Magnetic Resources (ASX: MAU) has drilled six deeper holes to establish the depth continuity in other parts of the LJN4 deposit after a significant intersection of 16m at 4.51g/t Au from 411m, which was a very large 200m step out below the current resource. Some compelling intersections are outlined below.
Hole MLRCD826 intersected 29.5m at 2.81g/t Au from 270.5m within a 40.6m breccia zone, which is a 100m step out down dip from MLJDD031 which intersected 21m at 5.37g/t from 198m. MLRCD826 is remains open down dip and MLJDD037 is a further 100m step out and results are pending for this recently completed hole.
Hole MLJRCD807 is a southern extension of the main breccia zone described above and intersected 15.2m at 1.79g/t Au from 287m and is a 100m step out down dip from MLJRC801 which intersected 55m at 1.46g/t from 192m. Results are pending for MLJDD036 which is a further 50m step out from MLJRCD807. This intersection is open to the south where MLJDD038 is now being drilled.
Additionally, in the northern part of LJN4 there is a strong green fuchsite-silica-pyrite alteration within the ultramafic. Both drill holes MLJRCD828 and 829 ended in thick zones of this distinctive green alteration. Both zones are strongly mineralized with an intersection of 16m at 2.44g/t from 272m in MLJRCD828 and 17m at 2.31g/t from 287m in MLJRCD829.
The company has noted that the northern part of LJN4 is now continuous over 300m down dip. The central part is continuous down dip to 550m, and the southern part is continuous down dip to 400m. In all areas the LJN4 deposit is still open down dip over a 700m strike length.
There was a 107% increase in overall resource in the company’s Laverton Project to 22.7Mt @1.69g/t totaling 1.24Moz of gold at 0.5g/t cut off, and LJN4 increased by 317% from 204,000oz to 852,000oz, which was announced last year, a number of deeper step out holes have now been carried out to see whether the LJN4 resource appears to extend further at depth.
This structure and mineralization is expected to continue at depth within the Chatterbox shear, which is a regional scale structure that controls many deposits along its length including LJN4, Apollo, Beasley Creek, and Wallaby.
To find out more, please visit www.magres.com.au
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