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OZM - OZAURUM RESOURCES LIMITED


nipper
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OzAurum Resources Ltd (OZM) was established to identify and explore, with a view to potentially developing, two gold projects in Western Australia.

 

The Managing Director and CEO, Andrew Pumphrey, began securing tenements at Mulgabbie, Western Australia, from as early as 1990. Over a 30-year period, Mr Pumphrey, together with his associates, compiled a portfolio of Tenements that comprise the Mulgabbie Project and Patricia Project, which are now owned by OzAurum Mines Pty Ltd, a wholly owned subsidiary of OzAurum Resources.

 

Both the Mulgabbie and Patricia Projects are located within the Norseman Wiluna Greenstone Belt of the Eastern Goldfields Province of the Yilgarn Craton. The projects are situated approximately 100km northeast of Kalgoorlie, and closely neighbour a number of existing mining operations and a gold processing plant.

The Company intends to allocate the majority of the funds raised by its IPO directly to explorative drilling and geological assessments over the next two years to progress the projects, with the remaining funds being allocated to working capital requirements and other administrative expenses.

 

Raised $12M at an IPO at 25c a share. Listed on Monday 08 Feb , opening around 20c and has been underwater .... closed on Day Two at 24c

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  • 1 year later...

OZM is raising $2 million at 16c per share with eligible shareholders taking up the offer able to purchase up to $30,000 in shares. The Company may also raise another $1 million in a separate issue:
 

At completion of the SPP the Company may elect to raise a further $1million (before costs) through the issue of New Shares to sophisticated and professional investors (Top Up Placement) at the same issue price as under the SPP. The Top Up Placement, if conducted, will utilise the Company’s available placement capacity pursuant to ASX Listing Rule 7.1.


Overall, a modest capital raise that demonstrates management belief in the company prospects. To not dilute further at current levels indicates that management is of the view that when they next need capital, they will be able to do it at a much higher share price.

SPP proceeds will be used to:

  • Follow up the recent virgin gold Demag Zone discovery at the Company’s flagship Mulgabbie North Project;
  • Continue Reverse Circulation (RC) drill testing of aircore (AC) saprolite gold anomalies and extensions at the Ben and James Prospects.
  • Expand the exploration program underway at the Patricia Gold Project.
  • Exploration will include up to 20,000m of RC drilling, 10,000m of AC drilling and
  • 3,000m of diamond drilling.
  • RC rig commenced drilling at the Demag Zone on Monday 30 May 2022.
  • Diamond rig to continue drilling at Demag Zone commencing next week.
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  • 3 weeks later...

holding on to its gains.... around  18c

OZM has completed diamond hole MNODH 002 at the new virgin gold discovery Demag Zone at Mulgabbie North. The first hole has intersected gold mineralisation that closely correlates with adjacent Reverse Circulation hole MNORC 177, further validating the potential of Mulgabbie to be a significant gold discovery in the Eastern Goldfields of Western Australia.
 
Highlights
• First diamond drill hole at the Mulgabbie North Demag Zone delivers exceptional gold results, with best intercepts including:
o 55m @ 1.00 g/t gold Au (from 47m) including 4m @ 4.98 g/t Au (with 1m @ 15.55 g/t).

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