Magnetic targets more gold with twin drilling campaigns

Special Report: Magnetic has kicked off the new year with two major gold drilling programs at its Hawks Nest 9 (HN9) and Lady Julie projects in Western Australia.

The 108-hole program totalling 12,519m at HN9 and 97-hole program totalling 7,595m at Lady Julie are both aimed at defining higher confidence indicated resources at the two projects, which collectively have potential for a mining centre.

Indicated resources have enough information on geology and grade continuity to support mine planning.

Magnetic Resources (ASX:MAU) adds that drilling at HN9 will also seek to extend the size of several subparallel northeast and north-northeast trending mineralised zones adjacent to the recently discovered Southern Thickened zone and to further evaluate the depth extent of some of the previous intersections. The expanded strike lengths being tested in these drill programmes are 4km at HN9 and 3km at Lady Julie.

It noted that previous drilling at both HN9 and Lady Julie reached an average depth of just 55m, which provides tremendous scope for deeper mineralisation potentially similar to the stacked lodes at the large Wallaby and Sunrise Dam deposits.

Managing director George Sakalidis says HN9 is shaping up into a large-scale shallow deposit with the outlining of a large NE trending thickened mineralised zone, containing some high-grade intersections and many large thick intersections with potential for bulk tonnage.

“This significant 3km mineralised shear zone is so far defined by 723 holes totalling 39,740m and is coherent. Extensive drilling is planned both for infill and extension drilling to get the resources to an indicated status and to test the new Southern Thickened Zone,” he explained.

Seismic survey

Results from a shallow 2D and passive seismic survey, aimed at delineating the very prospective thickened shallow dipping gold-rich multiple lodes below areas that are already strongly mineralised near surface like at HN9, HN5 and HN3 and Lady Julie, are expected by early February.

This work is expected to be able to readily delineate these near surface horizontal lodes and other targets down to a depth of 2km and assist in anticipated deeper drilling down to 300m depth. Most of the larger gold mines in the area are being mined to 1km depths.

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.