Magnetic (ASX:MAU) make attractive hit at LJN4 gold

Magnetic Resources has reported positive results from their RC drilling campaign at the Laverton Project in Western Australia.

The significantly boosted 605,000-ounce Lady Julie North 4 gold resource has revealed more thick gold intersections, including 16m at 2.93g/t, 16m at 3.09g/t, and 24m at 1.92g/t.

Magnetic expects more highlights from further drilling over the central and southern parts of the deposit, where past intercepts have returned even thicker.

Additionally, the nearby Lady Julie Central and HN9 deposits could potentially combine with LJN4 to form a mining centre, economically producing open-cuttable ore from three shallow deposits.

Magnetic’s Managing Director, George Sakalidis, stated that drilling had shown promising results, indicating two stacked zones within the centre and the northern end of the LJN4 deposit.

“With the Australian gold price at record levels of $2900 the Laverton Project Resources encompassing Lady Julie Central, Lady Julie North 4, HN9, Mt Jumbo and Homeward Bound South, are shaping up and have potential for large-scale shallow opencuttable deposits,” Mr Sakalidis said.

“The recent drilling completed show thick intersections as before and a number of these intersections at Lady Julie North 4 are still open at depth with some thickening at depth in both the upper and lower stacked horizons,” he added.

“This is an exciting time for the company having announced its Expanded Mineral Resource and now looking to further increase the size the LJN4 Resource. The current programme and completing the Blue Cap studies provides the company with the ability to fasttrack work approvals and further assess the economics of the deposits.”

Magnetic now await results from another 20 RC holes and seven diamond holes as it plans the subsequent exploration and development stage of its Leonora assets as gold investors continue to see the near-term possibility of a new all-time high.

New Results and intersection overview

Significant intercepts from the Lady Julie North 4 Deposit

Gold intersection overview

MAU.AX

MAGNET RES FPO [MAU]

ASX

$1.61

$0.06

3.59%

MAGNET RES FPO [MAU]

Sector: Basic Materials

Industry: Other Industrial Metals & Mining

Employees:

Magnetic Resources NL engages in the exploration of mineral tenements in Western Australia. It primarily explores for gold, nickel, copper, platinum group element, and iron deposits. The company's Flagship project holds 100% interests in the Lady Julie Central Project; Lady Julie North 4; and The Hawks Nest 9 Project. It holds interest in various projects and tenements, such as Julimar Lookalike; and Chatterbox Shear Zone. Magnetic Resources NL was incorporated in 2006 and is based in West Perth, Australia.

Please note the following valuable information before using this website. 

Independent Research 

Market Open Australia is intended to be used only for educational and informative purposes, and any information on this website should not be taken as investment advice or guidance. It is important to conduct your own research before making any investment decisions, which should be based on your own investment needs and personal circumstances. Any investment decisions based on information contained on this website should be taken in line with independent financial advice from a qualified professional or should be independently researched and verified.