ASX-listed gold company Magnetic Resources (ASX:MAU) reports it has received the thickest gold intersections to date following reverse circulation (RC) drilling at the Lady Julie 4 Deposit in Western Australia.
The results, generated by 2 new RC drillholes conducted outside of the resource (MLJRC689A and MLJRC679) demonstrate that gold mineralisation is expanding in size and depth, and indicate that the Lady Julie North 4 deposit can be expanded outside of the current resource boundaries.
Key intercepts from these 2 drillholes include hole MLJRC679 with 56m at 1.52g/t Au from 92m; and MLJRC689A with 67m at 1.8g/t Au from 101m.
Meanwhile, the company reports it is seeing a thickening of intercepts from drillholes MLJRC686 and MLJRC687, which were conducted further north of the deposit and outside of the resource boundary.
Intercepts returned from this northern area include hole MLJRC686 with 8m at 6.94g/t Au; and hole MLJRC687 with 18m at 4.98g/t Au from 89m.
Magnetic announces that follow up drilling of 10 RC drillholes is being planned to be undertaken within this northern area and will target 2 stacked zones at depth.
Speaking on the results, Magnetic Resources Managing Director, George Sakalidis says: “With the Australian gold price at record levels of $2700, the Laverton Project resources encompassing Lady Julie Central, Lady Julie North 4, HN9 and Homeward Bound South at Laverton, are shaping up and have potential for large-scale shallow open-cuttable deposits.”
“Laverton Project resources encompassing Lady Julie Central, Lady Julie North 4, HN9 and Homeward Bound South at Laverton, are shaping up and have potential for large-scale shallow open-cuttable deposits”
The company also notes that drilling intersections returned from the Lady Julie Central, and just north of the centre of the deposit have outlined robust ‘high-grade’ gold mineralisation from surface.
Further intersections were reported to be thicker and outside of the calculated resource to the west. Additional drilling has been completed on this western region and was designed to expand this promising zone at depth, with results currently pending.
In addition, Magnetic Resources announces it has completed a 38 hole aircore (AC) program, which was designed to test the southern extension of the Lady Julie North 4 shear structure that is mapped and is expected to continue south towards the Mt Jumbo gold resource.
It is the company’s goal to uncover new satellite deposits in areas that have not been drilled. The company reports that half of the drill program results are currently pending.
The company’s Lady Julie North 4 deposit is located only 2.5km north of the Lady Julie Central deposit, which in turn is located 2.5km northeast of the HN9 deposit. These 3 areas are all shallow deposits and in some cases, start from the surface providing low strip ratios and potential for economic ore that is open-cuttable and are effectively part of one mining centre.
The Lady Julie North 4 deposit currently boasts an inferred and indicated Mineral Resource Estimate (MRE) of 2.7 million tonnes at 1.27g/t for 109,000 ounces of gold and forms part of the Lady Julie combined resources of 5.4 million tonnes at 1.27g/t for 224,000 ounce gold.
Images: Magnetic Resources NL
