Magnetic Resources Extends HN9 Gold Zone

THE DRILL SERGEANT: Magnetic Resources (ASX: MAU) claimed a plus 200m-wide gold zone is emerging on the north-eastern part of the company’s Hawks Nest 9 (HN9) gold project near Laverton in Western Australia.

Magnetic Resources completed an extensive drilling program of 250 RC holes at HN9, which remains open downdip and to the north.

The drilling encountered the best shallow grades the company has intersected to date in this north-eastern zone, including:

4 metres at 10 grams per tonne gold from 28m; and

4m at 7.1g/t gold from 28m.

The company indicated it has nine new holes planned for this zone to test for further downdip extensions of what it considers to be a highly promising gold mineralised area.

Magnetic highlighted interesting shallow intersections of 8m at 2.9g/t Au from surface in MHNRC270 and 4m at 2.7g/t Au from surface in MHNRC280, which it claimed to have confirmed a very extensive surface gold zone on the western side.

An additional 31 infill holes are planned for this area to further define these thicker zones.

“With the Australian gold price around record levels of $2,050 the HN9 project being only 15 kilometres north-west of the Granny Smith Operations owned by Gold Fields Australia Pty Ltd and only 10 kilometres north-east of the Jupiter Operations owned by Dacian Gold Ltd at Laverton, (HN9) is shaping up and has potential for a large-scale shallow deposit,” Magnetic Resources managing director George Sakalidis said in the company’s announcement to the Australian Securities Exchange.

“This significant 2.1-kilometre target is coherent and is not closed off to the north, south, southwest and downdip to the east and is so far defined by 250 RC holes totalling 9813 metres and is now being tested over a very large 4.5-kilometre length.

“Future deeper drilling will be guided by the outline of the very extensive near surface results both on the downdip north-eastern side with 4 metres at 10 grams per tonne from 28 metres in MHNRC220 and 4 metres at 7.1 grams per tonne in hole MHNRC219 and the surficial gold mineralisation shown up by our latest drilling of 8 metres at 2.9 grams per tonne from surface in MHNRC270.”