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Magnetic Resources (ASX:MAU) - Managing Director, George Sakalidis - The Market Herald
Managing Director, George Sakalidis
Source: The West Australian
  • Magnetic Resources (MAU) has received promising results from drilling at its Hawks Nest 9 gold prospect (HN9) near Laverton in WA
  • A thick porphyry zone at HN9 contains four stacked mineralised bands which have returned positive results
  • The best intercepts include 104 metres at 0.82g/t gold from a depth of eight metres, and 70 metres at 0.49g/t from 13 metres
  • Further drilling is planned to test for extensions to the mineralised zones to the north and south of HN9, while infill drilling will follow up to confirm the promising early results
  • The geology of the mineralisation is similar to that of the nearby multi-million ounce Wallaby, Sunrise Dam and Jupiter deposits
  • There also remains considerable exploration upside at depth along the three-kilometre mineralised zone
  • Magnetic Resources is trading 3.33 per cent higher at $1.24 just before market close

Magnetic Resources (MAU) has received promising results from drilling at its Hawks Nest 9 gold prospect (HN9) near Laverton in WA.

Stacked targets

A thick porphyry zone at HN9 contains four stacked mineralised bands which have returned positive results.

The best intercepts include 104 metres at 0.82g/t gold from a depth of eight metres, and 70 metres at 0.49g/t from 13 metres.

One-metre samples from the recent drilling have returned some bonanza-grade results, including 85.6g/t from 45 metres and 39.7g/t from 104 metres.

Assays are still pending for seven holes and two more holes remain to be drilled in the current program.

Further drilling is planned to test for extensions to the mineralised zones to the north and south of HN9. Infill drilling will follow up to confirm the promising early results.

Next steps

The newly-discovered stacked lodes at HN9 are a potential indicator for deeper mineralisation similar to that found at the nearby Wallaby (seven million ounces), Sunrise Dam (10Moz) and Jupiter (1.3Moz) projects.

Mineralised shear zones, which are ubiquitous throughout these deposits, have been defined as deep as 1500 metres, providing considerable upside potential to the shallow intercepts so far at HN9.

The three-kilometre length of the HN9 mineralised zone also rivals that of the neighbouring deposits, meaning Hawks Nest could become quite a monster if there are deeper porphyry stacks below the known shallow zones.

Magnetic Managing Director George Sakalidis says there's potential for a large-scale shallow deposit at Hawks Nest, with exploration upside at depth.

"[The] large thickened mineralised zone trending to the northeast [contains] some high-grade intersections and a number of large thick intersections with potential for bulk tonnage," George said.

"These multiple stacked lodes within the thickened zone have similarities to the stacked lodes at the Wallaby, Sunrise Dam and Jupiter major gold deposits."

"A further very ambitious drill programme of 66 RC drill holes for 5015 metres is planned and we are looking forward to testing a number of promising intersections and potential extensions," he concluded.

Drilling will continue with more updates to come.

Magnetic Resources is trading 3.33 per cent higher at $1.24 just before market close.


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