There’s more gold to be found at Magnetic’s Lady Julie North 4

Lady Julie North 4 is already a winner for Magnetic, however new thick intersections topping up at 56m at 2.2g/t gold from a depth of 96m proves that it has more to offer.

The intersection in hole MLJRC632 at Lady Julie North 4 includes a higher-grade zone of 20m grading 4.97 grams per tonne gold from 104m and is down dip from a previous intersection of 33m at 0.85g/t gold from 95m in MLJRC463.

Magnetic Resources (ASX:MAU) considers this higher grade core to be especially promising and intends to follow up with further infill holes to the north and importantly to the south where this mineralisation remains open.

Adding further interest, a strong pyrite chert alteration correlating with this zone has been logged for the first time and its extent will be examined once chip logging of the reverse circulation holes is completed.

“With the Australian gold price at high levels of $2,494, the Laverton project resources encompassing Lady Julie Central, Lady Julie North 4, HN9 and Homeward Bound South at Laverton, WA, are shaping up and have potential for large-scale shallow deposits,” managing director George Sakalidis said.

He added that the multiple thick intersections and higher-grade core at Lady Julie North 4 are all open down dip to the east.

Additionally, the 10 targets located mainly to the northeast and south of Lady Julie Central and the best targets hosting mineralisation at HN9 and Lady Julie are where north-northwest and northeast-trending structures intersect known and interpreted porphyry intrusions sometimes associated with mafic rocks.

“This is an exciting time for the company having announced its Maiden Resource on 27 June 2022, looking to increase the size of the Lady Julie 4 Resource with a new drill programme, testing for extensions of the high-grade intersection of 2m at 54.4g/t from 45m in MLJRC 539 at Lady Julie Central and commencing economic studies on four main deposits with significant shallow gold near surface which are all potentially open-cuttable,” Sakalidis added.

Increasing size and economics

Lady Julie 4 – located just 2.5km north of the Lady Julie Central deposit – is being investigated over an expanded 1km by 200m area and is open down dip and to the east and south-southeast.

The south-southeast direction is associated with a sinistral fault where the mineralisation is interpreted to be to the east of the main north-south trend of the deposit.

What’s particularly interesting is that these two deposits and the HN9 deposit, which is 2.5km southwest of Lady Julie Central, are all shallow deposits that start from surface in some cases.

All three are effectively part of one mining centre and any future development will likely benefit from low strip ratios and potential for economic ore that is open-cuttable.

Both Lady Julie Central and Lady Julie North 4 have combined resources of 5.4Mt grading 1.27g/t gold for 224,000oz of contained gold.

Current activity

The 1km by 200m target zone at Lady Julie North 4 is being infill drilled with an 18-hole RC program totalling 2,936m that is aimed primarily at extending the down-dip extent of the mineralisation at depth, test the south-southeast extension, and fully define the thickened higher-grade core.

Importantly, most of the holes are located outside the existing resource and success is expected to increase the size of the Indicated and Inferred resource at the deposit, which is currently estimated at 2.7Mt at 1.27g/t gold for 109,000oz of contained gold.

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.