Magnetic’s gold drilling highlights potential scale of HN9
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Special Report: Magnetic’s Hawks Nest 9 (HN9) project is shaping up to be a large-scale shallow deposit after drilling intersected gold mineralisation further to the south.
The company has now defined a new Southern Thickened Zone (STZ) about 600m south of the original Central Thickened Zone (CTZ) after drilling returned a new intersection of 90m at 0.37 grams per tonne (g/t) gold from a depth of 80m including 8m at 2.5g/t from 80m, 60m north of a 7m interval grading 3.04g/t gold from 108m.
Magnetic Resources (ASX:MAU) says the new zone contains some very thick intersections and is 600m south of the CTZ where there is similar robust intersections including 104m at 0.82g/t gold from 8m with a higher grade zone of 20m at 2.23g/t gold and remains open to the north-northeast and south-southwest.
Managing director George Sakalidis says that with near record gold prices and proximity to two existing gold mines, which could potentially toll treat ore, HN9 has the potential to be a large-scale shallow deposit with some high-grade intersections and many large thick intervals with potential for bulk tonnage.
“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 added.
“The multiple stacked lodes within the Central Thickened Zone have similarities to the stacked lodes at the Wallaby, Sunrise Dam and Jupiter major gold deposits.”
Magnetic plans to carry up a follow-up drill program of 18 holes totalling 3,000m to infill and extend these promising intersections within the STZ and test for any potential linkages with the CTZ.
This is part of a broader 103-hole program totalling 11,253m that is aimed at defining an indicated resource that has enough geological and grade continuity information to support mine planning at HN9.
A seismic survey will also be carried out in early December to map the subsurface structure and search for prospective thickened shallow-dipping gold-rich multiple lodes.
“We are looking forward to testing a number of promising intersections and potential extensions and potential large-scale targets generated from the shallow seismic survey, which in recent times has been increasingly used in and around operating gold mines,” Sakalidis noted.
The southern part of HN9 is now interpreted to split into three northeast-trending mineralised zones that are open to the northeast and southwest and are now being tested over a total length of 1100m.
Other areas are also being assessed for their potential for thickened zones.
Magnetic notes that there are now at least four discernible mineralised lodes that mostly dip shallowly to the east and plunge shallowly to the northeast within the CTZ.
These have some very thick intersections and show similarities with adjacent major gold deposits such as Wallaby, Sunrise Dam and Jupiter.
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.