Magnetic Resources (ASX:MAU) is anticipating further ‘good’ results from the remaining assays from reverse circulation (RC) and diamond drilling at its Lady Julie North 4 deposit in Western Australia.
The pending assays are for 7 RC holes for 866m and 8 diamond holes for 1,478m from the central and southern part of the deposit, where previous ‘thicker’ intersections are being followed up at depth and through infill drilling.
This announcement comes after Magnetic reported ‘outstanding’ thick drill intersections from the central part of Lady Julie North 4, including drillhole MLJRC738 with 60m @ 3.6g/t Au from 96m; MLJRC736 with 60m @ 1.8g/t Au from 80m; and MLJRC735 with 24m @ 1.89g/t Au from 56m.
Commenting on the ongoing exploration activities, Magnetic Resources Managing Director George Sakalidis says: “With the Australian gold price at near record levels of $2,845, 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.
“This central section is very promising due to the excellent grades and thickness found here”
This central section is very promising due to the excellent grades and thickness found here. In addition, a number of these intersections closed in mineralisation and occur outside the known resource. This provides strong potential to grow the LJN4 resource.
This is an exciting time for the company, having announced its expanded mineral resource on 3 February 2023 and now looking to further increase the size of the LJN4 resource by recent drill testing the upper and lower stacked zones with a very large 61 RC/DD holes for 8,642m, which has recently been completed with results pending.
Concurrently, the Blue Cap studies are near completion, which provides the company with the ability to fast-track work approvals and further assess the economics of the deposits.”
Additionally, Magnetic is conducting a follow-up deeper RC and diamond drilling, which will test and look to extend 2 to 3 stacked lodes found in the central and northern parts of Lady Julie North 4.
The company says many of these are outside of the resource and have the potential to enlarge the Lady Julie North 4 resource of 3.2 million tonnes @ 1.93g/t Au for 204,900 ounces @ a 0.5g/t cutoff.
Magnetic Resources is a new emerging gold producer in Western Australia. The company is focused on developing a portfolio of ‘significant’ gold projects, namely Lady Julie Central, Lady Julie North 4, and Hawks Nest 9.
Write to Aaliyah Rogan at Mining.com.au
Images: Magnetic Resources
