Magnetic Resources NL Announces Thick 56M At 2.2G/T Gold Intersection At Lady Julie North 4
Magnetic Resources NL announced best thick intersection 56m at 2.2g/t au from 96m at Lady Julie North 4. The Lady Julie North 4 deposit has numerous thick new intersections and will be tested over an expanded 1km x 200m area and importantly is open down dip and at depth and to the SSE. The 41 RC holes for 4,563m and 5 AC for 219m drill programmes were completed at Lady Julie North 4 and 18 RC holes for 2,936m are planned here after some promising further RC results. The best intersection to date at Lady Julie North 4 is 56m at 2.23g/t Au from 96m and includes20m at 4.97g/t from 104m In MLJRC632 which is down dip from a previous intersection of 33m at0.85g/t from 95m in MLJRC463. This high-grade core zone is a promising thick zone and will be investigated with further infill holes to the north and importantly to the south where this mineralisation remains open. In addition, a strong pyrite chert alteration has been logged for the first time and correlates with his highest-grade part of the core zone that has 20m at 4.97g/t from104m in MLJRC632. The extent of this alteration within the surrounding holes will be examined when the RC chip logging has been completed. The Lady Julie North 4 deposit has numerous thick intersections including 37mat 2.41g/t from 60m in MLJRC442, 16m at 2.34g/t from 68m in MLJRC549, 18m at 1.76g/t from 68min MLJRC549, 20m at 1.92g/t from 120m in MLJRC628, 56m at 2.23g/t from 96m in MLJRC632. The Lady Julie 4 deposit is being investigated over an expanded 1kmx200m area and is open downdip and to the E and SSE, which augers well for the potential size and economics. The SSE direction is associated with a sinistral fault where the mineralisation is interpreted to be to the east of the main NS trend of the deposit. The Lady Julie North 4 deposit is only 2.5km North of the Lady Julie Central deposit which in turn is 2.5km NE of the HN9 deposit. These three areas are all shallow deposits and in some cases, starting from surface providing low strip ratios and potential for economic ore that is open-cuttable and are effectively part of one mining centre. Maiden Combined Resources of 13.1Mt @ 1.22g/t Au totaling 511,000oz of gold at a 0.5g/t for the Laverton Project was announced on 27 June 2022. The Lady Julie North 4 (Indicated and Inferred) Resource of 2.7Mt at 1.27g/t for 109,000oz and forms part of the Lady Julie Combined Resources (Indicated and Inferred) of 5.4Mt at 1.27g/t for 224,000oz. This long 1km x 200m target zone at Lady Julie 4 is being infill drilled with a programme of 18 RC holes for 2,936m with most of these holes looking to extend the down dip extent of the mineralisation at depth and to test the SSE extension and to fully define the thickened high-grade core. Note that most of the holes are aimed to test the exploration target (shown in brown)and other areas outside the Inferred and Indicated resource and if successful will increase the size of the Indicated and Inferred resource at Lady Julie North 4.Ten large structural targets have been located mainly to the NE and S of Lady Julie Central after using the results of a structural study, together with historical aero magnetics and gravity images, geochemical, drilling and geological mapping data. Particular attention is being paid to areas where NNW and NE-trending structures intersect known and interpreted porphyry intrusions mainly in the Lady Julie strip, in areas that have not been explored due to the thicker soil cover which obscure potential mineralization within the Lady Julie NS trending 6.5km x 1.5km strip. More than 80% of this strip is under cover and remains very prospective. Within the HN5, HN6, HN9 and Lady Julie areas there are many new shallow intersections with a total of 1,930 intersections (ranging from 1 to 32m) greater than 0.5g/t Au, which includes 858 greater than 1g/t Au, 311 greater than 2g/t Au, 166 greater than 3g/t Au and103 greater than 4g/t Au.At Hawks Nest 5, 6, 9 and Lady Julie extensive drilling programmes have been completed. It includes 1,713 RC holes totaling 122,189m (average 71m depth) 30,515 2-5m composites and 19,763 1m splits, 255 AC holes totaling 9,708m 2,440 2-6m composites and 169 1m splits and 7Diamond holes totaling 751m. This release is mainly reporting on 571 composite assays (2-4m) and 2,524 1m splits from 149 RC hol (MLJRC414-415,419,421,423-425,429-433,438-440,442,465,467-471,486-513,515,517-522,524-530,534,536,538-555,557-463,567,572-577,580-581,583-585,595598,607,610,612,616-621,623,627-628,632-636,639 & 640 and MHNRC1043,1051,1053,1065-68,1080,1112,1120,1124,1127-28,1153,1155-57 & 1163) totaling 3,095m. Assays are pending 3 Diamond holes for 302m. The nearby Sunrise Dam (16Moz), Wallaby (7moz) and Jupiter (1.3Moz) Gold Deposits have persistent internal shallow-dipping mineralised lodes that are often called shear zones or thrust zones, which are ubiquitous throughout these deposits and have been defined down to 1500m depth at the Wallaby deposit. In addition, many discoveries in recent times have been made by drilling below 100m because the historical drilling was far too shallow. At HN5, 6, 9 and Lady Julie the average hole depth is only 71m providing tremendous scope for upside potential. The multiple, thick intersections that are all open down dip to the east and the high-grade core are very at Lady Julie North 4. There are numerous thick intersections including 37mat 2.41g/t from 60m in MLJRC442, 16m at 2.34g/t from 68m in MLJRC549, 18m at 1.76g/t from68m in MLJRC549, 20m at 1.92g/t from 120m in MLJRC628, 56m at 2.23g/t from 96m inMLJRC632. Some new 1m split intersections of 6m at 20.3g/t from 43m including 2m at 54.4g/t from 45m in MLJRC539 at Lady Julie Central is very and will also be followed up. Ten targets are located mainly to the northeast and south of Lady Julie Central and the best targets that contain the mineralisation at HN9 and Lady Julie are where NNW and NE-trending structures intersect known and interpreted porphyry intrusions sometimes associated with mafic rocks. More than 80% of a 6.5kmx1.5km strip is under cover and remains very prospective.