Join our daily newsletter At The Bell to receive exclusive market insights
- Magnetic Resources (MAU) intersects thick and high-grade vertical shoots at the Lady Julie gold asset in Western Australia
- Results come from a recently completed infill and extension drilling program with grades peaking at 7.96 g/t gold
- Infill drilling within the high-grade zones has shown they are associated with pervasive vertical shoots and grades of more than 10 g/t gold
- Further infill and diamond drilling has been designed to define the true extent and distribution of the shoots
- Shares in Magnetic Resources are down 0.67 per cent on the market at $1.49 each
Magnetic Resources (MAU) has intersected thick and high-grade vertical shoots at the Lady Julie gold asset in Western Australia.
The results come from a recently completed infill and extension drilling program, with a best result of 61 metres at 1.73 grams per tonne (g/t) gold, including 10 metres at 7.96 g/t gold.
Infill reverse circulation (RC) drilling within the high-grade zones has shown they are associated with pervasive vertical shoots and grades of more than 10 g/t gold.
Some intersections from these shoots include one metre at 59.5 g/t gold from 22 metres, two metres at 21.4 g/t gold from 43 metres, and two metres at 21 g/t gold from three metres.
Further infill RC and diamond drilling has been designed to define the true extent and distribution of the shoots.
The next phase of RC drilling will be undertaken with 33 holes, totalling 3578 metres, designed to look for further enriched zones and define different stacked zones and vertical mineralised shoots.
Drilling will also aid in locating deeper holes into the underlying porphyry and porphyry contact positions.
Additionally, results from a 2D seismic survey and major drill programs identified 15 kilometres of gold targets in 10 areas.
The best targets so far include the 3.9-kilometre-long Lady Julie North mineralisation and the three-kilometre-long HN9 mineralisation.
An RC rig will begin work shortly with 33 holes planned to follow up on the new assays as well as test and extend the gold mineralisation.
Shares in Magnetic Resources were down 0.67 per cent on the market and were trading at $1.49 each at 3:16 pm AEDT.
