Raises A$2.6m To Advance Drilling At HN9 And Lady Julie
Magnetic Resources NL (ASX:MAU) has received binding commitments for approximately A$2.6 million. The placement saw strong interest from a new broker Viriathus Capital and existing brokers and shareholders.
Managing Director, George Sakalidis, said the funds raised will be predominately used at the Hawks Nest 9 (HN9) and Lady Julie projects in Western Australia for additional RC and deeper diamond drilling, metallurgical work, resource and scoping studies to advance the company’s gold projects, together with working capital.
“We continue to intersect significant gold mineralisation in our drilling at both the Hawks Nest 9 and Lady Julie projects, and we remain encouraged by the mineralisation showing up in our two thickened mineralised zones and the new targets from the seismic interpretation,” Mr Sakalidis said.
“These funds will allow the company to continue the significant drilling campaigns we started in January 2021 with the aim of defining JORC at these two projects. Our drilling to date has shown four stacked lodes in the top 100m and our ongoing drilling will investigate mineralisation at depths down to 300-400m.”
Magnetic Resources has expanded its prospective land holding directly east on HN9, following a purchase of 7.1 sq. km of tenements at the Lady Julie Project. The prospective land position at HN9 increased from 4.2 to 11.4 sq. km.
The area covering the Lady Julie and HN9 Projects is well endowed with gold mineralisation and has potential for a mining centre after more drilling is completed.
At Lady Julie an initial drilling programme of 120 RC holes totalling 5,943m has been completed and has been followed up with 13 RC holes for 1,185m.
The Lady Julie tenements are strongly mineralised with:
- 217 gold intercepts (1-19m) greater than 0.5g/t, which includes 94 greater than 1g/t,
- 34 greater than 2g/t,
- 20 greater than 3g/t and
- 13 greater than 4g/t
Several of these mineralised zones are like HN9 and occur within altered porphyry and altered porphyry and mafic contacts and in some case with sediment zones.
he Hawks Nest Project has been the main discovery for Magnetic and the already enormous 3km long boomerang shaped gold soil anomaly continues to extend both north, northeast, south and at depth. At this stage the asset still cannot be defined and currently a seismic survey being conducted will shed a lot more light on what is there. At this stage it looks to be as large as 4km long and will be tested at depth.
The asset itself was pegged by the team back in 2016 and extensive ground work and magnetic surveys were what initially identified key target areas for drilling. Hawks Nest 9 is the main area but exploration has been conducted throughout, as you can see in the below table.
Recent deeper drilling is mainly testing zones areas that do not show up from soil sampling and are focused mainly on the thickened NE trending zone and the 1.5km extension to the NW.
Further ground magnetic surveys are planned after successfully delineating the thickened gold rich porphyry zone. This will help evaluate the NE linkup with the adjacent Lady Julie Project.
