OZZ hits the ground running with maiden drilling less than two weeks after $5 million IPO

OZZ has kicked off its maiden drilling campaign today at the Maguires gold project in WA less than two weeks after listing on the ASX (reports Stockhead).
23rd July 2021
Resources Rising Stars

“Obviously we’re very excited to hit the ground running less than two weeks after listing,” managing director Jon Lea told Stockhead.

“We’re hugely active, we’ve got an experienced board, and we’ve got the financial resources to push ahead with a significant exploration push across our key projects because we’ve just completed our IPO.”

The rapid start to the maiden exploration program means OZZ Resources (ASX:OZZ) will be in a solid position to deliver strong news flow as it forges ahead with exploration across its portfolio of gold projects.

The company’s portfolio includes highly prospective gold projects in some of Western Australia’s premier gold districts.

The ultimate aim of the 5000m RC drilling program at Maguires is to define a JORC compliant mineral resource estimate for the prospect.

“We’re targeting the Old Prospect at Maguires which has been drilled in the past with significant results returned – and we’re aiming to replicate those results,” Lea said.

Historical drilling at the prospect returned results of 6m at 18.6 g/t gold, 7m at 8.7 g/t and 6m at 11.6 g/t.

The company is also hoping to extend the known mineralisation along strike at the prospect.

“We’re confident there’s gold mineralisation there because of previous drilling results,” he said.

The drilling is expected to take 4-6 weeks to complete with results anticipated from late August.

OZZ is also in the process of completing its first aeromagnetic survey over two of its other projects – the Rabbit Bore gold and base metal project and the Peterwangy gold project.

Rabbit Bore hosts a 5km strike length of prospective shear zones largely under cover between Cue and Meekatharra, including several historic gold workings which have returned assays of up to 4.2 g/t gold.

Previous soil sampling has also returned anomalous copper, nickel and cobalt results and this – along with the magnetic data – will be used to generate targets for drilling.

Peterwangy was the site of WA’s first gold rush in 1868 and hosts historic workings within a 3km long greenstone belt straddling the craton-scale Koolanooka Fault.

No drilling has ever been undertaken at the project, and OZZ will utilise a combination of airborne magnetics and ground-based soil sampling to generate drill targets.

“With the aeromag we’ll be defining targets at our other projects and will look at following those up – so we’ve got very active exploration plans for the coming year,” Lea said.

“Hopefully we’ll produce some good results.”

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