Magnetic’s confidence about the prospectivity of its Lady Julie project in Laverton appears well-founded with drilling returning multiple thick and high-grade gold intersections.
Its most recent infill and extension drilling program returned hits such as 28m grading 4.48 grams per tonne (g/t) gold from surface including 16m at 7.24g/t gold from 12m in MLJRC348, 40m at 2.12g/t gold from surface including 20m at 3.6g/t gold from 20m in MLJRC295, and 12m at 4.4g/t gold from a depth of 40m at MLJRC292.
Significantly for Magnetic Resources (ASX:MAU), these promising gold zones remain open to the north, south, west and down-dip.
The company does not have to wait long to find out if these zones extend further either as a follow- up program of 42 reverse circulation holes is already underway at the 2km long Lady Julie North 1 target zone.
Managing director George Sakalidis said the multiple shallow intersections that start from surface at Lady Julie North are very exciting as they highlight the potential of the broader HN9 project area to host large-scale, shallow deposits.
“In addition, a detailed soil program has been completed looking for repetitions of these anomalous soil targets over a length of 1.9km,” he added.
“A total drill program of 105 RC drillholes for 10,814m is being carried out and further analysis of the extensive 6km long north-south thrusts is being planned to include both shallow RAB and or soil geochemistry to help outline any other anomalous gold areas that have not been previously assessed looking for further exciting near-surface deposits in this gold fertile region.”
Drill results and current activity
Besides the shallow intersections, drilling has also increased the width of its mineralisation with a new intersection of 36m at 1.72g/t gold from a depth of 68m on the easternmost edge.
Mineralisation remains open to the east, offering potential to expand in this direction.
Further drilling will test this expanded zone over a 200m by 500m area and include testing of the western extremity as well where there is an intersection of 2m at 3.93g/t from 37m.
Additionally, there are at least two separate stacked lodes present in the current drilling area.
Drilling has also started within the 1km northern part of Lady Julie North 1 where several soil anomalies similar to the 50 parts per billion anomaly containing the 41m hit at 2.6g/t gold from 31m in MLJRC162 are already being drill tested.
There is also a 1.9km long area directly north of Lady Julie 1 where assays are pending for a detailed 50m by 50m soil sampling program that encompassed some historical drilling with an intersection of 13m at 2.1g/t gold from 66m.
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.