• Deep drilling hits higher grade gold at LJN4
  • Eastern extension of breccia zones returning thicker gold intercepts
  • Follow-up planned for Chatterbox shear zone

 

Drilling confirms that gold grades at Magnetic’s Lady Julie North 4 deposit increase with depth, with this latest intercept “the best to date”.

The high grade 40m at 7.21g/t chunk from 192m is within a broader mineralised envelope of 120m at 2.68g/t from 152m, which is within 180m at 2.01g/t from 92m. That’s thick.

Lady Julie North 4 is part of the 605,000oz Laverton project which also includes Lady Julie Central, HN9, Mt Jumbo and Homeward Bound South, the Lady Julie Central deposit and the Hawks Nest 9 deposits.

 

Finding the next Wallaby

All are shallow deposits which start from surface in some areas, providing for low strip ratios and the potential for economic ore that is open-cuttable and effectively part of one mining centre.

However, the nearby Sunrise Dam, Wallaby and Jupiter gold deposits have persistent internal shallow-dipping mineralised lodes which, in the case of Wallaby, have been defined down to 1500m depth.

At HN5, 6, 9 and Lady Julie, the average hole depth is only 77m providing tremendous scope to chase these things deeper.

This new hit is downdip from a previous intercept of 42m at 4.62g/t gold from 156m including 10m at 10.06g/t gold from 157m in hole LWE03.

And it is not just drilling at depth that’s delivering rewards for Magnetic Resources (ASX:MAU).

Hole MLJRC789 also neatly demonstrates that the target zones, which remain open to the east, have thicknesses which increase dramatically in that direction.

Previous holes in this zone within the central and southern part of LJN4 include MLJRC779 which had performed better than expected with a 112m intercept at 1.81g/t gold from 172m as well as 24m at 4.78g/t gold from 64m.

Managing Director George Sakalidis noted the outstanding drill results were returned from the centred and southern end of LJN4, where the company saw up to three stacked zones.

“These zones containing MLJRC789, MLJRC779, MLJRC679 and LWEO3 are now being extended by new drilling at depth and further to the east,” Magnetic Managing Director George Sakalidis said.

Sakalidis also indicated that besides the strong potential of the thick breccia silica pyrite alteration zones to grow the current LJN4 resource, the 4.5km southern extension along the Chatterbox shear remained a high priority target due to its gold-rich deposit inventory.

Lady Julie is made up of two deposits, The Lady Julie Central Deposit and Lady Julie North 4 which currently have an indicated and inferred resource of 5.89Mt grading 1.68g/t gold, or 317,900oz contained gold, making it the single largest deposit within its Laverton tenements. This resource has potential to increase substantially with the new intersections since the last resource was calculated in February 2023.

 

More drilling

Magnetic is currently drilling four RC holes to test the 250m breccia zone with assays from three RC holes pending.

It is also drilling four RC holes and seven diamond holes to test the eastern extension of the breccia zone to help outline and extend these very thick zones at depth and to the east.

Work is also underway to follow-up thick gold-rich alteration zones at LJN4 along the high priority Chatterbox Shear.

 

 

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.

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