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- Magnetic Resources (MAU) expands the mineral resource estimate (MRE) at the Laverton and Homeward Bound areas in WA by 18 per cent
- The updated combined MRE now sits at 13.5 million tonnes at 1.4 grams per tonne (g/t) gold, totalling 605,000 ounces
- The MRE update includes drill results from the Lady Julie Central and Lady Julie North 4 (LJN4) deposits, with the latter now the largest resource in the field
- The company says LJN4 sits within a regional structure called the Chatterbox shear that extends over 12 kilometres, which will be explored with shallow drilling
- MAU shares ended the day trading at 80 cents
Magnetic Resources (MAU) has expanded the mineral resource estimate (MRE) from its deposits in the Laverton and Homeward Bound areas in Western Australia by 18 per cent.
The main deposits include HN9, Lade Julie Central, Lady Julie North 4, Mount Jumbo East and Howard Bound South.
The updated combined mineral resource for Laverton and Homeward Bound now sits at 13.5 million tonnes at 1.4 grams per tonne (g/t) gold, totalling 605,000 ounces of gold at a 0.5 g/t cut off.
This marks an 18 per cent increase of total ounces announced in a maiden mineral resource estimate completed mid-last year.
The MRE update includes recent drill results from Lady Julie North 4 (LJN4) and Lady Julie Central.
Magnetic said LJN4 is now the largest resource in the field, after its resource grade rose from 1.27 g/t gold to 1.93 g/t. LJN4 remains open at depth.
“The Lady Julie North 4 Resource has been the prime drilling focus over the last six months,” Magnetic Managing Director George Sakalidis said.
“It has two stacked lodes with a number of thick intersections that have not been closed off at depth.
“The deeper drilling started on January 25 with a program of 13 reverse circulation (RC) holes for 2532 metres (averaging 195 metres), This deposit sits within a regional structure called the Chatterbox shear that extends over a 12-kilometre length within the Magnetic tenements.
“This shear extends southwards of Lady Julie North 4 and has had initial aircore drilling completed and some anomalous intersections that will be followed up with some shallow RC drilling for the purpose of finding further satellite gold deposits.”
The company said project studies are underway, being conducted at the same time as drilling.
MAU shares ended the day at 80 cents.
