- Magnetic receives ‘outstanding’ drill results at the Lady Julie deposit, including its best result to date
- The company is looking to expand its current 3.2Mt Lady Julie North 4 resource at the Lady Julie project with a combined diamond and RC drilling campaign
- Magnetic believes its Laverton projects are shaping up to be large-scale shallow open-pittable deposits
Magnetic continues to deliver ‘outstanding’ drill results at the Lady Julie project with its best intersection so far recording 126m at 2.82 g/t gold from 180m, 100m down dip of a previous 111m-long hit.
Magnetic Resources (ASX:MAU) is on the hunt for +1Moz deposits on its 179km2 footprint in the heart of WA’s Laverton district, an established gold mining province with world-class deposits like Wallaby, Sunrise Dam, and Granny Smith.
Lady Julie North is part of the 605,000oz Laverton project, which also includes Lady Julie Central, HN9, Mt Jumbo and Homeward Bound South, the Lady Julie Central deposit and the Hawks Nest 9 deposits.
Its focus lately has been on the Hawks Nest 9 (HN9), Lady Julie, and Homeward Bound South projects, which have a combined resource of 605,000oz which is set to be upgraded with the latest thick and high-grade results.
Drilling results pave way for resource upgrade
Lady Julie is particularly promising, with the identification of up to three stacked zones within the centre and the southern end of the Lady Julie North 4 (LJN4) deposit.
LJN4 hosts the kind of strong, thick breccia zones that are prevalent in Anglo Ashanti’s world class Sunrise Dam deposit, which has both parallel to near-surface shear zones and vertical mineralisation going downwards into several of their individual deposits.
Latest drilling results have returned the best intersection to date at LJN4 with a 126m intersection grading 2.82 g/t gold from 180m, which includes a 62m intersection at 4.09 g/t from 244m that ended in mineralisation.
Another hole – MLJDD031 – intersected 21m at 5.37 g/t from 198m, only 50m down dip from an intersection of 30m at 5.33 g/t from 145m in MLJDD016.
These latest results are large step outs outside the current resource which augers well for the next resource upgrade, MAU says.
“With the Australian gold price at record levels of $3023, the Laverton project resources encompassing Lady Julie Central, Lady Julie North 4, HN9, Mt Jumbo and Homeward Bound South, are shaping up and have potential for large-scale shallow open-cuttable deposits,” MAU MD George Sakalidis says.
Combined diamond/RC drilling kicks off
A combined diamond (2,214m) and RC drilling (2,615m) campaign has kicked off, testing below these promising intersections.
In addition, these holes are testing a new interpreted structural zone that plunges to the NE with holes ranging from 300m to 550m depth.
Magnetic hopes to extend the stacked lodes found in the central, southern, and northern parts of LJN4, which holds an Indicated and Inferred resource of 3.2Mt at 1.93 g/t for 204,900oz at a 0.5 g/t cut off.
“This is an exciting time for the company,” Sakalidis says.
“We are looking to further increase the size of the LJN4 resource by drill testing and concurrently, the Blue Cap studies are near completion, which provides the company with the ability to fast-track work approvals and further assess the economics of the deposit.”
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.
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