THE CONFERENCE CALLER: OZZ Resources (ASX: OZZ) is shiney and new to the ASX, having just listed in July this year, bringing with it the intention of conducting an aggressive exploration program across its portfolio of projects.
The company is on the ground in the Central Murchison Region of Western Australia at the Maguires gold project.
Maguires includes three advanced prospects defined by previous drilling, with high-grade shoots contained in two shear zones.
OZZ recently completed a maiden 4,300m Reverse Circulation drilling program at Maguires, consisting of a 45-hole program targeting the Old Prospect, results from which determined two zones of mineralisation (Old Prospect North and South) which remain open along strike and at depth.
Best intercepts, included:
14 metres at 2.66 grams per tonne gold from 45m;
6m at 3.23g/t gold from 31m and 7m at 9.1g/t gold from 81m;
7m at 4.5g/t gold from 46m;
4m at 4.48g/t gold from 16m; and
10m at 2.48g/t gold from 100m.
OZZ is now reviewing the results from the program, however given the encouraging results achieved the company considers there to be potential to extend the mineralisation in all directions, thus Stage 2 drilling will be planned.
The two known mineralized zones are approximately 200m apart and, within this untested gap zone, OZZ is looking for potential to identify additional mineralised shoots.
The only drilling to date in this zone is historic shallow RAB drilling.
“We are delighted with the success of our first drilling campaign, which marks a very bright start to our journey as a listed gold explorer,” OZZ Resources managing director Jonathan Lea said when reporting the results.
“The drilling was focused in and around the Old Prospect, which was last drilled by BHP and others in the 1980s and 1990s.
“The results have met or exceeded our expectations, returning some broad zones of strong, high-grade gold mineralisation including several standout intercepts such as 7m at 9.1g/t and 7m at 4.5g/t.
“Importantly, the mineralized intervals show correlation with the historic drilling, giving additional confidence that OZZ can advance rapidly towards resource definition following further drilling.
“The high-grade shoots represent a very attractive target for future drilling.
“In light of the success of this campaign, we are actively planning follow-up drilling to expand and increase the defined extent of the mineralisation at Maguires.
‘This next phase of work will also involve testing a parallel structure to the west which has had virtually no RC drilling.
“The data from that additional drilling should allow the calculation a maiden JORC Mineral Resource for Maguires, which could well become a strategic asset for the company given its location in the heart of a prolific mining district.”