Magnetic Resources NL (ASX: MAU) has unveiled Maiden Mineral Resource Estimates from its deposits in the Laverton and Homeward Bound area of Western Australia.
The main deposits include HN9, Lady Julie Central, Lady Julie North 4, Mount Jumbo East and Homeward Bound South, which are all located in an area with well-endowed regional infrastructure including three processing plants within 35km.
Total Mineral Resources reported for the Laverton and Homeward Bound South projects is 13.1Mt @ 1.22g/t Au at 0.5g/t cut-off totaling 511,000oz of gold, with 49% of the resources within 50m of the surface and a further 38% from 50 to 100m of the surface.
Open-pit optimisation studies show up to 87% of the contained gold is constrained using a gold price of up to A$2,600.
“The Maiden Mineral Resource Estimate is a significant milestone for Magnetic Resources with the exceptionally shallow nature of the resources and location of the deposits in the heart of the Laverton and Leonora regions auguring well for strong economics from future development,” Managing Director, George Sakalidis, said.
“The Lady Julie 4 Resource is still open at depth and to the SSE, and we are still eagerly awaiting the results from the recent 2,796m / 17 RC hole programme.
“A core focus for the company going forward will now be to complete project studies to define the development and production opportunities that these Resources bring, in parallel to continued exploration and review of strategic opportunities which we continue to pursue with the support of Jefferies.”
Lady Julie North Central
The Lady Julie Central (Indicated and Inferred) Resource of 1.6 Mt at 1.48 g/t for 75,000 oz is 400m by 200m in area and is predominately an Indicated Category (90%). There are some thicker intersections including a number of intersections that start from surface.
There is a significant Exploration Target starting at the north side of Lady Julie Central Resource that extends within a 1km distance and comprises most of the Exploration Target in the Lady Julie area of 1.6Mt to 2.2Mt at 0.9g/t to 1.2g/t Au for 67,000oz to 83,000oz. This Exploration Target is considered reasonable as it extends from known mineralisation at Lady Julie Central with a number of intersections within the 1km length to the north where there is an expectation of further intersections.
Lady Julie North 4 Resource
The Lady Julie 4 (Indicated and Inferred) Resource of 2.7 Mt at 1.27 g/t for 109,000 oz covers an 850m x150m area and is open down dip and to the E and SSE, which augers well for the potential size.
The SSE direction is associated with a sinistral fault where the mineralisation is interpreted to be to the east of the main NS trend of the deposit. A more detailed map is within ASX release of 30 May 2022. This resource is partly in the Indicated Category (28%) and is being infill drilled with a programme of 17 RC holes for 2,796m with most of these holes aiming to extend the mineralisation at depth and to test the SSE extension.
Hawks Nest 9 Resource
The HN9 (Indicated and Inferred) Resource of 3.2 Mt at 1.28 g/t for 130,000 oz is contained within three main zones within a 2km x 250m wide area and is largely within the Indicated Category (63%).
There are a number of zones that remain open to the NE and at depth especially in the central thickened zone, at the southern end of the HN9 deposit, which trends to the NE. This depth extent of HN9 is supported by the deep-seated thrust zones identified by the shallow 2D seismic completed in early 2021.
For further information please visit: https://magres.com.au/
