That big gold-rich porphyry could run from HN9 to Lady Julie, Magnetic says

Special Report: A stone’s throw from the flagship HN9 discovery is the strongly mineralised Lady Julie prospect, which could “effectively be part of an enlarged potential mining centre”, Magnetic says.

The Magnetic Resources (ASX:MAU) share price is now up 820 per cent since the start of 2019, driven by a very significant gold discovery at Hawks Nest 9 (HN9) near Laverton in WA.

Drilling continues to uncover similarities to some of the region’s biggest multi-million-ounce gold deposits; but Magnetic is only just beginning to get a handle on the project’s potential scale.

Every time Magnetic drills, it finds more gold.

Just 2.5km away is Lady Julie, where the explorer has just completed a deeper 13-hole drilling program to follow-up some promising early intersections like 6m at 2.1g/t from 23m, 9m at 2.3g/t from 8m and 16m at 1.07g/t from 42m.

In addition, an extensive soil program is testing a potential ‘linkage’ of the well mineralised thickened porphyry zone from HN9  — with intersections of 70m at 0.49g/t from 13m and 16m at 2.76g/t from 96m — into the Lady Julie area.

A 684-soil sampling program has shown up several new targets to the north which are also being drill tested in this current program.

HN9 and Lady Julie are shaping up and have potential for a shallow large-scale mining centre, Magnetic managing director George Sakalidis says.

“The northern part of the Lady Julie has some promising intersections which are being followed up with deeper drilling over a 1.3km distance and has similar shallow dipping mineralised porphyries as the HN9 area,” he says.

“The company has completed ambitious large drilling programs at HN9 (91 RC holes for 5997m) and at Lady Julie (13 RC holes for 1195m) with results eagerly awaited.

“In addition, assays are pending for 388 soil samples linking the HN9 and Lady Julie area hoping to extend the NE trending thickened gold rich porphyry.”

READ: George Sakalidis: finding significant deposits where the ‘big guys’ can’t

This story was developed in collaboration with Magnetic Resources, a Stockhead advertiser at the time of publishing.

This story does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.