Listed gold hopeful Magnetic Resources (ASX:MAU) has reported another string of ‘deep’ intersections over the length of its Lady Julie North 4 (LJN4) deposit within its wider Laverton Project in Western Australia.
The hits come from recent reverse circulation (RC) drilling completed by the $247 million market capitalisation company in the area.
Magnetic says after a ‘significant’ intersection of 16m @ 4.51 grams per tonne gold from 411m, it drilled 6 deeper holes to ascertain the depth continuity in other parts of the LJN4 deposit.
As for the northern part of LJN4, Magnetic says the 2 holes in this area both ended in ‘thick’ zones of distinctive green alteration, and both were ‘strongly’ mineralised.
The company says the northern part of LJN4 is now continuous over 300m down-dip, the central part is continuous down-dip to 550m, and the southern part is continuous down-dip to 400m.
Magnetic Managing Director George Sakalidis says: “With the Australian gold price at record levels of $3,123, the Laverton Project Resources, encompassing Lady Julie Central, Lady Julie North 4, HN9, Mt Jumbo and Homeward Bound South, are shaping up and have potential for large-scale shallow open-cuttable deposits.”
These new results come just months after Magnetic increased the overall resource at its Laverton project by 107% to 22.7 million tonnes @ 1.69g/t for 1.24 million ounces of gold. This resource increase was supported by a 317% boost to the resource at LJN4.
Since then, Magnetic has completed several deeper step-out holes at LJN4 to see if the resource extends further at depth.
The company says it expected the structure and mineralisation to continue at depth within a regional scale structure known as the Chatterbox shear, which is home to the LJN4, Apollo, Beasley Creek, and Wallaby deposits.
A seismic survey completed by Magnetic back in February 2021 shows a depth extend of 1.5km in this zone.
Images: Magnetic Resources
