Magnetic Resources (ASX:MAU) has expanded the northern zone at its Lady Julie North 4 (LJN4) deposit in Western Australia to more than 600m down-plunge.
After several deep drillholes, the company found that the northern zone — which plunges to the southeast — is much larger than previously estimated. The 400m-long northern ultramafic zone is still being tested further at depth.
The northern zone is associated with silica and green fuchsite and is also bigger in size than the southern silica pyrite and breccia zone. It is considered to be at least 650m down-dip and up to 200m long. The zone is open in the down-dip and down-plunge directions.
As a result, Magnetic, which has a market capitalisation of $274.77 million, says a new resource study has begun, which will then be followed by an updated economic study that will take into account the rising commodity prices.
Magnetic adds that it is particularly interesting that the company has eight stacked lodes in the central part of LJN4. One deep hole was drilled to 714m, testing for stacked lodes beneath the current mineralised stacked lodes. Results are still pending.
Further, two drillholes — MLJDD054 and MLJDD055 — are still in progress and are designed to test for further down-dip extensions by 150m and 100m.
Magnetic adds that assays are also pending for an additional five diamond drillholes.
LJN4 covers a 750m by 150m area and has an indicated and inferred resource of 3.3 million tonnes at 1.93 grams per tonne (g/t) gold for 204,900 ounces.
Magnetic Resources is an emerging gold producer with assets in Western Australia. The company is focused on its Lady Julie Central, Lady Julie North 4, and Hawks Nest 9 projects in the Laverton region.
Magnetic Resources will be presenting at the upcoming Vertical Events 2024 Gold Coast Investment Showcase, being held on 19 and 20 June at the JW Marriott Gold Coast Resort & Spa, Queensland.
Mining.com.au is a media partner of this year’s event. To register click here.
Write to Aaliyah Rogan at Mining.com.au
Images: Magnetic Resources
