| Announcement Date: | 2022-05-30 |
|---|---|
| Announcement Type: | Drilling Results |
| Announcement Code: | JORC |
| Company name: | Magnetic Resources NL |
| Project name: | HN9 |
| Location: | Australia |
| Commodities: | Gold |
| Highlight: | Drilling results incl. 28m @ 2.04g/t Au from 112m |
| Resources: | only available to subscribers |
| CP/QP: | only available to subscribers |
| Announcement summary: | The gold mineralisation at Lady Julie Central can occur within the porphyry or along the porphyry/mafic unit contacts. Locally there is a strong concentration within the mafic units as well, where there is higher grade mineralisation. Also, the alteration is usually a strong pervasive albite-silicic alteration within the porphyry units which have numerous cross-cutting quartz vein intersections as well. There are now four main mineralised centres that have been extensively drilled and in some cases, further drilling is planned. They include Lady Julie Central and Lady Julie WMC (being drill tested over a 1km length), Lady Julie 4 (being tested over 800m length), HN9 (2.5km length) and Homeward Bound South (being tested over a 1km length and is within the 5km mineralised Federation shear zone. These four mineralised 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. Within the HN5, HN6, HN9 and Lady Julie areas there are many new shallow intersections (Fig 1 and Table 2) with a total of 1,801 intersections (ranging from 1 to 30m) greater than 0.5g/t Au, which includes 789 greater than 1g/t Au, 292 greater than 2g/t Au, 162 greater than 3g/t Au and 100 greater than 4g/t Au. |
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