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OZM - OzAurum Resources

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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.
 
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
  • RC holes that intersected significant gold mineralisation include:
    • 57m @ 1.05 g/t gold (Au) – (from 119m) incl 21m @ 1.31 g/t Au, 10m @ 1.72 g/t Au
      MNORC 192
    • 20m @ 2.55 g/t Au – (from 251m) incl 10m @ 3.62 g/t Au MNORC 184
    • 43m @ 0.82 g/t Au – (from 56m) incl 15m @ 1.32 g/t Au MNORC 191
    • 1m @ 19.60 g/t Au – (from 43m) MNORC 186
    • 15m @ 2.08 g/t Au - (from 51m) incl 9 m @ 3.29 g/t Au, 1m @ 18.60 g/t Au MNORC 186
    • 43m @ 0.82 g/t Au – (from 62m) incl 15m @ 1.32 g/t Au MNORC 191
  • RC Drilling formed part of a ten-hole program for 2,100m targeting extensions at the new discovery Demag Zone.
  • Significant results were also received from diamond hole MNODH 003 and include:
  • 40m @ 0.95 g/t Au – (from 92m) incl 5m @ 3.32 g/t Au
  • 9m @ 1.52 g/t Au – (from 137m) incl 3m @ 3.05 g/t Au
  • Diamond drilling has continued at the Demag Zone with fourth diamond hole, MNODH 005, at a current depth of 74m and planned to be drilled to a depth of 600m.
  • An additional nine-hole RC drilling program, for 1,900m of drilling, is planned to commence on 18 July.
  • Mulgabbie North Relief Shear continues to demonstrate its potential to host significant gold mineralisation directly adjacent to the Northern Star (ASX:NST) Carosue Dam mill.
Click to expand...
 
They looked to mostly start to deep to me. Hope you're right. I got a few more @ 0.15 from the SPP.
 
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.
Click to expand...

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.
 
www.mining-journal.com

OzAurum drilling for a golden future

It is not every day that an early stage gold explorer with a market value around $12 million attracts the attention of a London mining research house, but Hallgarten...
www.mining-journal.com 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.
 
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.

OZM270722.png
 
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
big - 2022-08-15T172506.955.gif
 
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.
Click to expand...

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.
Click to expand...

Surely more assay results can't be far away?
 
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:



Surely more assay results can't be far away?
Click to expand...
It has join the club of the frog big losers.should not stray from my systems
 
The company-operated diamond drilling rig will continue drilling at the Demag Zone on a 4-week-on and 2-week-off basis.
Click to expand...

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

310822.png
 
Results from diamond drill hole MNODH 006 announced today, but it looks disappointing.

OZM270922.png


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

 
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.

d5ddfb5147ff45efa4fb438499cae6e1-0001.jpg
 

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