Magnetic takes the gold hunt deeper at Lady Julie
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Special Report: Magnetic is drilling deeper in the northern part of its Lady Julie project in Western Australia to follow up on a promising intercept of 16m at 1.1g/t gold from 64m.
It will also drill test previous high-grade results in other areas at Lady Julie such as 2m at 13.2 grams per tonne (g/t) gold from 33m, 4m at 8.3g/t gold from 18m and 10m at 7.5g/t gold from 24m.
Magnetic Resources (ASX:MAU) notes that the northern-most mineralised area at Lady Julie shows a close associated with altered porphyries like its exciting Hawks Nest 9 (HN9) deposit.
Managing director George Sakalidis says the company’s HN9 and Lady Julie projects have the potential to host a shallow, large-scale mining centre thanks to the record high Australian gold price and their proximity to the Granny Smith operations owned by Gold Fields Australia and Dacian Gold’s Jupiter operations.
“The northern part of the Lady Julie and numerous other mineralised areas have some promising intersections which are being followed up with deeper drilling, which have similar shallow dipping mineralised porphyries as the HN9 area,” he added.
Sakalidis notes that the drill program of 30 holes totalling 1,735m will commence shortly while infill soil geochemical sampling will be carried out to infill three areas outlined by a previous soil program.
The majority of the upcoming holes will be drilled within the northern-most area at Lady Julie, which has been the focus of most previous drilling.
Magnetic notes that the Lady Julie mineralised areas start just between 1km to 2.5km east of the thickened gold-rich porphyry zone at HN9 and could be part of the HN9 enlarged potential mining centre where multiple pits may be opened up.
It added that extensive lines of drilled mineralisation with greater than 1g/t gold are evident in both areas, which augers well for their economic potential.
Already, soil geochemical work testing for a potential linkage between the two areas has already outlined a 500m soil anomaly over the Bonnie Dendee, Ajax and Safed historical pits.
Infill and extension soil geochemistry is planned here and within two large subtle northeast trending geochemical anomalies north and northeast of the thickened zone that may represent anomalous soils over deeper potential thickened porphyry targets.
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.