Magnetic Resources NL (ASX: MAU) has announced an updated mineral resource estimate from its deposits in the Laverton and Homeward Bound area. The update follows extensive down-dip drilling at LJN4.
The verification and reporting of mineral resources on behalf of the company was completed by its JORC competent person, Mr. M Edwards of Blue Cap Mining. The mineral resources estimate has been prepared and reported in accordance with the 2012 Edition of the JORC Code.
Total mineral resources reported for the Laverton and Homeward Bound South projects is now 24.9Mt @ 1.66g/t Au at 0.5g/t cut-off, totaling 1.33Moz of gold. The cutoff grade is considered appropriate for a large-scale open pit operation.
Managing director, George Sakalidis, commented, “The Lady Julie North 4 Resource has been the key focus for recent drilling, with multiple stacked lodes identified with a number of thick intersections that have still not been closed off at depth. The LJN4 deposit keeps on adding ounces, increasing from 204,000oz in Feb 2023, to 948,000oz in this report.”
The LJN4 (indicated and inferred) resource of 15.3Mt at 1.92g/t for 948,200oz has a present footprint of 750m x 500m and remains open down dip to the east.
Recent drilling results have confirmed the previous interpretation of a moderately dipping, multi-lode structure. Where the drilling encounters breccia, the mineralized structure expands considerably. This is particularly the case below 150m depth. More recent step out drilling has encountered large breccia zones which auger well for continuation of mineralization at depth.
Additional drilling is being planned to further test these expanded breccia zones. From November 2023 to February 2024, 29 DD/RC holes were completed for 10,741m with the deepest hole reaching 585.9mRL (500m below surface).
A further 6 DD holes for 869m were drilled for geotechnical follow up. Exploration drilling is continuing, and results are due for six deep diamond holes and with one deep diamond hole being completed.
Additionally, 62% of the resource is classified in the indicated category – the increase over the November 2023 report is linked to the excellent continuity evidenced from recent drilling.
“Following the completion of all baseline background studies, our attention over recent months has turned to completing a pre-feasibility, which is being prepared on the basis of the resource, which was defined at November 2023. While this resource estimate does not include the benefit of the recent drilling results at LJN4, this latest drill program was deep and widely spaced and should not have materially changed the outcomes of the project economics.” Mr. Sakalidis added.
To find out more, please visit www.magres.com.au
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