Magnetic Resources reels in thick gold intersections up to 28m at 2.04g/t at Lady Julie

The Lady Julie North 4 deposit is being tested over a large 800m by 150m area, which is being infill drilled with a program of 17 RC holes for 2,796m.

Most of these holes are set to extend the down dip extent of the mineralisation and to test the SSE extension.

Magnetic Resources (ASX:MAU) is reporting that some of the highlights include 12m at 4.32g/t gold from 112m, 16m at 1.6 g/t gold from 80m, and 16m at 1.11g/t gold from 48m.

There are assays pending for 21 RC holes for 1,814m, 2 AC holes for 28m and 3 Diamond holes for 302m.

AC program to kick off

A NE target, only 250m east of Lady Julie North 4, has some elevated gold results of 3m at 1.12g/t from 120m in RFAC523, which will be followed up with a shallow aircore (AC) program once a program of work (POW) is approved.

There are numerous similar targets, splay structures on the boundaries of isolated magnetic mafic and ultramafic bodies, within a sizeable 3.5km southern structural NS corridor.

MAU says these are undercover and poorly explored and will be investigated in the future.

Looking ahead

Ten large new structural targets have been located mainly to the NE and S of Lady Julie Central after using the results of a structural study, together with historical aero-magnetics and gravity images, geochemical, drilling, and geological mapping data.

Magnetic’s focus is on areas where NNW and NE-trending structures intersect known and interpreted porphyry intrusions mainly in the Lady Julie strip – the areas that have not been explored due to the thicker soil cover.

There are now four main mineralised centres that have been extensively drilled and, in some cases, further drilling is to test the potential for economic ore that is open-cuttable.

This article was developed in collaboration with Magnetic 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.