Announcement Date: 2022-08-15
Announcement Type: Drilling Results
Announcement Code: JORC
Company name: Magnetic Resources NL
Project name: HN9
Location: Australia
Commodities: Gold
Highlight: Drilling results incl. 50m @ 1.92g/t Au from 96m
Resources: only available to subscribers
CP/QP: only available to subscribers
Announcement summary: The Lady Julie North 4 deposit has numerous thick new intersections and will be tested over an expanded 1km x 200m area. A 14 RC hole programme for 2040m (average 145m) has started. This will be looking to extend the high-grade core within the central part of the Lady Julie 4 Indicated and Inferred Resource of 2.7Mt at 1.27g/t for 109,000oz, with some of the previous high grade core results include 18m at 4.13g/t from 107m in MLJRC632, 14m at 3.87g/t from 42m in MLJRC439, 16m at 3.32g/t from 122m in MLJRC517, 37m at 2.41g/t from 60m in MLJRC442. This drill programme is also looking to extend the length of the resource both to the North and South over a 1km length and down dip. If this drilling is successful it will increase the size of the Indicated and Inferred Resources at Lady Julie North 4. Some of the better intersections from the last drill programmes are shown below and the best intersections are shown in Figure 1. In addition, a shallow 23 RC hole for 1,016m (average 44m) programme will be carried out mainly in shallow Exploration Target areas looking to convert these into Resources (Figure 2 and Table 4). Magnetic has an Exploration Target of 2.6Mt to 3.6Mt at 0.94g/t to 1.2g/t Au for 109,000oz to 135,000 oz Au at a 0.5g/t cut-off (ASX Release 27 June 2022).
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