Magnetic (ASX: MAU) score new top strike at LJN4
Magnetic Resources has returned its best ever strike among a number of thick gold intercepts at the Ladie Julie North 4 deposit, expected to add significant new ounces to a large resource at its collection of shallow Laverton deposits.
The results came in much thicker than the last round, and a 60m at 3.6g/t from 96m intercept now stands as the new top strike, with a significant number of the drill holes closed out in mineralisation sitting outside the current 3.2Mt at 1.93g/t for 204,900oz resource at LJN4.
Significant new intercepts:
MLJRC738 – 60m at 3.6g/t from 96m
MLJRC736 – 60m at 1.8g/t from 80m
MLJRC735 – 24m at 1.89g/t from 56m
MLJRC735 – 70m at 1.05g/t from 56m
MLJDD020 – 7m at 1.1g/t from 149m
The combined resource from Lady Julie Central, Lady Julie North 4, HN9, Mt Jumbo and Homeward Bound South sits at 13.5Mt @ 1.40g/t Au totalling 605,000oz of gold at a 0.5g/t cutoff and the shallow deposits could potentially combine into a new Laverton mining centre.
Magnetic Managing Director George Sakalidis said the Laverton Resources are shaping up into their potential for large-scale, shallow, open-cuttable deposits.
“We see up to three stacked zones within the centre and the northern end of LJN4 and our new drilling completed within the central part of the 800m long LJN4 deposit has been infill drilled and extended with promising results. This central section is very promising due to the excellent grades and thickness found here,” Mr Sakalidis said.
Sakalidis added that the heady number of intercepts closed in mineralisation and outside the resource provided strong potential to grow the resource.
“This is an exciting time for the company having announced its Expanded Mineral Resource on 3 February 2023 and now looking to further increase the size the LJN4 Resource by recent drill testing the upper and lower stacked zones with a very large 61 RC/DD holes for 8642m, which has recently been completed with results pending,” he said.
“Concurrently, the Blue Cap studies are near completion, which provides the company with the ability to fast-track work approvals and further assess the economics of the deposits. Continuing with global investment bank Jefferies, who are helping ongoing review opportunities to maximise shareholder value.”
Deep potential
While the focus is rightfully on shallow gold, there is a great deal more potential running deeper in Magnetic’s Laverton tenements.
Nearby high-end gold deposits notably have persistent internal shear zones running throughout, defined to go as deep as 1500 metres at the Wallaby deposit, and many recent discoveries have been made by drilling below the 100-metre mark and the shallow historical exploration.
And with an average hole depth of only 75 metres, Magnetic see dipper drilling providing tremendous scope for future growth.
Assays are still pending for 15 RC and diamond holes into LJN4, and Magnetic expect good results coming from the central and southern part of the deposit where it is following up on even thicker intercepts at depth.
$1.95
MAGNET RES FPO [MAU]