A second parallel north-west mineralised structure is interpreted only 100m to the south and is being further investigated with three RC holes after intersecting 24m at 2g/t gold from 152m.

Infill drilling at Lady Julie Central has also intersected some very high-grade and some high-grade thicker intersections, some of which start from surface including 20m at 3.57g/t gold, 16m at 9.89g/t gold from 44m and 4m at 37.63g/t gold from 44m.

These intersections demonstrate mineralisation that is great for open pit mining with Magnetic Resources (ASX:MAU) now focusing on infilling the 1km target zone to get it to an indicated category.

Around 10 large new targets

Ten large new targets have been located mainly to the northeast and south of Lady Julie Central, after using the results of a recently completed structural study in combination with reprocessed historical aeromagnetics and ground gravity images.

The best targets interpreted are where NNW and NE trending structures intersect known and interpreted porphyry intrusions sometimes associated with mafic rocks.

Existing drill testing has mostly been testing the western part of the Lady Julie 6.5km x 1.5km strip, where there is minimal soil cover and only represents less than 20% of this prospective zone.

AC drilling within these high priority 10 targets has been completed and MAU says results are pending.

Four main mineralised centres

There are now four main mineralised centres that have been extensively drilled where further drilling is planned.

They include Lady Julie Central and Lady Julie WMC, which is being drill-tested over a 1km length, Lady Julie 4 where MAU is testing over 500m length, HN9 (2.5km length), and Homeward Bound South (being tested over a 1km length and is within the 5km mineralised Federation shear zone).

These four mineralised areas are all shallow deposits and, in some cases, starting from surface providing low strip ratios and potential for economic ore that is open-cuttable.

Assays are pending for 32 RC holes for 3,127m, 89 AC holes for 3,264m and three diamond holes for 302m.



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.