Intersects 38m At 3.6g/t Gold From 32m In WA
Magnetic Resources (ASX:MAU) has drilled the best and most consistent shallow intersection to date at the Lady Julie North target within the Lady Julie Project in Western Australia, with 38m at 3.6g/t gold from 32m including 16m at 5.6g/t from 54m.
A further 13 holes for 1270m will be carried out to follow up this promising intersection and to extend this mineralisation within the two km long Lady Julie North 1 target zone. In addition, detailed soil sampling is being carried out directly north of this target over a 1.9km length.
The best intersection to date at HN5 West includes an impressive 4m at 62.5g/t gold from 52m in MHNRC1015. A further 7 RC holes for 600m are to be carried out to follow up this very high-grade intersection which is associated with an 250m long anomalous gold soil geochemical zone up to 229ppb.
10 targets are located over an expanded 14.5km outside the 3km long HN9 mineralised zone. Two areas of significant mineralisation located along previously untested thrust zones are also being followed up.
The recent 2D seismic survey combined with results from recent major drill programmes as well as historical drillings results have led to the interpretation of 14.5km of gold targets in 10 areas within HN5, HN6, HN9 and Lady Julie outlined in purple in Figure 1 and summarised in Table 1.
The best-looking target so far besides the 3km-long HN9 mineralisation, are Lady Julie North (3.4km long) and Lady Julie Central (1.5m long). At Lady Julie North 1 there are many mineralised intersections including a recent outstanding intersection of 38m at 3.6g/t Au from 32m including 16m at 5.6g/t from 54m in MLJRC162 and 13m at 1.37g/t Au from 3m in AJC01.
The amplitude of the soil anomaly contained the 38m at 3.6g/t is 50ppb. There are several other similar anomalies that have not been drilled tested adequately. In addition, a detailed soil sampling programme is being carried out directly north of the Lady Julie 1 area over a NS distance of 1.9km covering a 1.2 sq km area 1 looking to define similar targets for drilling follow up. This zone between the two thrusts is very prospective and there are numerous untested NS workings which have now been drilled called Lady Julie North 2 with results awaited
At HN5 West a 250m long soil gold anomaly with a maximum of 229ppb was tested for the first time and hole MHNRC1015 intersected an impressive 4.0m at 62.5g/t gold from 52m. This intersection is being followed up down dip and along strike with detailed drilling to attempt to extend this very high- grade intersection in an area previously undrilled.
At Lady Julie Central there are several high-grade intersections including 4.0m at 16.66g/t Au from 32m in MLJRC214, 8.0m at 9.23g/t Au from 24m in RFB226 and 4.0m at 8.36g/t Au from 18m in RFB206.
The Lady Julie Central gold target is now interpreted to trend to the NNE rather than NS. This enlarges the target potential size to 1.5km and further drilling of 16 RC holes is planned mainly as infill drilling.
Areas that were not previously tested have come up with new significant intersections at HN9 Thrust 3 and HN6 Thrust 2, with further drilling planned test these areas. There are 13 RC holes planned at HN9 Thrust 3 following up an intersection of 1.0m at 58.5g/t from 91m in MHNR61010 and 2 holes are planned at HN6 Thrust 2.
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.
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