Magnetic Resources’ (ASX:MAU) recent RC drilling programme of 14 holes for 1780m has identified a 1km prospective zone with the best intersection to date at Homeward Bound South of 20m at 2.98g/t from 64m in MHBSRC025 in Western Australia.
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 deg rather than 60 deg 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 as shown in Figure 1. The shear zone shows up as a distinct aeromagnetic low zone interpreted to result from alteration within the shear zone.
Most of the intersections are within broad strong alteration zones, shown up in the logging of RC chips, that indicate some size potential from drilling. Some of the better intersections include: MHBSRC025 20m at 2.98g/t from 60m including 8m at 2.53g/t from 64m (4m composite) MHBSRC007 6m at 4.61g/t from 62m including 1m at 24.22g/t 66m (1m splits) MHBSRC010 31m at 0.98g/t from 20m including 4m at 2.71g/t from 20m (1m splits) ABR060 19m at 1.1g/t from 32m ending in mineralisation.
The Homeward Bound South Project is comprised of seven tenements (13 sq km). It is situated 50km west of the very promising HN9 and Lady Julie projects.
Managing Director, George Sakalidis, noted that 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,
“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,” Mr Sakalidis said.
For further information please visit: https://magres.com.au/
