Magnetic Resources Continues Gold Streak at Lady Julie Project with Deepest Intersection to Date

Magnetic Resources Ltd (ASX: MAU) is continuing to build gold resources at the Lady Julie Gold Project, and the market has noticed.

Magnetic shares have doubled over the past 12-months to around $1.09, further supported by a rising gold price.

Lady Julie forms part of the Laverton Project, which encompasses Lady Julie Central, Lady Julie North 4, HN9, Mt Jumbo and Homeward Bound South.

The project is located in the established mining province of Laverton in Western Australia.

Magnetic is well-funded with $13.4 million in cash at the end of March 2024.

Latest gold strikes

Diamond drilling has now intersected the deepest intersection to date of 28 metres at 1.19g/t gold from 432 metres.

This is 100 metres down dip from a strike of 25 metres at 3.01g/t gold from 408 metres, which included 16 metres at 4.51g/t gold.

These intersections are part of a 650 metre down dip, 45-degree mineralised zone, which is the longest so far within the 750 metre long Lady Julie North 4 (LJN4) deposit.

The project includes three open pits, a processing plant and supporting infrastructure.

Large scale potential

The Laverton Project is shaping up to have the potential for large-scale shallow open-cuttable deposits.

Now the recent drilling is proving strong depth potential below 400 metres.

George Sakalidis, managing director, commented:

“We see up to eight stacked zones within the centre and the southern end of LJN4 and our new drilling completed within the central part of the 750m long LJN4 deposit has been infill drilled and extended down dip with some compelling results.”

The deposit currently hosts an Indicated and Inferred resource of 15.4 million tonnes at 1.92g/t gold for 948,200 ounces, at a 0.5g/t cut-off.

Sakalidis added: “Our deepest drill hole MLJDD039, which was a 100 metre step out from our existing resource has a significant mineralisation continuity of 650 metres down dip, which is our largest down dip extension to date and is still open at depth.

“An intense green fuchsite-silica-pyrite alteration has been intersected in holes MLJDD40,44,45 and 51 and is present in the northern 350 metre part of the 750 metre long LJN4 deposit.

“There is a suggestion that this zone plunges to the SE and a number of deep holes have been drilled and are planned chasing these zones downwards.”

These continuing results will assist in future resource definitions.

In total the project currently hosts 24.9 million tonnes 1.66g/t gold for 1,331,200 ounces, at a 0.5g/t cut-off.

The discovery cost has been low at just $13 an ounce.

 

 

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