Magnetic’s HN9 plot looks like a ‘large-scale’ gold deposit
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Magnetic’s Hawks Nest 9 project is shaping up into a large-scale, shallow gold deposit with infill drilling defining at least four stacked lodes in its south.
Importantly, the lodes remain open to the northeast and southwest while showing similarities with the adjacent Wallaby, Sunrise Dam and Jupiter major gold deposits.
This follows the receipt of high-grade intersections topping up at 4m at 70.7 grams per tonne (g/t) gold from surface from the infill drilling program that was completed before the end of 2020.
The infill drilling was designed by Magnetic Resources (ASX:MAU) to help establish a higher confidence indicated resource with sufficient information on geology and grade continuity to support mine planning.
Managing director George Sakalidis says HN9 is shaping up into a potential large-scale shallow deposit with the addition of a large thickened mineralised zone trending to the NE that contains some high-grade intersections and many large thick intersections with potential for bulk tonnage.
“Extensive drilling is planned both for infill and extension drilling to get the resources to an indicated resource status and to test the new Southern Thickened Zone over a 4km length,” he added.
A further very ambitious drill programme of 98 RC drillholes for 11,937m is planned at HN9 and the shallow seismic survey results are due to start in mid-February, which will map the subsurface structure and potential intrusions and deep-seated tapping structures for the 3km long HN9 deposit.
“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 down to 300-400m depth, which in recent times has been increasingly used in and around operating gold mines.”
Assays are still pending for 32 holes totalling 2,026m from the most recent infill drilling program.
Drilling has identified a new Southern Thickened Zone, 600m south of the original Central Thickened Zone, after drilling returned a hit of 90m at 0.37g/t gold from 80m that includes 8m at 2.5g/t gold from 80m. This zone remains open to the north-northeast and south-southwest. In addition, the southern part of HN9 is now interpreted to split into up to four NE-trending mineralised zones that are open to the NE and SW and are now being tested over a total length of 1100m.
A very ambitious large drilling programme is currently underway totalling 195 RC holes for 19,572m. These drilling programmes are planned to test and extend the 3km coherent drilling intersections pattern (greater than 1g/t Au) at HN9 to a 4km length and to test mineralised zones 1km to the south of the Southern Thickened Zone and 1.5km west of HN9. At Lady Julie the drilling will cover a 3km length linking various mineralised drilled zones and historical workings within four long NS mineralised linear shear zones.
The upcoming seismic survey is expected to help outline the scale of existing thickened zones, other thickened zones, intrusions at depth and controlling deep seated structures for the 3km long HN9 mineralisation.
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.