Assays from RC drilling reported today included 56m grading 1.3 grams per tonne gold from 68m and 26m at 1.8gpt gold from 136m, with the explorer saying "significant gold results" were recorded on three, 100m-spaced drill lines.

The true width of the mineralisation is put at 70% of downhole lengths.

"The Demag Zone represents a new virgin discovery of significant gold mineralisation with historical drilling limited to 10 shallow vertical RAB holes completed in 1999," OzAurum said.

Further RC plus diamond drilling is flagged "as soon as drilling rigs become available".

OzAurum started the year with A$4 million cash.

The company features the well-known Jeff Williams as chairman, while managing director and geologist Andrew Pumphrey is a 37% owner of the company.

Another board member, exec director Martin Holland, holds 10%.

Shares in OzArum gained as much as 150% during the session, though in late trade the stock was up 100% at 20c, capitalising the company at $23 million.