confident that extensional RC drilling completed will further extend this strike. Also, we believe future RC drilling will continue to identify new primary gold mineralisation related to the numerous geochemical gold anomalies and recent AC saprolite hosted gold mineralisation targets.

These excellent RC results, combined with recently announced AC results defining new zones of mineralisation now extending for 2.8 km in strike (see ASX announcement on 2nd September 2021), further highlight the potential of Mulgabbie North to be a significant gold discovery project.

RC drilling at Mulgabbie North has also discovered wide zones of weak to moderate hematite alteration in some RC holes. Specifically, the hematite alteration indicates oxidised fluids from an intrusive complex suggesting proximity to the mineralising centre - likely to be within OzAurum's 100% owned Mulgabbie North tenure.

Upcoming RC and AC drilling and Planned Exploration Activities:

The Company recently approved an additional 15,000m of combined diamond, RC and AC drilling to be completed in the first half of 2022. Follow up RC drilling at Mulgabbie North and the Alicia Prospect will continue, along with ongoing RC drill testing of AC saprolite gold anomalies and extensions to the Ben and James Prospects.

RC drilling is planned to recommence in the coming weeks targeting the demagnetised zone between the Ben and Alicia Prospect.

Utilising best practice RC drilling, sampling and assay protocols will allow for a potential future JORC 2012 compliant resource to be estimated with confidence at Mulgabbie North.

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About OzAurum Resources Limited:

OzAurum Resources Ltd. (ASX:OZM) is a Western Australian gold explorer with two advanced gold projects located 130 km north east of Kalgoorlie. The Company's main objective is to make a significant gold discovery that can be brought to production.

Source:
OzAurum Resources Ltd.

Contact:

Andrew Pumphrey Managing Director and CEO Mob +61-419-965-976 Office +61-8-9093-0039