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West Australian focused gold explorer Magnetic Resources NL (ASX:MAU) has moved on quickly from an expanded resource estimate and prefeasibility work completed on its Laverton projects in March, to diamond drilling which has picked up deep intersections grading more than 4 gram per tonne at the Lady Julie North 4 (LJN4) deposit.
And this phase of exploration has enabled the company to define a mineralised zone of 650 metres – the longest so far discovered within the wider 750 metre area of LJN4.
Beginning with an intersection of 16 metres at 4.51 grams per tonne from 411 metres – a significant step out from the current LJN4 resource of 9,873,900 at 1.94 grams per tonne for 615,100 ounces (indicated) – another seven holes were drilled.
These seven holes comprised 2,354 metres of drilling, with the work seeking to assess the depth continuity in other parts of the deposit. The deepest intersection from this phase was 28 metres at 1.19 grams per tonne from 432 metres, including 7 metres at 2.57 grams per tonne from 432 metres.
This was down dip from another hole, which intersected 25 metres at 3.01 grams per tonne from 408 metres, including 16 metres at 4.51 grams per tonne from 411 metres.
These intersections lie within the 650 metre down dip, 45-degree mineralised zone described above, and give some indication of its qualities and grade potential.
Work in the northern section of LJN4 also highlighted the presence of a strong green fuchsite-silica-pyrite alteration within the ultramafic, pulling up intersections such as 7 metres at 4.73 grams per tonne from 380 metres, containing silicified ultramafic with fuchsite and quartz veins.
Other proximal intersections included 17 metres at 2.31 grams per tonne from 287 metres, including 7 metres at 4.22 grams per tonne from 292 metres, with this discovery also being intensely fuchsite altered with quartz veins.
Managing Director George Sakalidis said the recent work was encouraging in terms of what is revealed about the deposit types at the Laverton projects.
“With the Australian gold price at record levels of $3520 the Laverton Project Resources encompassing Lady Julie Central, Lady Julie North 4, HN9, Mt Jumbo and Homeward Bound South, are shaping up and have potential for large-scale shallow open-cuttable deposits and now after our recent drilling with strong depth potential now greater than 400m depth at LJN4,” he said.
“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.
“Our deepest drill hole MLJDD039, which was a 100 metres 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 350m part of the 750m long LJN4 deposit.”
Magnetic has been trading at $1.085c.
