Magnetic Resources Hits High-Grade Gold Adjacent to Hawks Nest Feeder Zone

THE DRILL SERGEANT: Magnetic Resources (ASX: MAU) reported further results from a comprehensive 465 RC-hole program completed at the company’s Hawks Nest prospect, located near Laverton in Western Australia.

Magnetic Resources’ latest news heralds an intersection form RC hole MHNRC582 of:

4 metres at 49 grams per tonne gold from 108m.

The company explained that hole MHNRC582 was designed to test for the down plunge continuity of a thickened gold rich porphyry identified within hole MHNRC541 that intersected 70m at 0.49g/t gold from 13m.

The intersection from MHNRC582 is considered by the company as an exceptional high-grade result and as such is being further investigated with an additional 13 holes.

This hole also had some thicker intersections including:

20m at 0.67g/t gold from 52m; and

16m at 12.5g/t gold from 96m, which included the above mention intersection.

MHNRC582 is the last hole on the long section and Magnetic believes it bodes well for the continuation of thickened porphyry zone mineralisation further to the northeast where three deeper holes are planned.

“The discovery of a thick mineralised intrusive porphyry feeder zone up to 70 metres thick and an outstanding intersection of 16 metres at 12.5 grams per tonne from 96 metres, including 4 metres at 49 grams per tonne from 104m in MHNRC582 augers well for the potential northeast extension of this thickened mineralised zone to the northeast,” Magnetic Resources managing director George Sakalidis said in the company’s announcement to the Australian Securities Exchange.

“Also, further holes are planned to test the southwest extension where thickened porphyry also occurs.

“Our detailed 100 metres spaced ground magnetic survey also shows up the thickened porphyry zones and further interpretation is continuing.”