Lady Julie has proven its attraction with fresh high-grade gold returns, making the richness of the resource even more Magnetic.

Results from a recently completed structural study have been combined with reprocessed historical aeromagnetics and ground gravity images, geochemical, geological mapping and drilling data to identify 10 large new targets located mainly to the northeast and south of Lady Julie Central.

Magnetic Resources (ASX:MAU) noted the best targets are where north-northwest and northeast trending structures intersect known and interpreted porphyry intrusions – so often associated with mafic rocks.

Most of the existing drilling has focused on testing the western part of the 6.5km by 1.5km Lady Julie strip where there is minimal cover.

However, this represents just 20% of the prospective zone – meaning that drilling under the areas with more extensive cover could uncover even more mineralisation.

The company plans to start aircore drilling within these 10 new targets within the next two weeks.

Managing Director George Sakalidis said with Australian gold prices at record levels, the broader HN9 project area – with its potential for large-scale, shallow deposits and its proximity to existing, third-party operations – is shaping up into a significant play

Ongoing drilling continues to strike gold

Extensional drilling at Lady Julie Central continues to intersect thick zones of gold, some of which start from surface.

Notable results include:

  • 30m at 2.65g/t gold from a down-hole depth of 6m in MLJRC453;
  • 36m at 1.0g/t gold from surface in MLJRC475;
  • 52m at 1.1 g/t gold in MLJRC448; and
  • 2m at 12.8g/t gold from 29m in MLJRC456.

Sakalidis says the multiple, shallow intersections are exciting as they continue downdip and thicken as shown with the intersection in MLJRC448.

“There are thick intersections at Lady Julie WMC and Lady Julie 4 and Homeward Bound South which are also being followed up with drilling,” he added.

Magnetic has now extensively drilled four main mineralised centres at the project – Lady Julie Central and Lady Julie WMC, Lady Julie 4, HN9 and Homeward Bound South – with drilling still ongoing at all save HN9.

All four areas are shallow deposits that have the potential to be open pit mines with low strip ratios that could significantly reduce mining costs.

 

 

 

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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