OzAurum Resources Limited reported high-grade gold results from diamond drill holes MNODH 007, 008 and 009 recently completed at the Company's flagship Mulgabbie North Project in the Eastern Goldfields of Western Australia. Mulgabbie North Diamond Drilling Update: OzAurum reported the results and progress of the current diamond drilling program, including the results for diamond holes MNODH 007, 008 and 009.: 33m @ 1.02 g/t gold (Au) (from 90m)­ including 14m @ 1.46 g/t Au (from 92m) and 7m @ 1.27 g/t Au (from 112m) MNODH 009; 26m @ 0.85 g/t Au ­ (from 99m) including 3m @ 2.36 g/t Au (from 99m), 2m @ 3.04 g/t Au (from 115m) and 1m @ 5.30 g/t Au MNODH 008; 7m @ 1.41 g/t Au ­ (from 66m) MNODH 008; 4m @ 1.35 g/t Au ­ (from 216m) MNODH 007; Diamond drilling continues to intersect significant zones of gold mineralisation at Mulgabbie North. MNODH 007 and 008 were drilled within the Demag Zone, with MNODH 009 drilled at the north of the James Prospect.

Holes MNODH 008 and 009 were drilled as twin holes to existing RC holes MNORC 197 and 162. Gold mineralisation at the Demag Zone is associated with significant wide downhole intervals of sericite- carbonate-chlorite alteration, and a ± hematite dusting ± pyrite ± magnetite which has been intersected in both RC and diamond drilling at the Demag Zone. Further, recent RC and diamond drilling has confirmed the host conglomerate unit having a true thickness of approximately 120m.

Recently completed structural work has identified a structural feature that will assist in targeting high grade gold ore shoots. The framework diamond drilling strategy was to drill holes on a 50m spacing along strike within the Demag zone to provide core for this structural work, this has now been completed. Mineralisation intersected in MNODH 007, 008 and 009 is observed within a strong to intensely altered intermediate volcaniclastic conglomerate unit.

The intermediate to felsic volcaniclastic units, including the conglomerate, at Mulgabbie are equivalent to the Black Flag group within the Kalgoorlie stratigraphy that hosts significant gold deposits like the 6.5 Moz Kanowna Belle Gold Mine. The conglomerate unit that hosts the mineralisation at Mulgabbie contains fuchsite clasts and represents an unconformity within the intermediate and felsic volcaniclastic sequence. This is significant as it indicates reactivation of syn-volcanic faults at the time of ~2660 Ma felsic to intermediate volcanism, associated with early mineralisation.

Additionally, a late basin epiclastic conglomerate unit, that represents an important stratigraphic unconformity, was intersected at (End of the Hole) EOH in MNODH 002, 003, 004, 006, 007 and 008. Wide zones of associated sericite-carbonate-chlorite alteration, and a ± hematite dusting ± pyrite ± magnetite mineralisation was intercepted in MNODH 007 along with other diamond holes indicating that are potentially on the periphery of potentially higher-grade gold mineralisation. The company's current interpretation is that faulting is clearly a fluid pathway for mineralising oxidised fluids sourced from a deeper enriched intrusive body.

At the Demag Zone, secondary magnetite as part of an early high temperature alteration assemblage has been altered to hematite which is part of the lower temperature alteration assemblage including sericite, carbonate, pyrite and arsenopyrite. Mulgabbie North Demag Zone Background: The virgin gold discovery Demag Zone is an development at the Mulgabbie North Project. The Demag Zone is situated between the Alicia and Ben Prospects within the Mulgabbie North Project.

Only limited historical drilling has been undertaken within the three recently drilled 100m spaced RC drill lines at the Demag Zone, being ten shallow wide-spaced vertical RAB holes drilled by Gutnick Resources in 1999. Aircore (AC) drilling results intersected at the Demag Zone included MNOAC 523 4m @ 1.47 g/t Au from 40m, MNOAC 524 4m @ 1.25 g/t Au from 56m, MNOAC 534 4m @ 2.00 g/t Au from 44m, MNOAC 535 4m @ 1.21 g/t Au from 40m, MNOAC 536 17m @ 0.80 g/t Au from 56m including 1m @ 1.52 g/t Au EOH and MNOAC 546 4m @ 1.61 g/t Au (see ASX release 16th December 2021). A thick blanket of high-grade supergene gold mineralisation has been delineated by AC drilling over the Demag Zone that OZM has targeted by RC drilling, and diamond drilling.

The Demag Zone is located on the Relief Shear and the lithological contact that hosts gold mineralisation is located at the James, Ben and Alicia Prospects. Higher grade gold intersections at the Demag Zone have significant pyrite and arsenopyrite mineralisation within the intensely sericite carbonate albite altered felsic to intermediate volcaniclastic unit.