Strategic Acquisition Expanded Tenement Holdings
Magnetic Resources (ASX:MAU) has elected to expand its interests after obtaining high-grade results at Lady Julie North in Western Australia.
The obtained the best and most consistent shallow intersection to date, with 38m at 3.6g/t gold from 32m including 16m at 5.6g/t from 54m in MLJRC162, leading to the purchased of a 100% interest in permit P38/4170 Mining Equities (for $67,500 in cash.
P38/4170 (80 hectares) has numerous significant gold intersections within a 700m length including, 13m at 2.08g/t from 66m in RFRC014, 11m at 1.05g/t from 48m in RFAC109, 11m at 1.64g/t from 97m in RFRC015, 3m at 6.25g/t from 51m in RFAC307.
Two NS thrust zones also pass through the western edge of this tenement and are the same ones that contain our 36m at 3.6g/t from 32m in Hole 162 in Lady Julie North1 2km to the south. This addition expands the prospective target length of the Lady Julie North targets to 4.6km in length.
In addition, a 100% interest in P38/4126 has been acquired from Roger Thomas Graham for $55,000 cash. This tenement has been mainly used by prospectors looking for nuggets and it contains many historical workings that lie along a NS thrust zone, which is only 500m west of our HN9 deposit.
Magnetic completed some drilling just to the east of this tenement and we were targeting the NS thrust that passes through P38/4126 at depth and intersected a high-grade zone with1m at 58.5g/t from 91m in MHNRC1010.
A detailed drilling programme of 110 holes totalling 10,310m is in progress mainly covering Lady Julie North 1, 2, 3, Lady Julie Central, HN9, HN5 West and HN9 Thrust 3.
In addition, due to the success of the soil geochemistry method working over the HN9 deposit and the new high-grade intersection at Lady Julie North1 a large soil geochemistry programme is starting, utilising a detailed 50mx50m grid over 2.2 sq km area and is being carried out directly north of Lady Julie North1 and includes coverage over the newly acquired P38/4170 and P38/4126.
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.
There are now at least four discernible mineralised lodes recognised that mostly dip shallowly around 20–30° to the east and plunge shallowly to the northeast within the Central Thickened zone. There are at least four stacked thickened lodes with some very thick intersections including 104m at 0.82g/t from 8m in MHNRC582 including 20m at 2.23g/t from 95m and 70m at 0.49g/t from 13m in MHNRC541. These multi-stacked thickened lodes show similarities with the adjacent Wallaby, Sunrise Dam and Jupiter major gold deposits. More results are pending for this area and further drilling is in progress to the NE where it remains open.
This Central Thickened Zone crosscuts the NNW-trending near-surface flat-dipping mineralisation and may represent a blowout zone at the intersection of the NNW shear zone with NE-trending porphyries and dolerites, where four separate shallow-dipping porphyry zones coalesce and thicken.
Following on from these exciting new results and outlining of targets associated with the thrust zones, a large drill programme of 110 RC holes for 10,310m testing the ten target areas.
For further info please visit: https://magres.com.au/
