THE DRILL SERGEANT: Ozz Resources (ASX: OZZ) announced a maiden JORC 2012 Code-compliant reportable Indicated and Inferred Mineral Resource Estimate (MRE) for the company’s 100 per cent-owned Maguires gold project near Cue in Western Australia.
Ozz Resources reported the MRE for Old prospect, based on an initial RC drilling program completed in August, at 312,000 tonnes at 2.15 grams per tonne gold for 22,000 ounces of contained gold.
“This represents a great start to our plans to establish a significant resource inventory across our portfolio of projects in the Cue/Meekatharra area – a highly-endowed and very active mining district in Western Australia,” Ozz Resources managing director Jonathan Lea said in the company’s ASX announcement.
“We have been able to deliver a solid, near-surface gold Resource containing around 22,000 troy ounces at an attractive grade after just one drilling program.
“Importantly, the mineralization remains open both along strike and down-dip, with excellent potential to grow the Resource with further drilling.
“There is also significant potential in the parallel Maguires Reward structure.
“We are planning further exploration and drilling programs across all our projects in the district to grow our Resource inventory, with further drilling planned at Maguires in early 2022.”
The company has been encouraged by its work to date and believes there to be potential to extend the mineralisation in all directions, Stage 2 drilling is being planned.
Two known mineralised zones within the Maguires project are approximately 200m apart and within this untested gap zone Ozz considers there to be considerable potential for identifying additional mineralised shoots.
The only drilling to date in this zone is historic shallow RAB drilling. Additional follow-up drilling will also be planned to test the Maguires Reward prospect (1km to the west of Old prospect on a parallel structure) to follow up the historic drill result of 4m at 19.2g/t gold.
The structure hosting Maguires Reward extends over a strike length of 1km in a similar structural setting to the Old prospect.
Drilling will be planned to test the entire strike length, book-ended by the old workings at Maguires North and Olivers Patch to the south.