Magnetic Resources (ASX:MAU) has kicked off reverse circulation (RC) and diamond drilling (DD) at its Lady Julie North 4 (LJN4) tenement in Western Australia following the completion of an oversubscribed placement.
The company says the RC and DD programs have been designed to increase and upgrade the resource at LJN4, as well as follow up on promising thicker intersections, including 96m @ 1.3g/t Au from 54m in drillhole MLJRC669.
The company says the RC and DD programs have been designed to increase and upgrade the resource at LJN4
Magnetic reports the exploration work will also include additional drilling to the south of the tenement in search of satellite deposits, geotechnical diamond drilling for pit slope determination, early work technical studies, publishing feasibility studies, and initial preparations for the start of mining.
Drilling is being undertaken by 3 drill rigs — 2 diamond and 1 RC rig — and follows the completion of an oversubscribed placement that brings the company’s cash reserves to over $5.5 million.
Magnetic Resources is an ASX-listed gold company with a focus on its advanced Hawks Nest 9 and adjacent Lady Julie gold assets in the Laverton region of Western Australia. The area surrounding the project is considered well-endowed with gold mineralisation and has the potential for a mining centre following the completion of more drilling.
Exploration completed to date at the Lady Julie tenement includes an initial program comprising 120 RC holes totalling 5,943m and has confirmed the project is ‘strongly mineralised’.
Images: Magnetic Resources Ltd
