Two massive intersections augur well for the expansion of the 109,000oz Lady Julie North 4 resource, part of Magnetic’s Laverton project in WA.

In June, Magnetic Resources (ASX:MAU) released a maiden combined resource at Laverton of 511,000oz across a number of deposits.

But there’s plenty more to be found here, as illustrated by the two latest intersections, released today:

  • 67m at 1.8g/t from 101m in MLJRC689A, and
  • 56m at 1.52g/t from 92m in MLJRC679

These holes – both ending in mineralisation — come from outside the 109,000oz Lady Julie North 4 resource, which is “expanding in size and depth”, MAU says.

Also outside the current resource are two hits further north which indicate a thickening of the mineralisation — 8m at 6.94g/t and 18m at 4.98g/t.

“Follow-up drilling of 10 RC holes for 1,580m is initially planned, with diamond tails for the deepest holes, MAU says.

“These deeper holes will be testing two stacked zones at depth where we see thickening occurring.”

Assays are pending for two diamond tails, 6 RC holes, 18 AC holes and 3 diamond holes.

An emerging gold mining centre

Hard-drilling MAU has gold all over the joint at Laverton.

Lady Julie North 4 is 2.5km from Lady Julie Central which, in turn, is 2.5km of HN9.

“These three areas are shallow deposits and, in some cases, starting from surface providing low strip ratios and potential for economic ore that is open-cuttable and are effectively part of one mining centre,” MAU says.

New infill drilling (to increase confidence in the resource) at Lady Julie Central have outlined “robust” hits from surface, like 23m at 3.29g/t.

Also, and importantly, a deeper hit of 24m at 2.03g/t from 14m is thicker and outside the calculated resources.

More drilling has been completed designed to expand this promising zone at depth. Results are pending.

A 38-hole AC drilling program was also completed, hunting for more shallow deposits along a shear zone between the Lady Julie 4 and Mt Jumbo gold resources.

Early results are encouraging, the company says.




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.