| Announcement Date: | 2022-02-21 |
|---|---|
| Announcement Type: | Drilling Results |
| Announcement Code: | JORC |
| Company name: | Magnetic Resources NL |
| Project name: | HN9 |
| Location: | Australia |
| Commodities: | Gold |
| Highlight: | Drilling results incl. 40m @ 1.47g/t Au from 0m |
| Resources: | only available to subscribers |
| CP/QP: | only available to subscribers |
| Announcement summary: | The results from the 2D seismic survey and the recent major drill programmes as well as historical drillings results have led to the interpretation of 15km of gold targets in 10 areas within HN5, HN6, HN9 and Lady Julie outlined in purple in Figure 2 and summarised in Table 1. The best-looking target so far besides the 3km-long HN9 mineralisation, is Lady Julie North (3.9km long) At Lady Julie North 1 there are many mineralised intersections including the outstanding intersection of 41m at 2.6g/t Au from 31m including 15m at 4.2g/t from 52m in MLJRC162, 25m at 4.4g/t from 0m in MLJRC348 and 36m at 2.0g/t from 92m in MLJRC448. This zone between the two thrusts is very prospective and there are numerous NS workings, mineralised drillholes and anomalous soil geochemical areas, which are in the process of being further drilled (Figures 1-2). Both the mineralised targets at HN9 and Lady Julie North appear to straddle two deep seated thrusts, with HN9 being a major 3km-long mineralised zone. The eight thrust zones that come to surface continue to the north and south over an extensive 6km length and shallow RAB and or soil geochemistry is being carried out to help outline any further anomalous gold areas worthy of follow up drilling (Figure 2). |
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