OzAurum Resources Limited reported the results of successful sighter heap leach testwork undertaken at the Mulgabbie North Gold Project which have delivered excellent metallurgical results including high gold recovery rates. OzAurum has received excellent sighter IBR testwork results from a sample of transition material taken from the Mulgabbie North Project. James Transition Sample: 6mm crush size, 88.9% recovered gold.

James Transition Sample: 12.5mm crush size, 87.5% recovered gold. Consumption of cyanide varied from 1.02 kg/t ­ 1.06 kg/t and lime consumption varied from 4.44 kg/t to 4.59 kg/t. IBR tests were conducted over 240 hour time period with excellent rapid gold recoveries achieved in the first 48hrs of the testwork. Samples were prepared via a conventional crushing method which is easily achievable in a scaled-up heap leach operation, using readily available por crushing plant.

Gold extraction via Heap Leaching is being undertaken in Australia and on many deposits around the world without the need for capital intensive treatment plants. These exceptionally high gold recoveries, good reagent consumption and rapid leach times all bode well for Mulgabbie North potential future standalone heap leach treatment/development options. The current heap leach metallurgical testwork program is ongoing with further IBR testwork results expected to be reported in the next month.

The results of this testwork is inline with understanding of the Mulgabbie North Project, including consistent assay repeatability of twinned drill holes and the fine grain gold nature of mineralisation. This is supported by the petrology and mineralogical work done to date illustrating the fine free gold in polished section, as well as other metallurgical testwork undertaken on the project. Mulgabbie North gold mineralisation is consistent with excellent metallurgical properties allowing for a potential heap leach development pathway.

The maiden Mulgabbie North resource is now planned for Second Quarter 2023 as remodelling is required to be undertaken considering potential heap leach development options. These excellent metallurgical results are very similar to previous metallurgical testwork reported under CIP milling conditions. The virgin gold discovery Demag Zone is an exciting 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.

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.

Intrusive porphyries have been intercepted in a number of RC drill holes at Mulgabbie North along the Relief Shear. Future geological work will be undertaken to understand the potential the links of intrusive porphyry to current gold mineralisation and will be targeted with future diamond drilling. The RC drilling at Mulgabbie North has defined primary gold mineralisation for over 2.8km of strike and are confident that future extensional RC drilling will further extend this strike.

Also, believe future RC drilling will continue to identify new primary gold mineralisation related to the numerous geochemical gold anomalies and recent AC saprolite hosted gold mineralisation targets. Recent RC results, combined with AC results defining new zones of mineralisation now extending for 4.2km in strike, further highlight the potential of Mulgabbie North to host significant gold project. Diamond drill holes at Mulgabbie North have intersected wide zones of weak to moderate hematite alteration.

Specifically, the hematite alteration indicates oxidised fluids from an intrusive complex suggesting proximity to the mineralising centre - likely to be within OzAurum's 100% owned Mulgabbie North tenure. The Demag Zone is most likely a result of fluid pathways along the interpreted fault zone. Previous explorers in the area have interpreted a series of significant cross-cutting faults, including those that intersect the Carosue Dam Mines and have also interpreted the cross-cutting fault intersecting the Demag Zone area, which is a key characteristic of significant gold deposits in the Kalgoorlie region.