Magnetic uncovers more gold at Lady Julie near Laverton
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Special Report: Magnetic has intersected some promising shallow gold results at its Lady Julie project only 1km from the 3km long HN9 Project near Laverton, Western Australia.
Fresh from last week’s “breakthrough” discovery of a 57m-thick mineralised intrusive porphyry that could be a feeder zone for its exciting HN9 gold project in Western Australia, Magnetic Resources (ASX:MAU) has now reinforced its belief that the area could be host to a new mining centre.
Initial results from the maiden 90-hole drilling program at the Lady Julie project included 1m at 18.18 grams per tonne (g/t) gold from a depth of 15m, 2m at 5.44g/t gold from 29m and 6m at 1.79g/t gold from 1m.
The drilling has outlined two strongly mineralised western shears trending north-south over a cumulative 1.3km of strike at the project. A further 684 soil samples are being taken to ascertain the size of these mineralised zones. These shears are just 1km and 1.5km east of HN9.
Additionally, the mineralisation at Lady Julie shows a close association with altered porphyries, which is similar to the mineralisation found at HN9.
Magnetic had previously completed a geochemical program over most of Lady Julie that identified several anomalous areas, some of which are similar to HN9.
Both detailed ground magnetics and the remaining soil geochemical surveys will be completed before a further shallow 30-hole program is carried out to test for extensions to the north and south as well as at depth below promising intersections.
Magnetic has an option valid until March 17, 2020 to acquire the Lady Julie tenements for $50,000 in cash and 300,000 MAU shares.
Last week, the company said the three separate porphyry horizons at HN9 were an indicator of deeper mineralisation.
To provide some context, all the nearby large deposits in the region including Wallaby (7Moz), Sunrise Dam (10Moz) and Jupiter (1.3Moz) have persistent internal shallow dipping mineralised lodes.