Western Australian focused Magnetic Resources NL (ASX: MAU) had an active half year for the period ended December 31, 2021 with noted drilling success.
Laverton Area
Magnetic Resources NL has 261 sq. km in the Laverton region comprising E38/3127 Hawks Nest, E37/3100 Mt Jumbo, E38/3205 Hawks Nest East, E38/3209 Mt Ajax, P38/4317–24 Mt Jumbo East, E39/2125, P39/6134-44 Little Well and P38/4346, P38/4379-84, P38/4170 Lady Julie.
Lady Julie (P38/4346, P38/4379–4384)
Multiple both thick and high-grade zones starting from surface are found at Lady Julie after our most recent infill and extension drill programme.
These promising anomalous gold zones are still open to the SE as shown up by MLJRC448 with an intersection of 88m at 1.3g/t from 68m. This promising southern part of the Lady Julie North 1 target zone area is being tested in detail over a 1km length with 33 RC holes planned for 3518m averaging 107m per hole.
The next drill programme of 33 RC holes for 3518m will be testing between 100 to 250m depth looking for further enriched zones, defining the different stacked zones and vertical mineralised shoots. This programme will also assist in the location of deeper holes into the underlying porphyry and porphyry contact positions.
Infill RC drilling within the very high-grade intersection zones have shown that they are associated with pervasive vertical zones (shoots) with grades greater than 10g/t. Some of these intersections include 2m at 21.4g/t Au from 43m in MLJRC292 and 2m at 21.0g/t Au from 3m in MLJRC457 and 1m at 59.5g/t Au from 22m in MLJRC348 and 4m at 15.1g/t Au from 32m in MLJRC453. Further infill RC and diamond drilling is designed to define the true extent and distribution of these enriched high-grade shoots that lie within the promising thicker intersections.
Lady Julie North 4 (P38/4170)
Initial RC drilling completed at Lady Julie 4 have resulted in two excellent thick intersections, 28m at 2.0g/t Au from 36m including 16m at 3.37g/t Au from 40m in MLJRC439 and 40m at 1.79g/t Au from 60m including 8m at 6.67g/t from 60m in MLJRC442. This early result is very encouraging and a follow up programme of 14 RC holes for 1720m over a large 700m strike length is being carried out.
Lady Julie 4 is only 2.5km north of Lady Julie 1 where Magnetic intersected a significant number of seventeen thick high-grade intersections. Two of these include 25m at 4.38g/t Au from 0m in MLJRC348 and 36m at 4.01g/t Au from 116m in MLJRC406.
Within the HN5, HN6, HN9 and Lady Julie areas there are many new shallow intersections (Fig 2-4 and Table2-4) with a total of 1,626 intersections (ranging from 1 to 30m) greater than 0.5g/t Au, which includes 717 greater than 1g/t Au, 269 greater than 2g/t Au, 148 greater than 3g/t Au and 91 greater than 4g/t Au.
The results from the 2D seismic survey and the recent major drill programmes as well as historical drillings results have led to the interpretation of 15km of gold targets in 10 areas within HN5, HN6, HN9 and Lady Julie.
This zone between the two thrusts is very prospective and there are numerous NS workings, mineralised drillholes and anomalous soil geochemical areas, which are in the process of being further drilled.
Both the mineralised targets at HN9 and Lady Julie North appear to straddle two deep seated thrusts, with HN9 being a major 3km-long mineralised zone. The eight thrust zones that come to surface continue to the north and south over an extensive 6km length and shallow RAB and or soil geochemistry is being planned to help outline any further anomalous gold areas worthy of follow up drilling
Homeward Bound South (P39/5928, 5929, 5932-5934,5455,6175, P37/9144)
Magnetic Resources announced on 29 November 2021 that after its RC drilling programme completed for 14 holes for 1780m, a 1km prospective zone has been identified with the best intersection to date at Homeward Bound South of 20m at 2.98g/t from 64m in MHBSRC025.
The prospectivity of this shear zone (called the Federation shear zone) has increased as it is now recognised that the dip of the mineralised zone is close to 90° rather than 60° to the east and some of the previous drilling did not drill deep enough to intersect this prospective shear. As a result, 11 further holes are planned for 780m to help better define the gold-rich prospective shear zone. The shear zone shows up as a distinct aeromagnetic low zone interpreted to result from alteration within the shear zone.
The Homeward Bound South Project is comprised of 7 tenements (13km2) shown on Figure 6. It is situated 50km west of the very promising HN9 and Lady Julie projects.
A number of M&A situations have occurred within the region. St Barbara, who own the Sons of Gwalia Mine (>7.3Moz) at Leonora, having taken a 19.8% position in Kin Mining in July 2021. Kin Mining have a number of gold projects in the Cardinia area. In addition, Dacian Gold, who own the Jupiter Mine (1.3Moz) merged with NTM in March 2021 with numerous gold deposits north of Mertondale 5.
“Homeward Bound South shows excellent upside with the recent reinterpretation of the dip of the gold mineralised Federation shear and the strong intersection of 20m at 3g/t from 64m in MHBSRC025 within a 1km prospective zone. Also, this Project is strategically located and is 40km east of Leonora and 60km west of HN9 at Laverton and is in an area where there has been some recent M&A activity,” Managing Director George Sakalidis said.
For further information please visit: https://magres.com.au/
