Hey Paulie, I could be wrong here and possibly am but in reading...

Hey Paulie, I could be wrong here and possibly am but in reading everything again with a clearer focus I won't discount the validity of your point regarding Cap Raises & who should Lead them.. Other than to say at 1.5 qtrs remaining they had to do the first & I can only suggest the decision to do the second was to give 12m breathing space. But the point of investor dissatisfaction or fatigue is a valid one.

As for the targets chosen?

@Wack alluded to it and after reading it again (late at night I might add) whilst looking at the cross fault interpretation you can sort of see the reasoning behind it. That said the gamble now needs to pay off in order for the justification to hold.


They have interpreted an area 700m further south and adjacent to the Porphyry shown which I assume they believe marries up with the existing cross fault discovery at the 1.3km mark from Mulgabbie North and which is part of the structurally offset area hence the location of the 4 AC tester holes referenced. Surface intercepts in weathered regolith being a clue as potential at depth, hence the "Walk up Start" comment..

I fully agree the ann could have been worded better and maybe that was due to the rushing to get it out? It was weird timing, lets admit it..

Market was never going to understand it (is it good, is it bad, I dunno, it's friday, so sell) took me long enough to believe I have a handle on it & on both fronts the pressure is now firmly on the follow up drill campaign. h8tey..



From the Ann
Mulgabbie North – AC Drilling at South Cross Fault Target OZM has received 4m composite gold assay results from the recently completed 82-hole AC drilling programme (for 2,290 metres), which was drilled to the south of the initial Cross Fault area. The purpose of this program was to define new targets for RC drilling. This latest drilling is situated some 1.3km south of OZM’s most southern AC drilling on the Relief Shear mineralised corridor. - Confusing statement this?
Significant composite gold results received from OZM’s AC drilling programme include:
• 4m @ 1.03 g/t Au from 24m to EOH – in AC MNOAC 835
• 4m @ 0.57 g/t Au from surface – in AC MNOAC 843
• 3m @ 0.33 g/t Au from 32m to EOH – in AC MNOAC 799
• 3m @ 0.23 g/t Au from 32m to EOH – in AC MNOAC 815

The average AC hole depth of 28m is shallower on lines to the south and several holes ending in low tenor gold mineralisation provide targets for future RC drilling. OZM considers that the low gold tenor in these holes represents potentially gold depleted regolith profile.
An important new RC target area is indicated by MNOAC 843, which returned 4m @ 0.57g/t Au from the surface. This was drilled adjacent to the outcropping porphyry, where the AC drill depths are shallow. The Cross Fault target is situated on the Relief Shear,some 2km south of the 260,000 oz Mulgabbie North Project Mineral Resource, which is also situated on the Relief Shear.


Also from the Ann.
Geological Discussion
Fieldwork has identified a new and significant north-south striking fault in costeans at the Cross Fault area. OZM is currently interpreting the geology and faulting in this area from bottom-of-hole AC data. There appear to be several faults at different orientations. This latest round of AC drilling, coupled with ongoing interpretation has identified faults that offset the stratigraphy by around 30 metres. OZM observes that gold mineralisation is associated with such faults. OZM has identified quartz veins that strike north-south and dip steeply to the east and other quartz veins that strike 315° in a costean within the mineralised zone. The north-south striking quartz vein set is potentially related to the recently mapped north-south fault. Extensive quartz veining is seen on the surface at the Cross Fault area and OZM observes that this veining is also associated with faults.

Sandstone appears to be the dominant host to gold mineralisation, with extensive quartz veining. Sandstones represent a brittle host rock and such mineralisation is being mined in the Carosue Dam basin, with pits approximately 2km from Mulgabbie North.

The Mulgabbie North project areas, including James, Ben and Alicia, are hosted by extensively foliated conglomerate facies, the foliation resulting from ductile deformation.

Rationale for RC Drilling
Walk-Up Targets: The announcement explicitly identifies the area near MNOAC843 as an “immediate, walk-up” RC target due to its surface intercept (4m @ 0.57 g/t Au) and shallow depth. The other holes (MNOAC815, MNOAC799, MNOAC835) ending in mineralization further justify deeper drilling to test primary zones.

Depth Potential: AC drilling (average 28m) likely intersected the weathered regolith, where gold grades are depleted. RC drilling, typically to 100–150m, can test fresh rock, where sulfide-rich zones (e.g., pyrite, arsenopyrite) often host higher-grade gold, as observed in the New Cross Fault (e.g., visible gold in MNODH017 with oxidized pyrite).

Expected Outcomes
Grade Potential: The New Cross Fault’s DD results (e.g., 1m @ 5.83 g/t Au) and historical holes like MG4 (12–14m @ 3.42 g/t Au) suggest high-grade potential at depth. If the porphyry acts as a structural control, RC drilling could intersect similar grades (e.g., 1–5 g/t Au over 5–15m), especially in faulted zones with quartz veining.

Sulfide Zones: The presence of oxidized pyrite in MNODH017 (New Cross Fault) indicates sulfide-rich zones at depth. In fresh rock, unoxidized pyrite and arsenopyrite could host higher grades, as sulphide dissemination over wide widths is a positive indicator for orogenic gold systems in Western Australia.

Porphyry Influence: If the porphyry is part of a larger intrusive system, RC drilling might intersect a feeder zone with grades exceeding the current MRE average (0.7 g/t Au). For example, a feeder zone could yield 10m @ 2–3 g/t Au, similar to Carosue Dam’s high-grade shoots.