Lady Julie North’s extensions at depth have spurred a new resource study for the deposit. Pic via Getty Images.
Mining
Special Report: Large mineralisation extensions have been made at Magnetic Resources’ Lady Julie North (LJN4) deposit at the Laverton gold project.
A recent pre-feasibility study (PFS) of Magnetic Resources’ (ASX:MAU) Lady Julie (LJN4) gold deposit, part of the overall Laverton project, presented it as an impressively economic, low-cost, high-margin and open-pittable mining operation.
The current Laverton resource stands at 24.9Mt @ 1.66g/t for 1.33Moz gold after a 7.7% increase in March and an 11% increase to the LNJ4 deposit to 948,200oz.
A number of deep drill holes now shows that the northern part of the 750m-long LJN4 deposit plunges to the SE and is much larger than previously estimated.
This northern zone is associated with strong silica and green fuchsite and is also bigger in size than the southern silica pyrite and breccia zone, at least 600m down plunge, 650m down dip and up to 200m-long.
1254m of diamond core samples from six drill holes that totalled 2483m have been released, intersecting high-grade gold at depth, including:
25m @ 3.86g/t from 386m at hole MLJDD048, which was a very large 200m step out below MLJRC804 that showed 20m @ 2.76g/t from 243m.
Hole MLJDD044 intersected 16m @ 1.99g/t from 359m and 13m @ 2.02g/t from 393m.
Deeper drill holes are in progress, with MLJDD054 and MLJDD055 designed to test for further down dip extensions by 150m and 100m respectively.
The zone has already grown by 300m since the previous update in May.
Assays are pending for six diamond drill holes extended from 119-381m and seven RC holes totalling 823m.
“With the Australian gold price at record levels of US$3500/oz, the Laverton project resources encompassing are shaping up and have potential for large-scale shallow open-cuttable deposits with strong depth potential now greater than 400m depth at LJN4,” MAU MD George Sakalidis says.
On the back of the extensions in the northern zone a new resource study has commenced, which will be followed by an updated economic study, taking into account rising commodity prices.
There are now eight stacked lodes in the central part of LJN4 and results are pending for one deep hole completed to 714m depth that is testing for stacked lodes beneath the current mineralisation.
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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