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- Widespread shallow gold mineralisation confirmed across tenement
- Numerous standout Majestic drill intercepts defined
- Results add to a portfolio of high-grade historic drill intercepts
- Comprehensive geophysical review and targeting exercise about to commence
Industrial Minerals (ASX:IND) has further confirmed the potential of its Laverton gold project in WA with a study of significant historic drilling results from the Majestic prospect.
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Majestic lies on a northeast-trending shear corridor immediately west of the Far Eastern Fault, approximately 2.5km south of Genesis Minerals’ (ASX:GMD) Barnicoat 230,000 ounce deposit.
MD, Jeff Sweet, says the two areas share the same banded iron formation (BIF) host sequence and structural setting, making Barnicoat a direct geological analogue for the style and scale of mineralisation being targeted at Majestic.
“The Majestic results reinforce our confidence in unlocking the value of the Laverton gold portfolio,” Mr Sweet said.
“Right across this package – North Pool, Gladiator and now Majestic – the historic data points to a district-scale gold system sitting alongside multi-million-ounce neighbours.
“Conducting a disciplined geophysical and targeting program brings us another step closer to converting that potential into drill-ready targets.”
The compiled historic drillhole intercepts have confirmed a broad, near-surface mineralised footprint clustered along the central shear corridor of the tenement.
Mr Sweet said the Majestic results complement an already compelling portfolio of high-grade historic intercepts across the wider Laverton gold project.
Notably. the North Pool prospect lies on the Chatterbox Shear Zone, approximately 1.5km along strike from Genesis’ Beasley Creek 430,000 ounce project, while Gladiator hosts multiple thick, high-grade BIF- and shear-hosted intercepts.
The company is now commencing a comprehensive geophysical review and targeting exercise across the Laverton gold project, in a program to integrate historic drilling, surface geochemistry, structural interpretation and available geophysical datasets (including magnetics) to define and rank drill targets along the project’s prospective shear corridors.
The review will focus in detail on the North Pool and Gladiator prospects first, where the highest-grade historic intercepts and the most advanced geological understanding provide the clearest near-term drill targets. The work will then extend to the Majestic prospect, building on the historic results reported in this announcement.
Mr Sweet told shareholders the objective of the program is to deliver a prioritised, drill-ready target inventory to underpin a maiden drilling campaign across the portfolio. Further updates will be provided as the review progresses.
IND is up 12.0% to 14.0¢. Mkt cap $12.54M.
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