# OZM - OzAurum Resources



## System (18 January 2021)

OzAurum Resources was established to identify and explore, with a view to potentially developing, two gold projects in Western Australia. 

The Managing Director and CEO, Andrew Pumphrey, began securing tenements at Mulgabbie, Western Australia, from as early as 1990. Over a 30-year period, Mr Pumphrey, together with his associates, compiled a portfolio of Tenements that comprise the Mulgabbie Project and Patricia Project, which are now owned by OzAurum Mines Pty Ltd, a wholly-owned subsidiary of OzAurum Resources.

Both the Mulgabbie and Patricia Projects are located within the Norseman-Wiluna Greenstone Belt of the Eastern Goldfields Province of the Yilgarn Craton. The projects are situated approximately 100km north-east of Kalgoorlie, and closely neighbour a number of existing mining operations and a gold processing plant. 

The Company intends to allocate the majority of the funds raised by its IPO directly to explorative drilling and geological assessments over the next two years to progress the projects, with the remaining funds being allocated to working capital requirements and other administrative expenses.

It is anticipated that OZM will list on the ASX during February 2021.









						Home - OzAurum Resources Limited
					

OzAurum Resources is a gold explorer in Western Australia. Owner of two long-held gold projects, Mulgabbie North and the Patricia Deposit in a region more than 100 km north-east of Kalgoorlie- famous for greenfields exploration.




					ozaurumresources.com


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## Dona Ferentes (9 February 2021)

came to the boards Monday,  hasn't hit IPO price yet; closed on Day Two at 24c.


*Listing date*8 February 2021  10:30AM AEDT*Company contact details*https://ozaurumresources.com/
Ph: +61 8 6211 5099*Principal Activities*Mineral Exploration*GICS industry group*15104030*Issue Price*$0.25*Issue Type*Ordinary Fully Paid Shares*Security code*OZM*Capital to be Raised*$12,000,000*Expected offer close date*15 January 2021*Underwriter*Not underwritten. Canaccord Genuity (Australia) Limited (Lead Manager)


5 minute chart for last 2 days:


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## greggles (21 April 2022)

Great looking assay results announced today from the Mulgabbie Project. Thick intersections and decent grades indicate that the project has the potential to host a sizeable deposit. 

Follow up RC and diamond drilling are planned but no dates announced yet, although the company says it is a "high priority" so it can't be too far away.

Share price is up 135% today but the market cap is still relatively small. Lots to like here.


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## Tyre Kicker (21 April 2022)

The tenement must nearly connect to Nexus Mineral’s southern boundary.

Great ground.


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## greggles (21 April 2022)

Tyre Kicker said:


> The tenement must nearly connect to Nexus Mineral’s southern boundary.
> 
> Great ground.




Yes, you are correct. The "Whirling Dervish mine" location on both area maps is a useful point of reference. The two project areas actually seem to connect.


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## Tyre Kicker (21 April 2022)

Yep.

Massive system running right through that area.

Very surprised Nexus’ sp hasn’t kicked on more.

Might buy a few OZM Once this settles. See how much cash they have left. I think they’ll need to raise soon.


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## greggles (21 April 2022)

Tyre Kicker said:


> Yep.
> 
> Massive system running right through that area.
> 
> ...




They had ~$4 million at the end of 2021 and appear to be burning around $1.5 million a quarter, so I guess they should have had at least $2.5 million at the end of last month. The best strategy from here would be to keep drilling and raise capital next quarter at an even higher price. That is, if Mulgabbie has the goods, which it looks like it does.


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## finicky (26 April 2022)

Took a position in this today @ 0.14
Prospects situated on a shear, looking for cross cutting faults like the analogous Carosue Dam deposits being mined by NST only 4 kms to the West. Main prospect Mulgabbie Nth.
Has discovered 4 kms of aircore mineralised strike, 1.3 kms of which also RC.
Shallow paleochannel zone with high grade a/c hits: 1m @ 162g/t, 1m @ 34g/t,  1m @ 31g/t
A 500 m 'demagnetized' area indicates hydrothermal alteration which might clue them into a feeder source?

Also has Patricia prospect 40 km NE of Mulgabbie which was first mined in 1930's for around 5,000 ozs @ 41 g/t. Followed by a shallow open pit mined down to only 25m in the 80's. Open at depth. They are already finding visible high grade there.

Low share issuance so far but a raising can't be far off considering only $4m cash at 31 Dec. 
Share price gapped up from .105 on 21 April and shot through the roof temporarily after reporting an RC intersection of 56m @ 1.3g/t from 68m level in the aforesaid 'demag' zone.  I think m.d said somewhere that this was a vertical hole, so not as convincing as an angled hole. 

I have another bid down @ 0.12 in case it goes further to filling the gap.


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## greggles (26 April 2022)

finicky said:


> Took a position in this today @ 0.14
> 
> I have another bid down @ 0.12 in case it goes further to filling the gap.




I think OZM is a good bet at 14c, and a great bet at 12c. As @Tyre Kicker has already pointed out, Mulgabbie North is a very prospective landholding and that first set of assay results is very impressive. I'm thinking of bailing out of a couple of under-performers and joining you.


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## finicky (26 April 2022)

@greggles in case you haven't viewed, here is m.d addressing RIU Explorers Conference Feb 13
He starts at 1.33
Parallels he describes to next door Carosue Dam are striking: gravity low, same stratigraphy of rock units, possible cross cutting faults through the shear.
Throw in the demag zone, the 3.5 long main paleo channel with strong gold hits - it all looks early stage  super prospective to amateur me.
About the paleochannel, " if gold doesn't drop out of the sky it comes from somewhere [and] the p.c will help us understand the primary gold mineralisation"


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## greggles (26 April 2022)

Great presentation. I really like the look of OZM. 8km of strike, great maiden assay results with huge widths and good grades, very prospective ground, passionate and clued-in management. This has all the hallmarks of a diamond in the rough that has been overlooked because of global market volatility and geopolitical instability.

If the market tanks tonight you might get that 12c entry tomorrow.


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## finicky (28 April 2022)

Wow, I could have sold this today for $700 profit, pre-tax, before Commsec even cleared the transaction.
This is the sort of short term result that @frugal.rock *dreams* of


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## qldfrog (28 April 2022)

finicky said:


> Wow, I could have sold this today for $700 profit, pre-tax, before Commsec even cleared the transaction.
> This is the sort of short term result that @frugal.rock *dreams* of



Happy , for the time being, that my systems picked that one


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## finicky (29 April 2022)

Glad to hear you have a holding @qldfrog, this has so many auspicious ingredients that the vibe is strong for me. Location location. I will be patient and give them time to unlock the system should it be confirmed there is one.

They have started a diamond drill on the magnetic destruction ('demag') zone so will be intrigued to see core from the depths. An RC campaign on this zone to follow in 4 weeks. We get the DD rig for free as it's owned  by the m.d of OZM - must pay operator's costs though. The m.d can afford to be generous since he owns a huge wad of 'free' shares from the ipo. More importantly perhaps, it means in future OZM will have swift access to a DD rig.


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## Dona Ferentes (30 May 2022)

greggles said:


> Great presentation. I really like the look of OZM. 8km of strike, great maiden assay results with huge widths and good grades, very prospective ground, passionate and clued-in management. This has all the hallmarks of a diamond in the rough that has been overlooked because of global market volatility and geopolitical instability.



a diamond in need of more cash?

In TH pending the release of an announcement regarding a capital raising.

The upside, is that as #2 in the competition,  it might be locked in  for the next two days :


> _The trading halt is to last until the earliest of the Company releasing the announcement, or the commencement of trading on Wednesday 1 June 2022. _


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## greggles (30 May 2022)

Dona Ferentes said:


> a diamond in need of more cash?
> 
> In TH pending the release of an announcement regarding a capital raising.
> 
> The upside, is that as #2 in the competition,  it might be locked in  for the next two days :




There's a chance the announcement will be released tomorrow, but the odds of that happening before the market close are slim.  In any case, it could go either way after the announcement all depending on what share price they're raising capital at and how much they're raising. If the discount is too large the OZM share price will likely decline when it resumes trading.

They need the cash so it was bound to happen sooner or later but you would have thought if they had some good news coming they would have waited a little longer. Anyway, all will be revealed very soon.


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## greggles (31 May 2022)

OZM raising $2 million at 16c per share with eligible shareholders taking up the offer able to purchase up to $30,000 in shares. The Company may also raise another $1 million in a separate issue:



> At completion of the SPP the Company may elect to raise a further $1million (before costs) through the issue of New Shares to sophisticated and professional investors (Top-Up Placement) at the same issue price as under the SPP. The Top-up Placement, if conducted, will utilise the Company’s available placement capacity pursuant to ASX Listing Rule 7.1.




Overall, a modest capital raise that demonstrates management's belief in the company's prospects. To not dilute further at current levels indicates that management is of the view that when they next need capital, they will be able to do it at a much higher share price.

SPP proceeds will be used to:

Follow up the recent virgin gold Demag Zone discovery at the Company’s flagship Mulgabbie North Project;
Continue Reverse Circulation (RC) drill testing of aircore (AC) saprolite gold anomalies and extensions at the Ben and James Prospects.
Expand the exploration program underway at the Patricia Gold Project.
Exploration will include up to 20,000m of RC drilling, 10,000m of AC drilling and
3,000m of diamond drilling.
RC rig commenced drilling at the Demag Zone on Monday 30 May 2022.
Diamond rig to continue drilling at Demag Zone commencing next week.


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## finicky (31 May 2022)

Gazumped me but I'll put in my screenshot anyway. I might go for a modest chunk of the SPP offering - enough maybe to double up. Non holders should also get a chance to buy around 0.16 unless positive drilling results intervene?


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## greggles (31 May 2022)

The annoucement being released today has ruined my chances in the May tipping competition. OZM will get down to around 16c in the short term as holders sell out to-re-enter around the price of the CR. If only they had waited until tomorrow. Hopefully June will be better.


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## Dona Ferentes (31 May 2022)

greggles said:


> The announcement being released today has ruined my chances in the May tipping competition. OZM will get down to around 16c in the short term as holders sell out to-re-enter around the price of the CR. If only they had waited until tomorrow. Hopefully June will be better.



OZM holding at 18c or higher. It is not a placement, so maybe SPP participants are not as sophisticated, or don't know they can/ have to sell down to finance their new uptake.  There is, of course, the danger of selling and then not receiving sufficient new shares because of scaling back. $2mill divide by $30K is only 67 shareholders taking up full entitlement.


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## greggles (29 June 2022)

OZM has raised its $2 million with the new shares to be quoted on the ASX this Friday 1 July. The market is now waiting on assay results from the second diamond drillhole from Mulgabbie North (MNODH 003), which should be announced in the near future. A third diamond drillhole (MNODH 004) is close to being completed to a depth of 400m. 

If all goes well, July should be a good month for OZM.


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## greggles (12 July 2022)

Assay results from the Demag Zone are in and they look good. Right now, OZM just needs to keep drilling and defining the resource as best they can. They occupy very prospective ground, so there's no telling how much gold they may be sitting on at Mulgabbie North.



> OzAurum Resources Ltd (ASX: OZM or OzAurum or the Company) is pleased to provide an update on the recently completed ten-hole Reverse Circulation (RC) program drilled for 2,100 meters (m) which delivered exceptional gold results. In addition, OzAurum received significant results for the second diamond hole, MNODH 003, recently completed at the new virgin gold discovery Demag Zone discovered at the Mulgabbie North Project.
> 
> *Highlights*
> 
> ...


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## finicky (12 July 2022)

They looked to mostly start to deep to me. Hope you're right. I got a few more @ 0.15 from the SPP.


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## greggles (12 July 2022)

finicky said:


> They looked to mostly start to deep to me. Hope you're right. I got a few more @ 0.15 from the SPP.




OZM market cap is under $20 million. Given the assay results we have seen so far from Mulgabbie North, I think it is a good bet; especially given the location of the tennements and the experience of management. You don't get many small cap miners where the CEO owns his own diamond drill rig which is supplied to the company at no cost.


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## qldfrog (12 July 2022)

finicky said:


> They looked to mostly start to deep to me. Hope you're right. I got a few more @ 0.15 from the SPP.



Was it not 16c?
I got some then as well...but recorded them at 16c


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## finicky (12 July 2022)

Correct @qldfrog 
Much appreciated ..
Thanks for reminding me I've backed another dud


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## greggles (21 July 2022)

OzAurum drilling for a golden future
					

Another star of the Eastern Goldfields is emerging with two projects returning encouraging results




					www.mining-journal.com
				




OZM trading at 12.5c today, much lower than the 16c that the recent SPP shares were issued at. The last set of assay results looked OK to me.


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## greggles (27 July 2022)

Quarterly Activities/Appendix 5B Cash Flow Report released today. Both RC and diamond drilling continues at the Demag Zone and assay results will be announced as they become available. Volume has dropped off to just a trickle at current levels. Only 11,094 shares ($1,387) traded today. OZM waiting for a catalyst.

$4.296 million in cash at the end of June.


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## finicky (15 August 2022)

Picked up some more @ 0.115 today, left as a stink bid. I was too unambitious, as look how the gap filled down to 0.105 with a massive tailed candle on only around 700,000 volume. Amazing - never discount the gap.

Daily


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## greggles (15 August 2022)

finicky said:


> Picked up some more @ 0.115 today, left as a stink bid. I was too unambitious, as look how the gap filled down to 0.105 with a massive tailed candle on only around 700,000 volume. Amazing - never discount the gap.




I'm surprised OZM has gone this low to be honest. Is this Canaccord selling from the cap raise because the dumping is a little bewildering in the absence of bad news?

This is from the last Quarterly Activities Report:



> The company-operated diamond drilling rig will continue drilling at the Demag Zone on a 4-week-on and 2-week-off basis.




Surely more assay results can't be far away?


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## qldfrog (15 August 2022)

greggles said:


> I'm surprised OZM has gone this low to be honest. Is this Canaccord selling from the cap raise because the dumping is a little bewildering in the absence of bad news?
> 
> This is from the last Quarterly Activities Report:
> 
> ...



It has join the club of the frog big losers.should not stray from my systems


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## qldfrog (15 August 2022)

qldfrog said:


> It has join the club of the frog big losers.should not stray from my systems



Joined..sorry another SPP gone south...


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## greggles (29 August 2022)

> The company-operated diamond drilling rig will continue drilling at the Demag Zone on a 4-week-on and 2-week-off basis.




So where are the assay results? Closed at 10c today. Unbelievable.


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## greggles (31 August 2022)

Here they are finally. 

Decent widths and reasonable grades but I think the market expected something more exciting because the share price hasn't moved this morning.


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## greggles (27 September 2022)

Results from diamond drill hole MNODH 006 announced today, but it looks disappointing.






Narrow widths, average grades and mineralisation starts at 257m below the surface. Not ideal by any stretch.

They need to do better to get that share price moving.


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## finicky (27 September 2022)

Yeah, crap results imo.


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## greggles (27 September 2022)

finicky said:


> Yeah, crap results imo.




Diamond  drill hole MNODH 007 is currently being drilled. Hopefully the results from that one will be better.


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## greggles (30 September 2022)

A recent Proactive Investors interview with CEO Andrew Pumphrey. Structural consultant starting in mid-October and Met testing underway.


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## greggles (22 November 2022)

More assay results through today but nothing spectacular, just more gold mineralisation at Mulgabbie North. Another RC drilling program commences next week but they will need to hit some higher grades and thicker widths to *really* move the needle on the share price significantly.

OZM is up almost 29% to 8.5c this morning, but it's not hard to remember that they were double that five months ago. Keep that drill bit working Andrew.


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## Tyre Kicker (22 November 2022)

Have to agree, the results were none too exciting.

I prefer Nexus at this stage to OZM.


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## greggles (22 November 2022)

Tyre Kicker said:


> Have to agree, the results were none too exciting.
> 
> I prefer Nexus at this stage to OZM.




OZM just aren't coming up with drilling results that excite the market. I think the Mulgabbie North tenements have a lot of potential but they aren't finding any really thick intersections of high grade gold and that's what potential investors want to see. The thick intersections are low grade with thin areas of higher grade mineralisation.

I would like to see intersections of 30m+ with at least 5 g/t Au. That would really get punters interested.


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## greggles (11 December 2022)

If OZM does end up making a go of its gold projects, then today's ~$9 million market cap might end up being the bottom for this beaten down miner. 

It does have some quality assets, it just hasn't been as lucky at it clearly had hoped by this stage.


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