Magnetic Resources confident Lady Julie gold target wide open to the southeast

Magnetic Resources latest infill and extension drilling at its Lady Julie gold asset has found multiple thick and high-grade zones starting from surface.

Key intersections from the drilling include:

64m at 2.37g/t from 88m, including 36m at 4g/t from 116m and 4m at 26.22g/t from 148m;
20m at 4.29g/t from 140m;
28m at 1.22g/t from 92m;
52m at 1.69g/t from 52m, including 36m 2.31g/t from 68m; and
25m at 4.38g/t from 0m, including 7m at 13.74g/t from 17m

The company says these promising anomalous gold zones are still open to the southeast and down dip where they are thickening.

Follow-up drilling is planned with 47 RC holes from 5,154m averaging 110m per hole depth and 79 AC holes for 4560m mainly within the 2km long Julie North 1 target zone.

Lady Julie North a priority target

Magnetic Resources (ASX:MAU) says the new intersection of 64m at 2.4g/t from 88m and 20m at 4.3g/t from 140m is increasing the width of the Lady Julie mineralisation on the eastern edge, expanding the prospective EW zone to at least 200m.

And the drilling is expected to increase the width further as these intersections are open to the east and down-dip.

The company has now interpreted 15km of gold targets in 10 areas within HN5, HN6, HN9 and Lady Julie areas – and there are now at least two discernible mineralised lodes at Lady Julie which show similarities with the adjacent Wallaby, Sunrise Dam and Jupiter major gold deposits.

The aim of the RC and AC drilling is to test and extend all 10 targets, with the aim of ultimately converting to an indicated resource.

Magnetic Resources — Pic: Map showing Hawks Nest and Lady Julie Projects near major gold mines and processing plants.

RAB and soil geochem planned

The company is also planning shallow RAB and soil geochemistry to outline any further anomalous gold areas worthy of follow-up drilling at Hawks Nest 9 and Lady Julie North – which appear to straddle two deep seated thrusts.

There are a total of eight thrust zones at surface over 6km and Magnetic Resources believes the Lady Julie North 1 and 2 targets are most compelling because they are associated with the two parallel Thrusts 7 and 8.

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.