3 minute read
Chairman’s Letter
Dear Shareholders,
On behalf of the Board of OzAurum Resources Limited (the “Company” or “OzAurum”), it is with great pleasure that I present to you OzAurum’s Annual Report for the 2022 Financial Year (FY22).
The past year has seen the Company achieve significant milestones including the completion of over excess of 50,000 metres of combined aircore (AC), Reverse Circulation (RC) and Diamond drilling at both the Mulgabbie and Patricia Gold Projects. OzAurum’s ongoing, large-scale drilling programs have not only resulted in significant extensions of widespread gold mineralisation at Mulgabbie North but have also unearthed an exciting new virgin gold discovery at Mulgabbie’s ‘Demag Zone’.
I am pleased to report that OzAurum has executed on all key operational objectives set in 2022 to progress the Company’s strategy of finding Australia’s next significant gold discovery. The Company remains firmly focused on exploration activities over its two advanced gold projects, the Mulgabbie and Patricia Gold Projects, which are both strategically located in the prolific Eastern Goldfields – approximately 110 kilometres east of Kalgoorlie in Western Australia.
During the year, OzAurum embarked on yet another large-scale drilling campaign which comprised a total of 123 RC holes drilled for 17,756m at the Company’s flagship Mulgabbie North Project. RC drilling has not only produced high-grade gold results, extending the strike of gold mineralisation to 2.4km at the Ben, James and Alicia Prospects along the Relief Shear, but has also unlocked a significant new virgin gold discovery at the Mulgabbie North Project ‘Demag Zone’.
In addition to these excellent RC results, high-grade results from over 25,000m of AC drilling have also defined new zones of significant gold mineralisation that extends our gold footprint to over 4.2km in strike. This further highlights the potential of Mulgabbie North to host a potentially significant gold deposit.
OzAurum’s Patricia Gold Project, which completed its maiden RC and diamond drill program during the September 2021 Quarter, involved a total of 28 holes drilled for 7,850m. Drilling at Patricia delivered some outstanding gold intercepts, including 4m @ 38.08 g/t Au intersected within a broader zone of 8m @ 20.9 g/t from 99m including 1m @ 93.9 g/t Au. Initial observations and the early interpretation of RC drill logging have revealed that Patricia is a high-grade but structurally complex project. Further diamond drilling is planned at Patricia to assist with resolving this structural complexity, and to unlock the value of this exciting project.
CEO Adrew Pumphrey with Senior Aboriginal Elder Aubrey Lynch and Ross Lynch.
Aerial shot of OZM’s Mulgabbie North Project location adjacent Carosue Dam Mine ~2km in the distance.
Lastly, OzAurum successfully completed an Underwritten Security Purchase Plan (SPP) to raise A$2 million, which settled in June 2022. The Company is now well funded to continue its expansive exploration efforts at both the Mulgabbie and Patricia Projects, and we look forward to continuing to update our shareholders with exciting drilling results over the course of the next financial year and beyond.
The Company has made significant progress to define and understand the geology of the mineralisation discovered to date, and it is clear that neighbouring properties, including Northern Star’s Carosue Dam gold corridor just two kilometers from OzAurum’s tenure, hint at the enormous potential of our projects. It is a very exciting time to be involved in the Company.
The exploration success achieved this year would not be possible without the hard work and dedication of our team. I would like to take this opportunity to thank my fellow Board members, and in particular, Andrew Pumphrey for his passion and invaluable contribution to OzAurum as both CEO and Exploration Manager of the Company. I would also like to thank our technical team and drilling contractors for their tremendous efforts thus far.
Finally, I would like to thank our loyal shareholders for their continued support and welcome all new shareholders who have joined us along this exciting journey. We look forward to continued success as we further prove up the potential of the Mulgabbie and Patricia Gold Projects.
Jeff Williams
Non-Executive Chairman
