- Multiple thick intersections present from new drilling.
- Infill hole MLJDD109 intersected 15 metres at 3.86 g/t from 200 metres, including 10 metres at 5.48g/t from 205 metres.
- Board continues to unanimously support Genesis Minerals takeover offer.
Takeover target Magnetic Resources (ASX:MAU) has this week hit further multiple intersections in recent drilling within the 750-metre-long Lady Julie North 4 (LJN4) deposit in Western Australia. The recent diamond drilling has revealed four distinct types of mineralisation in Lady Julie North 4.
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The program was multi-purpose and was directed at extension drilling in high-grade core 3 (HGC3) and infill drilling within the new HGC4 and infill and extension drilling on the southern silica-pyrite breccia zone (HGC1).
The company told Magnetic shareholders today the recent intersection of the carbonate-hosted mineralisation obtained at depth in hole MLJDD033 suggests this style may become more important in the deeper parts of the LJN4 mineralised system, which has yet to be fully explored and defined.
Highlights included diamond hole MLJDD109, an infill hole within HGC4, which intersected 15m at 3.86 grams per tonne (g/t) from 200m, including 10m at 5.48 g/t from 205m.
The intersection is 100m up dip from hole MLJDD088, which intersected 17m at 1.67 g/t from 258m and 14m at 2.02g/t from 304m.
MD, George Sakalidis, said Magnetic is now planning to drill a further hole up dip from MLJDD109. “These holes are within the best part of HGC4 with very high gram metre numbers ranging from 22 to 57 grams.”
He continued: “With the Australian gold price at near record levels of $6,395, the Laverton project resources encompassing Lady Julie Central, Lady Julie North 4, HN9, Mt Jumbo and Homeward Bound South, have potential for large-scale shallow open-cuttable deposits mand now after our recent drilling, with strong underground potential with the main lode at LJN4 going down from 400m to 1000m downdip.”
An updated combined indicated and inferred mineral resources estimate (MRE) exceeding 2.24 million ounces for Lady Julie was announced in late January. The Lady Julie North 4 deposit is only 2.5 kilometres north of the Lady Julie central deposit, which in turn is 2.5km north-east of the HN9 deposit.
These areas are all shallow deposits. Lady Julie central and HN9 start from surface, and Lady Julie North 4 from 30m depth, which provide low strip ratios and potential for economic ore that is open-cuttable and effectively part of one mining centre.
The Magnetic board continues to support an agreement signed by Genesis Minerals (ASX:GMD) and Magnetic in mid-February under which it is proposed Genesis will acquire 100% of the issued shares in Magnetic.
MAU is up +0.26%, to $1.92. Mkt cap $565.7M.
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