Magnetic Resources NL (ASX: MAU) has carried out a number of deeper step out holes to see whether the LJN4 resource could be extended further at depth. The resource had a significant 107% increase in overall resource in its Laverton Project in November to 22.7Mt @1.69g/t totalling 1.24Moz of gold at 0.5g/t cut off and LJN4 increased by 317% from 204Koz to 852Koz.
Some compelling and exciting intersections included:
- Hole MLDD033 intersected 16m at 4.51g/t from 411m, which was a very large 200m step out below the current resource
- New hanging wall mineralization was also discovered in hole MLJD033 with an intersection of 2m at 15.32g/t from 247m, and 8.7m at 2.43g/t from 107m and 13m at 1.00g/t from 135m in MLJDD032
- MLJRCD826 intersected a 40m thick breccia zone from 270m-310m, which visually looks very promising and has assays pending
- MLJRCD826 is a large step out and is outside the current resource which augers well for the next resource upgrade
- MLJRCD802 intersected the company’s best intersection to date, of 133m at 2.87g/t from 173m, which includes 61m at 4.68g/t from 243m (1m splits)
- MLJDD034 intersected 6.8m @12.06g/t from 151m (contained within a 11.5m zone with 4.8m of core loss) in a gossanous chert breccia
The multiple thick intersections which often contain silica-pyrite and breccia alteration, are up to 50m thick. These are mainly within a 250m long central zone, which is still open to the south and east.
The central part of the 800m long LJN4 deposit has been infill drilled with very promising results.
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