OzAurum Resources eyes lower-cost pathway after 95pc heap leach recovery

• Column testwork returned 95% recovery from paleochannel material
• More than 90% of the gold was recovered in 65 days
• Fresh-rock testwork is next on the metallurgy list

Special Report: OzAurum Resources is building the case for using potentially lower cost heap leaching at its Mulgabbie North project in WA after column testing recovered 95% of the gold from a paleochannel sample.

The third column test used material grading 2.58g/t gold, crushed to -12mm, and recovered more than 60% of the gold in 15 days, more than 80% in 35 days and more than 90% in 65 days.

Cyanide consumption was 0.26kg/t, compared with around 0.5kg/t cited by the company as normal consumption.

For OzAurum Resources (ASX:OZM) , the result adds to the body of column testwork at Mulgabbie North, about 130km northeast of Kalgoorlie.

Column tests across three ore types have returned strong heap-leach recoveries.

Fresh rock could widen the heap-leach case

With testing on paleochannel material now completed, fresh rock is next to be tested.

It accounts for 184,000oz of Mulgabbie North’s 260,000oz mineral resource estimate, or 71% of the contained gold.

The overall Mulgabbie North resource stands at 11.6Mt grading 0.70g/t gold, comprising 39,000oz measured, 128,000oz indicated and 93,000oz inferred.

Should this testwork be successful, the company says fresh material could potentially be included in later development stages, expanding the ore available for heap leaching.

OZM managing director and CEO Andrew Pumphrey said successful fresh-rock testwork could open the way to including the material in a potential open-pit heap-leach operation.

Fresh material is seen as a potential growth opportunity beyond the initial development stage, with successful metallurgical testwork potentially allowing OzAurum to include it in stages two and three of a future heap-leach operation.

Spot gold rose about 1% to US$4,055 an ounce on 27 October, with Reuters attributing the gain to falling oil prices easing inflation concerns ahead of the Federal Reserve meeting.

A Reuters survey also found analysts had lowered their 2026 gold price forecasts, citing a strong US dollar, high Treasury yields and expectations of higher rates for longer.

This article was developed in collaboration with OzAurum Resources, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

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