- Magnetic Resources has increased its WA gold project by 170 per cent. The newly acquired tenements are said to host high-grade intersections
- Surveys and testing are in continuation and RC drilling will follow upon completion
- Magnetic Resources’ share price is the same as previous close, currently sitting at $0.38 per share.
Magnetic Resources has expanded to 170 per cent, following the purchase of additional land at the Lady Julie Project, WA.
The newly acquired tenements come with seven granted prospecting licenses and three gold mineralised shear zones.
The company gained 7.1 square kilometres of land, brining its ownership from 4.2 square kilometres to 11.4 square kilometres.
Strong gold mineralisation has been identified at the project, with high-grades and thick shallow intersections.
Managing Director of Magnetic Resources George Sakalidis said “the Lady Julie tenements have strongly mineralised shears with some excellent shallow high-grade intersections”.
Initial drill tests show two identified areas with over 20 grams per tonne of gold.
The company said following further drill tests the site may have potential for a mining centre.
Ground magnetics and soil geochemical surveys still need to be completed at Lady Julie. RC drilling will follow to identify anomalous zones and to test previously identified prospective areas.
According to George: “The Lady Julie optioned tenements provides Magnetic with tremendous scope and a cost effective opportunity to test for additions to the emerging HN9 project with an enlarged very prospective area,” she said
The Lady Julie project makes up part of the company’s HN9 prospect.
Magnetic Resources’ share price is the same as previous close, currently sitting at $0.38 per share.