‘Extremely prospective’: Magnetic is positive southern core holds key to Lady Julie golden riches

Magnetic concludes tenor of mineralisation at Lady Julie gold project increases with depth
Key southern core zone carries a tenor of over 100 gram-metres and up to 355 gram-metres
Upcoming drill campaign to target depths of at least 400m in the Laverton goldfields

Gold explorer Magnetic Resources has backed up its recent drilling success at Lady Julie with confirmation the best zones are still open at depth.

Magnetic (ASX: MAU) reported its “best outstanding” intersection to date at the Lady Julie North 4 (LJN4) deposit of 126m @ 2.82g/t gold from 180m just two weeks ago.

It is worth noting this hit was only 100m up-dip of another intriguing intersection of 111m @ 1.76g/t gold from 173m.

LJN4 is a key deposit in the company’s Laverton project area where resources currently total more than 600,000oz and are strategically located close to the prolific Sunrise Dam, Wallaby and Jupiter gold mines.

An important and encouraging recent finding for Magnetic has been that the tenor of mineralisation increases with depth, paving the way for further expansion of the resource and also the potential for deeper mining opportunities.

New drilled holes awaiting assays (in blue) and further planned holes (in yellow). Pic: Supplied MAU.

Largest grade-thickness confirmed due south 

Based on an inclined longitudinal project of estimated true width in gram-metres, Magnetic has declared the southern thick core zone of LJN4 to be “extremely prospective”.

It was concluded this southern core zone carries a tenor of over 100 gram-metres and up to 355 gram-metres. The company now plans to target depths of at least 400m in its upcoming drilling program.

Magnetic Managing Director George Sakalidis said these findings provided further confirmation of an “amazing discovery” at LJN4.

“With the Australian gold price at record levels of $3120/oz, the Laverton project resources – encompassing Lady Julie Central, LJN4, Hawks Nest 9, Mt Jumbo and Homeward Bound South – are shaping up and have potential for large-scale shallow open-cuttable deposits,” he said.

“Now after our recent drilling with strong depth potential greater than 200m depth at LJN4.

“We see up to three stacked zones within the centre and the southern end of LJN4 and our new drilling completed within the central part of the 800m long LJN4 deposit has been infill drilled and extended with outstanding results.”

Drill rigs raring to go at LJN4

Magnetic will soon launch a deep drilling program of 15 holes for 5215m at LJN4. Three rigs are already on site.

The company has also indicated “Blue Cap” studies are nearing completion, allowing it to potentially fast-track work approvals and further assess the economics of the Laverton deposits.

Global investment bank Jefferies is also working with Sakalidis and his team to review other opportunities which could “maximise” shareholder value.

 

This article was developed in collaboration with Magnetic Resources, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

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