Perth, Australia – OzAurum Resources Ltd is pleased to announce significant high-grade gold aircore drilling results from 180 holes for 13,319 meters of drilling at its Mulgabbie North Project, situated two kilometres from the Northern Star Resources Carosue Dam Mine Operations. Highlights – AC holes that intersected significant gold mineralisation from 1m samples of previously released composite drill hole results …

Perth, Australia (ABN Newswire) – OzAurum Resources Ltd (ASX:OZM) is pleased to announce significant high-grade gold aircore (AC) drilling results from 180 holes for 13,319 meters (m) of drilling at its Mulgabbie North Project, situated two kilometres from the Northern Star Resources (ASX: NST) Carosue Dam Mine Operations.

Highlights

– AC holes that intersected significant gold mineralisation from 1m samples of previously released composite drill hole results include:

o 1m @ 34.50 g/t Au from 27m – MNOAC 144
o 1m @ 19.70 g/t from 28m – MNOAC 144
o 1m @ 19.55 g/t Au from 30m – MNOAC 216
o 1m @ 10.10 g/t Au from 32m – MNOAC 255

– AC holes that intersected significant gold mineralisation from composite samples include:

o 4m @ 3.39 g/t Au from 20m – MNOAC 404
o 4m @ 1.87 g/t from 40m – MNOAC 378
o 3m @ 0.75 g/t Au from 60m end of hole (EOH) – MNOAC 405

– Discovery of a significant widespread gold zone up to 2.8km long and 150m wide at Mulgabbie North

– New gold zone potentially represents the near surface footprint of significant primary gold mineralisation and high-grade gold paleochannel hosted mineralisation

– High priority wide spaced Reverse Circulation (RC) drilling due to commence in the coming weeks to test strike extensions of the James Prospect and other new areas defined by latest AC drilling results

Mulgabbie Project AC Drilling Results

Of the 180 AC holes drilled for 13,319m (MNOAC 335-514), 100 AC holes for 6,913m (MNOAC 335-435) were drilled at Mulgabbie North and 80 holes were drilled for 6,406m (MNOAC 436-514) at E28/2477 the south of Mulgabbie. This AC drilling forms part of OzAurum’s initial 30,000m AC drilling campaign that began in February this year which was later increased to 45,000m. So far, a total of 514 holes have been drilled for 37,398m.

Mulgabbie North Drilling

A new zone of widespread gold mineralisation extending for 2.8km long and up to 150m wide, has been defined by AC drilling at Mulgabbie North. A number of exciting new targets have been identified for future RC drilling in this area including noteworthy strike extensions to the James Prospect.

Significant one metre gold results, in addition to previously released four metre composite results from AC holes MNOAC 131 – 303 (see OZM ASX releases 24 May 2021 and 21 June 2021) at Mulgabbie North include; 1m @ 34.50 g/t Au from 27m (MNOAC144), 1m @ 19.70 g/t Au from 28m (MNOAC144) and 1m @ 19.55 g/t Au from 30m (MNOAC 216). These significant high grade paleochannel gold intersections are along strike from previously reported 1m @ 162 g/t Au from 27m (MNOAC 120) and 1m @ 31 g/t Au from 34m (MNOAC 130) (see ASX release 24 May 2021). Other significant paleochannel results include 1m @ 10.10 g/t Au from 32m (MNOAC 255) and 1m @ 5.55 g/t Au from 30m (MNOAC 254).

Saprolite gold mineralisation was intersected in one metre AC results at Mulgabbie North including 1m @ 7.79 g/t Au from 55m (MNOAC 254), 1m @ 3.44 g/t Au from 70m (MNOAC 216), 1m @ 3.37 g/t Au from 42m (MNOAC 149) and 1m @ 2.48 g/t Au from 52m (MNOAC 289). Gold mineralisation associated with MNOAC 254 defines a new north western gold zone situated 300m west of the Relief Shear contact gold mineralisation. Numerous other one metre gold results that intersected grades over 1 g/t Au are located in table 1*.

Significant four metre composite AC drilling results from holes MNOAC 335-434 at Mulgabbie North include 4m @ 3.39 g/t Au from 20m (MNOAC 404 – Libby Prospect), 4m @ 1.87 g/t Au from 40m (MNOAC 378), 8m @ 0.46 g/t Au from 24m (MNOAC 343) along with 3m @ 0.75 g/t Au from 60m at end of hole (EOH) (MNOAC405). Numerous other anomalous composite gold results can be found in table 2 of this release. These AC results have provided the Company with exciting new targets that will be followed-up with future RC drilling.

South of Mulgabbie Drilling

AC drilling was also completed on the southern area of E28/2477 (MNOAC 435-514) where holes have been drilled at 1km x 80m spacing. A number of excellent four meter composite results have been received from this area including 4m @ 0.36 g/t Au from 76m (MNOAC512), 4m @ 0.13 g/t Au from 76m (MNOAC 491), 4m @ 0.13 g/t Au from 48m (MNOAC 489), 4m @ 0.13 g/t Au (MNOAC 481) and 4m @ 0.11 g/t Au (MNOAC 473). Please see figure 3* and table 2* for significant composite results.

This area is the interpreted position of the southern extension of the Relief Shear. Transported cover up to 40m thick has prevented previous effective exploration of this area. There is no historic drilling in this area, and visual signs of bottom of hole chips is encouraging with sericite altered volcaniclastic rocks being intersected with pyrite mineralisation. Please refer to figure 3* for the location of drilling in this area.

Geological Interpretation

The current interpretation is that some of the high-grade gold mineralisation discovered at Mulgabbie North is tertiary paleochannel hosted gold mineralisation. Ongoing and future work will involve systematic interpretation of the base of this highly mineralised paleochannel position, specifically locating the centre of the base of the mineralised channel facies. This style of gold mineralisation is very encouraging and will be specifically targeted via future vertical AC and RC drill holes.

Widespread gold mineralisation at this new 2.8 km-long gold zone is currently open to the north and the south. In addition, the new gold zone is co-incident with OzAurum’s gold auger calcrete geochemistry anomalies, and a gravity low trough similar to the Northern Star (ASX:NST) Carouse Dam corridor of riches in which their operating gold mines are situated, which includes production of about 1.5 million ounces of gold to date.

As previously announced, another significant aspect of the AC drilling program completed at Mulgabbie thus far is the discovery of a 40-80m wide zone of hematite alteration being intersected in the bottom of the AC holes, defining a trend striking NW for over 2.8 kms, and situated 150m west of the Relief Shear (see ASX announcement dated 15 March 2021). This is significant because hematite alteration is the characteristic alteration of the adjacent Northern Star’s Karari and Whirling Dervish Gold Mines. The hematite alteration observed is indicating oxidised fluids from an intrusive complex suggesting proximity to the mineralising centre- likely to be within OzAurum’s 100% owned Mulgabbie North tenure.

High Priority Mulgabbie North RC Drilling

The latest AC gold drill results have clearly defined significant zones of gold mineralisation along and adjacent to the Relief Shear. Of particular interest, is the area immediately along strike to the north of the James Prospect where AC holes have intersected significant gold mineralisation extending north of the most northern RC hole which intersected primary gold mineralisation at the James Prospect including 13m @ 1.28 g/t Au and 6m @ 1.40 g/t Au (MNORC 103, ASX release 19 July 2021). Immediate high priority wide spaced RC drilling is planned to test this extension of the James Prospect and other zones of significant AC gold mineralisation at Mulgabbie North.

OzAurum’s Chief Executive Officer, Andrew Pumphrey, said:

“The Company is proud to announce the additional high-grade AC intercepts uncovered by our large-scale AC drilling campaign. The discovery of a new widespread zone of gold mineralisation within the Mulgabbie North project, and extending for over 2.8 km, provides us with even greater confidence in the large-scale potential of the Project. In particular, we are excited by the potential of this area where the host rocks are intermediate-felsic volcaniclastic units – very similar to the Northern Star Carosue Dam Karari and Whirling Dervish Gold Mines.

“In addition, a new 40-80m wide zone of Hematite alteration extending for over 2.8km intersected for the first time in AC holes is very promising since this is a key signature of the adjacent Northern Star Carosue Dam Karari and Whirling Dervish Gold Mines that have so far produced about 1.5 million ounces of gold.

“Lastly, this area is under transported cover that has prevented previous effective exploration and now represents a significant exploration opportunity for the Company.”

In the coming months as drilling results become available the company will be providing the market with regular updates. Laboratory assay results are currently taking up to over 10 weeks from time of delivery causing delays in results being released to the market.

To view tables and figures, please visit:
https://abnnewswire.net/lnk/XMY23Z33

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 Limited

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

News Provided by ABN Newswire via QuoteMedia

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Australia is rich in gold, and is home to many major mines. Here's a look at the top Australian gold mines flush with the yellow metal.

With Australia earning more accolades within the gold space and the price of gold hitting record highs in the last two years, investors may want to find out more about gold mines in the country.

Currently the second-largest gold-producing country in the world, Australia is home to top producers and gold mines.

Read on for a breakdown of the Australian gold market, as well as the largest gold mines that can be found throughout the area.


The region of Australia

As previously mentioned, Australia is currently the second-largest gold-producing country across the globe.

Global gold consumption is expected to rise annually at a rate of 5.7 percent until 2023, when it’s expected to reach 4,535 tonnes. Australia’s continued expansion projects and new developments in the gold sector will improve output and help the country maintain its position as a key player in the gold production market.

One of the more prolific gold mining areas in Australia is Western Australia.

Recent exploration activity in the Pilbara region of Western Australia has renewed interest and helped increase the country’s consistent gold output. While the Pilbara region is typically known as one of the world’s largest producers of iron ore, the region is currently in the midst of a small gold rush thanks to a major discovery in 2017 by Novo Resources (TSXV:NVO,OTCQX:NSRPF) and Artemis Resources (ASX:ARV,OTCQB:ARTTF).

In fact, gold was the second largest commodity in Western Australia by value in 2020 to 2021, behind iron ore, at a record of AU$17.3 billion in sales in 2020. In 2021, the metal saw sales of AU$16 million in the state.

The Fraser Institute also named Western Australia one of the best mining jurisdictions in the world, coming in first in 2021. The area has attracted major miners like Rio Tinto (ASX:RIO,LSE:RIO,NYSE:RIO) and BHP (ASX:BHP,NYSE:BHP,LSE:BLT) to the region. Covering more than half a million square kilometres (km), Western Australia’s Pilbara is one of the most resource-rich regions in the state.

Western Australia itself represents close to 60 percent of the country’s total gold output and some geologists have compared the geology of the Pilbara Craton with South Africa’s Kaapvaal Craton and Witwatersrand Basin. Witwatersrand is home to the Earth’s largest known gold reserves and is responsible for over 40 percent of worldwide gold production. Both the Pilbara and Witwatersrand are similar in age and composition, sitting on top of the Archean granite-greenstone basement. The Pilbara area hosts numerous small mesothermal gold deposits containing conglomerate gold — mineralization known to hold large, high-grade gold nuggets.

What are the top Australian gold mines?

Below is a guided tour of the top 10 largest gold mines in Australia in terms of gold output, according to the Aurum Analytics quarterly report on Australian and New Zealand gold operations.

1. Cadia Valley

Owned and operated by Newcrest (ASX:NCM,OTC Pink:NCMGF), Cadia is officially the biggest mine in Australia in terms of production. During the second quarter of 2021, the asset had an output of 194,757 ounces of gold.

The mine is made up of the Cadia East underground panel cave mine and the Ridgeway underground mine (currently in care and maintenance), which produce gold doré bars from a gravity circuit and gold-rich copper concentrates from a flotation circuit.

In October of 2019, the company announced approval of the Cadia expansion project, bringing it to the execution phase. This stage involves beginning development for the next cave (PC2-3). In December 2021, the company received approval to expand production to 35 million tonnes a year.

2. Boddington

Newmont (TSX:NGT,NYSE:NEM) became the sole owner of this open-pit mine in 2009.

The mine is located 16 kilometres from Boddington, Australia, and has an annual gold production of 709,000 attributable ounces. The mine is Western Australia’s biggest gold producer. In 2020, the asset produced 670,000 ounces of the yellow metal.

In addition to gold, the mine also produces copper, and at the end of 2020, it provided an output of 56 million attributable pounds of the base metal.

In 2021, the company announced that Boddington would have the industry’s first autonomous haulage fleet.

3. Fosterville

Fosterville is a high-grade, low-cost underground gold mine located in the state of Victoria, Australia. The Fosterville mine features growing gold production at increasingly high grades, as well as extensive in-mine and district scale exploration potential.

The mine has been operational since 1989, with a lifetime production of over 16 million ounces of gold. Additionally, in terms of scale, it is Australia’s largest mine and its pits encompass more than 5 square kilometres. It’s also one of the lowest cost gold mines in the world.

The asset, which is owned by Agnico Eagle Mines (TSX:AEM,NYSE:AEM), is the third-largest gold-producing mine in Australia, producing an impressive 157,993 ounces in Q2 2021.

4. KCGM

Northern Star (ASX:NST,OTC Pink:NESRF) owns Kalgoorlie Consolidated Gold Mines (KCGM), which includes the Fimiston open pit, Mt Charlotte underground mine and Fimiston and Gidji processing plants.

Northern Star refers to the Fimiston open pit as a super pit because it has produced more than 50 million ounces of gold in the last 30 years.

The asset is located in the legendary Golden Mile, which was once reputed to be the richest square mile on earth. When fully developed, Kalgoorlie will be 3.6 kilometres long, 1.6 kilometres wide and up to 650 metres deep.

KCGM Operations had previously been joint-owned by Barrick Gold (TSX:ABX) and Newmont until both companies sold their interests, and the operations were handed entirely to Northern Star in June 2021.

5. Telfer

Another mine owned by Newcrest, Telfer is located in the eastern Pilbara and is one of the oldest in Australia. Between the years 1975 and 2000, the asset produced approximately 6 million ounces of gold until operations were suspended due to high operating costs.

Fortunately, production was able to restart in 2004, and the mine has since produced over 5 million ounces, with 416,000 ounces of gold in the 2021 financial year alone. The mine also produces copper, with an output of 16 tonnes in 2019.

In 2015, the company signed a land use agreement with the Martu people, which enabled work at the mine to continue in exchange for the Martu receiving AU$18 million over the course of five years with the addition of a further revenue-sharing agreement.

6. Tanami

Tanami has been fully owned and operated by Newmont since 2002, and it is located in the remote Tanami Desert of Australia. Additionally, both the mine and the plant are located on Aboriginal freehold land that is owned by the Warlpiri people and managed on their behalf by the Central Desert Aboriginal Lands Trust.

Tanami is a fly-in, fly-out operation in one of Australia’s most remote locations. The asset is 270 kilometres away from its closest neighbours, the remote Aboriginal community of Yuendumu. In 2020, Tanami produced 495,000 ounces of gold and reported 5.9 million ounces of gold reserves.

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7. St. Ives

Owned and operated by Gold Fields (NYSE:GFI,JSE:GFI), St. Ives is both an open pit and underground mine, with two main open pits, and three underground mines.

In one of Gold Fields’ latest quarterly reports, it was revealed that St. Ives produced 393 tonnes of the yellow metal in 2021, up 2 percent from 385 tonnes in 2020.

8. Tropicana

Tropicana is co-owned by AngloGold Ashanti (ASX:AGG,NYSE:AU,OTC Pink:AULGF), which owns 70 percent, and Regis Resources (ASX:RRL), which owns the remaining 30 percent.

The mine spans 3,600 square kilometres, stretching over close to 160 kilometres in strike length along the Yilgarn Craton and Fraser Range mobile belt collision zone. The regional geology is dominated by granitoid rocks; it is a rare example of a large gold deposit within high grade metamorphic rocks that have undergone widespread recrystallisation and melting.

In 2021, Tropicana produced 265,000 ounces of gold with an all-in sustaining cost of AU$1,326 per ounce.

9. Jundee

Jundee is located in the increasingly sought-after Western Australia region and is owned by Northern Star after the miner purchased it from Newmont in 2014 for AU$82.5 million.

The project is well-known due to the fact that it solely uses underground mining and not the often utilized open pit mining. Jundee produces around 1.8 million tonnes of ore per year.

Most recently, the asset produced 83,562 ounces of gold in Q2 2021.

10. South Kalgoorlie Operations

The South Kalgoorlie Operations were acquired by Northern Star (ASX:NST,OTC Pink:NESRF) in 2018.

In the second quarter of 2021, the South Kalgoorlie Oerations produced 76,175 ounces of the precious metal.

How can you invest in Australian gold stocks?

Like all publicly listed stocks, gold companies issue shares that are available for investors to trade. When you purchase shares of a gold stock, you are essentially purchasing a stake in the company, making an investment with financial returns or losses from its profits.

There are two main ways that an investor can invest in gold mining stocks. The first way is when market participants purchase through a major mining company; the other way of trading on the stock market is by investing in a gold mining stock through a junior miner (a small cap stock).

Although no gold stock investing is 100 percent foolproof, backing a successful mining company in the precious metals space can alleviate some of the stress of a down stock market when you keep in mind that if a company’s share price goes down, it becomes more affordable to purchase and investors can more than likely anticipate that it will rise again and turn a profit.

While gold stocks are affected by some of the same factors that shape and shift the price of precious metals, they keep some distance from a direct correlation because it is possible for a gold miner and its stocks to be in a sound financial situation, even in a down market.

This is an updated version of an article first published by the Investing News Network in 2019.

Don’t forget to follow us @INN_Australia for real-time updates!

Securities Disclosure: I, Matthew Flood, currently hold no direct investment interest in any company mentioned in this article.

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Please find attached an ASX release by Global Lithium Resources Limited (GL1) announcing results from their initial reverse circulation drilling program at the Manna Lithium Project, situated within Breaker Resources NL’s 1.7Moz# Lake Roe Gold Project.

A maiden Inferred JORC Mineral Resource of 9.9Mt @ 1.14% Li2O and 49 Ta2O5 ppm^ was previously announced on 17 February 2022. The pegmatite system at Manna is open in all directions with several mineralised trends extending over a 5km x 1.5km area.


A Mineral Resource update for the Manna Lithium Project is expected in Q3 2022.

Breaker retains a 20% free-carried interest in the Manna Lithium Project with Global Lithium carrying all costs and expenditure to completion of a positive bankable feasibility study (BFS). Breaker is also entitled to milestone payments of up to $20 million.

On behalf of the Board of Directors,


For further information on Breaker Resources NL please visit the Company’s website at www.breakerresources.com.au, or contact:

Investors/Shareholders Tom Sanders
Tel: +61 8 9226 3666
Email: breaker@breakerresources.com.au


About Breaker Resources NL

Breaker Resources NL (ASX: BRB) is unlocking the potential of a new 1.7Moz greenfields gold district in the Kalgoorlie region of Western Australia, the world’s top-ranked mining jurisdiction.

The operational strategy is to develop a large open pit and underground gold mine while concurrently drilling to keep expanding the rapidly growing Resource. Major shareholders include the Electrum Gold Fund (10%), Paulson and Co (10%) and Franklin Templeton (6%).

The key attributes of the Lake Roe Project are its scale and high-grade mining optionality. Gold at the main deposit starts 5m from surface and occurs over a 150m-wide zone in a 3km-long single pit configuration, part of a 9km-long gold system. High-grade lodes discovered in the last year have confirmed that open pit mining will transition to underground mining. Open pit PFS studies to date indicate no barriers to development.

Free-carried lithium interests situated within the Lake Roe project have the potential to fund a large part of the capital expenditure expected for a standalone development.

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Click here for the full ASX Release

This article includes content from Breaker Resources NL (ASX: BRB), licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

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Don’t forget to follow us @INN_Australia for real-time updates!

Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.

Editorial Disclosure: Green Technology Metals is a client of the Investing News Network. This article is not paid-for content.

The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.

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Green Technology Metals has already seen support from members of the Ontario government, including recently re-elected Premier Doug Ford, and Greg Rickford, who is the province's minister of northern development, mines, natural resources and forestry, as well as its minister of indigenous affairs.

"Both are massive supporters of critical minerals," Herbert said. "Those things are important when you're at the permitting and approval stage, and that's exactly where we're at. We're able to leverage those relationships really well, and there's just no better place to be at the moment."

Watch the interview above for more from Herbert on Green Technology Metals and its plans for the next six months. You can also click here for our recap of PDAC, and here for our full PDAC playlist on YouTube.

Don't forget to follow us @INN_Australia for real-time updates!

Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.

Editorial Disclosure: Green Technology Metals is a client of the Investing News Network. This article is not paid-for content.

The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.

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