ASX mining share OzAurum Resources Ltd (ASX: OZM) is shooting the lights out today, rocketing 135% and currently trading at 24 cents. In earlier trade, the shares surged 145% to 24.5 cents. By comparison, the S&P/ASX 200 Index (ASX: XJO) is up 0.17% at the time of writing.
Let's take a look at what's driving today's share price movement for OzAurum Resources.
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Gold discovery
OzAurum advised the market it has made a gold discovery at the Mulgabbie North Project near Kalgoorlie in Western Australia.
Reverse circulation drilling intersected a "significant wide zone" of gold mineralisation within the Demag Zone.
At drill hole MNORC 177, 1.31 grams per tonne (g/t) of gold was intersected over 56 metres. This included 18m at 2.07 g/t.
Commenting on the results, CEO and managing director Andrew Pumphrey said:
The new virgin gold discovery at the Mulgabbie North Demag Zone has intersected significant gold mineralisation in a number of RC drill holes.
These excellent results further validates the potential of the Mulgabbie North Gold Project to be a significant gold discovery situated right alongside the Northern Star Carosue Dam Mil.
Other highlights included:
- 26m at 1.79 g/t of gold from 136m at drill hole MNORC 176
- 28m at 1.79 g/t of gold from 72m at MNORC 174
- 11m at 1.9 g/t of gold from 49m at MNORC 180
- 11m at 1.13 g/t of gold from 103m at MNORC 178.
OzAurum is planning follow-up drilling and testing at the site.
Share price snapshot
The OzAurum Resources share price has rocketed 30% in the past 12 months and is up 80% this year to date. In contrast, the ASX 200 has returned about 8% in the past year.
This ASX mining share has a market capitalisation of about $12 million.
