Magnetic’s Lady Julie North stuns with thick, shallow gold hit

Magnetic has recorded its best and most consistent shallow gold intersection to date at the Lady Julie North system within its portfolio in WA’s Goldfields.

The outstanding 38m intersection grading 3.6 grams per tonne (g/t) gold from a depth of just 32m that includes a high-grade zone of 16m at 5.6g/t from 54m has prompted the company to kick off a follow-up 13-hole program.

The program will total 1,270m to extend this mineralisation within the 2km long Lady Julie North 1 target zone.

Detailed soil sampling is also being carried out directly north of this target over a 1.9km length within two thrust zones that have great depth extent.

The action is not restricted to Lady Julie North.

Magnetic Resources (ASX:MAU) added that drilling of a 250m long anomalous soil geochemical zone of up to 229 parts per billion gold at HN5 had returned its best intersection to date of 4m at 62.5g/t gold from 52m.

Once again, the company will follow up on this result with a further seven holes totalling 600m.

Managing director George Sakalidis says that with Australian gold prices at near record levels of $2,370 and the proximity of the HN9 project area to Gold Fields’ Granny Smith operations and Dacian Gold’s Jupiter operations, the results were exciting and warrant follow-up.

“A total drill programme of 110 RC drillholes for 10,310m is being carried out and further analysis of the extensive eight seperate 6km long NS thrusts is being planned to include both shallow RAB and/or soil geochemistry to help outline any other anomalous gold areas that have not been previously assessed.”

Other activity

At Lady Julie Central, which is considered to be one of the best-looking targets in its portfolio, the company plans to drill 16 infill holes.

It also intends to drill 13 reverse circulation holes at HN9 Thrust 3 to follow up on an intersection of 1m at 58.5g/t gold from 91m and two holes at HN6 Thrust 2.

The company notes that the newly discovered multiple shallow dipping extensive thickened lodes at HN9 are a potential indicator for deeper mineralisation as all the numerous nearby large deposits in the region including Wallaby and Sunrise Dam have persistent internal shallow-dipping mineralised lodes that are often called shear zones.

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.