Magnetic: Lady Julie’s high-grades are just top class
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Magnetic’s Lady Julie target is looking like the belle of the ball with high-grade drill results continuing to extend a promising thick gold zone.
Ongoing infill and extension drilling at Lady Julie 1 (North) has returned results such as 40m grading 1.5 grams per tonne (g/t) gold from surface including 8m at 5.18g/t gold (MLJRC482) and 12m at 2g/t gold from 4m (MLJRC474).
This has extended the thick zone in the central part of Lady Julie 1 southwards towards the southern mineralised zone over a 1km length.
Magnetic Resources (ASX:MAU) notes that economics of Lady Julie look promising given that mineralisation can be unusually thick with associated higher-grades combined with a large number of intersections that start from the surface.
Managing director George Sakalidis said with Australian gold prices at record levels of $2,645/oz, the Hawks Nest 9 (KN9) project area encompassing HN5, HN6, HN9 and Lady Julie is looking promising given its potential to host large-scale, shallow deposits and proximity to existing, third-party operations.
He added there’s exciting multiple, shallow intersections that start from surface at Lady Julie North continue downdip and thicken as shown in an intersection of 88m at 1.3g/t from 68m in MLJRC448 and 18m at 4.7g/t from 142m in MLJRC404.
“These mineralised zones are growing southwards and are being tested over a 1km length,” Sakalidis noted.
“Some of this infill drilling is ascertaining the extent of some very-high grade zones greater than 10g/t, including 2m at 21.4g/t from 43m in MLJRC292 and 4m at 15.1g/t from 32m in MLJRC453 and 1m at 59.5g/t from 22m in MLJRC348 that lie within the promising thicker intersections.”
He added that thick intersections at Lady Julie 4 and Homeward Bound South are being followed up with drilling while the thicker porphyry zones on the eastern side of the Lady Julie 1 mineralised zones are also being tested at depth looking for underlying deeper mineralised intrusions similar to Sunrise Dam.
“This is an exciting time for the company having four main projects with significant shallow gold near surface which are all potentially open-cuttable with recently engaged global investment bank Jefferies, who are helping review opportunities to maximise shareholder value,” Sakalidis concluded.
Magnetic notes that the highest-grade and thickest zones at Lady Julie 1 trend north-northwest towards an overall north-south trend.
Infill drilling is now being carried out to get Lady Julie 1 resources to the higher confidence Indicated category.
The company adds that gold mineralisation at the target can occur within the porphyry or along the porphyry/mafic and porphyry/ultramafic unit contacts.
Thickened porphyry zones of up to 70m are common on the eastern part of the Lady Julie North 1 strongly mineralised zones, on the edge of a major 6km long NS thrust zone.
These porphyries are also steeper dipping in this area and may represent conduits for deeper mineralisation to come closer to the surface as well as being targets for deeper mineralisation similar to the deeper intrusions at depth at the world class Sunrise Dam gold mine.
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.