Magnetic Resources Encounters Thick Intersections at Lady Julie

THE DRILL SERGEANT: Magnetic Resources (ASX: MAU) reported multiple thick and high-grade zones starting from surface following recent infill and extension drilling undertaken at the company’s Lady Julie gold deposit.

Magnetic Resources described the anomalous gold zones as “promising”, declaring them to be still open, which was demonstrated by drillhole MLJRC448 that returned an intersection of 88 metres at 1.3 grams per tonne gold from 68m.

The company is looking to test this southern part of the Lady Julie North 1 target zone in detail over a one kilometre length.

The next drill program is to consist of 33 RC holes for 3578m that will be testing between 100 to 250m depth looking for further enriched zones, defining the different stacked zones and vertical mineralised shoots.

This program will also assist Magnetic in the location of deeper holes into the underlying porphyry and porphyry contact positions.

The results achieved from a 2D seismic survey combined with recent major drill programs and historical drillings results have led to the interpretation of 15km of gold targets in 10 areas within the HN5, HN6, HN9 and Lady Julie target areas.

The company considers 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, such as:

41m at 2.6g/t gold from 31m, including 15m at 4.2g/t gold from 52m;

25m at 4.4g/t from 0m; and

36m at 2g/t from 92m.

The zone between the two thrusts is considered very prospective and there are numerous NS workings, mineralised drillholes and anomalous soil geochemical areas, which are currently being drilled.