Magnetic’s drilling has returned yet more thick gold intercepts that underscore the rich prospectivity of the Lady Julie North 4 deposit within its Laverton project in Western Australia.

Diamond drilling to follow-up on outstanding high-grade thick intersections such as 30m at 5.53 grams per tonne (g/t) gold from a down-hole depth of 145m in MLJDD016 has successfully located a 53m thick breccia zone with a 42.25m intersection at 2.84g/t gold including 31m at 3.54g/t gold from 160m in hole MLJDD017.

MLJDD017 is located 75m south of the drill line that contains MLJDD015, which had returned 45m at 2.65g/t gold from 130m.

Magnetic Resources (ASX:MAU) notes that thick breccia silica pyrite intersections have now been outlined over a 250m length in the central and southern part of LJN4 and that this zone remains open to the south and down dip. This highly prospective gold rich breccia zone is being scoped out with a further 5 deep RC holes totaling 1100m and drilling has commenced.

It added that the intersection of outstanding thick drill intersections within the central part of LJN4 is noteworthy as the nature and extent of breccia zones are important in the nearby world class Sunrise Dam Deposit as they often carry the highest gold grades and are associated with many of the individual deposits at depth and near surface.

Assays are pending for five reverse circulation holes that the company drilled into the central and southern part of the LJN4 deposit, where previous thicker intersections are being followed up at depth and as infill drilling.

These follow-up holes are looking to extend two and in some cases three stacked lodes found in the central, southern and northern parts of LJN4.

Most of these lodes are outside the current resource of 3.2Mt at 1.93g/t gold, or 204,900oz of contained gold, and represent an incredible opportunity to enlarge it.

 

Large-scale, open cut deposits

“With the Australian gold price at record levels of $2946 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,” managing director George Sakalidis said.

He added that the company sees up to three stacked zones within the centre and the northern end of LJN4 and that new drilling at the central part of the 800m long LJN4 deposit has been infill drilled and extended with promising results.

“This central and southern section is very promising due to the excellent grades and thicknesses found here and the strong correlation with breccia and silica-pyrite zones, which are prevalent in the Sunrise Dam deposit both parallel to near surface shear zones and vertical going downwards into a number of their individual deposits,” Sakalidis explained.

“We are now scoping out a 250m zone where the silica-pyrite and breccia zones can reach up to 50m in thickness. This drilling program for these four RC holes is starting shortly and we are also awaiting a further five RC holes that have been drilled within this 250m area.”

 

Upcoming plans

As Sakalidis, the company is drilling the MLJRC789-792 RC holes totalling 1,100m to extend the thick breccia zones down dip and along strike.

Magnetic is also testing the upper zone to the north and south of hole MLJRC679, which returned a 54m intersection at 1.95g/t gold from 94m while the recent down dip intersection at MLJDD016 is open at depth and is being followed up with two deeper holes locally.

 

 

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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