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Mining
Magnetic says these latest intersections are “very encouraging” and a follow-up program of 14 RC holes for 1,720m is being carried out over a 700m strike.
Magnetic Resources has hit two thick intersections in recent reverse circulation (RC) drilling at the Lady Julie 4 prospect near Leinster in Western Australia.
The latest intersections include 28m at 2g/t gold from 36m, including 16m at 3.37g/t gold from 40m in drill hole MLJFC439 and 40m at 1.79g/t from 60m, as well as 8m at 6.67g/t from 60m in MLJRC442.
Magnetic (ASX:MAU) believes this early result is “very encouraging” and a follow up program of 14 RC holes for 1,720m over a large 700m strike length is being carried out.
Lady Julie 4 is 2.5km north of Lady Julie, where MAU has intersected 17 high-grade intersections – two of which include 25m at 4.38g/t from 0m and 36m at 4.01g/t from 116m.
In addition, seven deeper RC holes for 1540m are now planned to test for the further downdip extents, which are open to the southeast.
The company expects the width to increase as these intersections in MLJRC406 and MLFRC404 are open to the east and down-dip.
Further drilling will test this expanded zone over a 600m x 350m area.
Within the HN5, HN6, HN9, and Lady Julie areas there are many new shallow intersections with a total of 1,543 intersections greater than 0.5g/t gold, which includes 668 greater than 1g/t, 246 greater than 2g/t, 133 greater than 3g/t, and 83 greater than 4g/t.
The recent 2D seismic survey, combined with results from recent drilling programs as well as historical drilling results, have led to the interpretation of 15km of gold targets in 10 areas within HN5, HN6, HN9 and Lady Julie.
MAU says the “best looking target” so far, besides the 3km long HN9 mineralisation, is Lady Julie North, where there are many intersections including what the company has described as an “outstanding” intersection of 41m at 2.6g/t from 31m including 15m at 4.2g/t from 52m in MLJRC162 and 64m at 2.4g/t from 88m in MLJRC406.
This zone between the two thrusts is very prospective with numerous mineralised drillholes and anomalous soil geochemical areas in the process of being drilled.
MAU says both the mineralised targets at HN9 and Lady Julie North appear to straddle two deep-seated thrusts, with HN9 being a major 3km-long mineralised zone
The eight thrust zones that come to surface continue to the north and south over an extensive 6km length and shallow RAB and/or soil geochemistry is being planned to help outline any further anomalous gold areas worthy of follow-up drilling.
An air-core program has begun with assays received for the first seven holes from 303m and a further 25 air-core holes for 1,054m pending.
There are now at least two discernible mineralised lodes recognised that mostly dip shallowly between 20-45° to the east at Lady Julie.
More results are pending for this area and further drilling is in progress to the SE where it remains open.
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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