Magnetic Resources Identifies New Horizons and Feeder Zones at Hawks Nest 9

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

Magnetic Resources said the drilling carried out in the central part of Hawks Nest 9 (HN9) demonstrated there to be a distinct bend in the shear zone from SSE to SSW as well as a considerable thickening of the mineralised zone within an altered silicified porphyry.

This porphyry has been delineated over a 400-metre strike length, is open and plunges shallowly to the NNE, and greatly thickens from commonly being 2m to 5m in width up to 10m to 57m.

This newly identified silicified porphyry crosscuts the NNW-trending near-surface flat-dipping mineralisation.

The company has interpreted this may represent a feeder zone of the entire three kilometres-long HN9 shallow-dipping sequence.

Some of the thicker gold-mineralised zones encountered within this porphyry include:

28 metres at 0.645 grams per tonne gold from 4m;

57m at 0.5g/t gold from 13m including 27m at 0.69g/t gold from 43m;

14m at 0.7g/t gold from 25m;

11m at 1.82g/t gold from 18m;

12m at 1.96g/t gold from 16m in hole; and

14m at 0.7g/t gold from 25m.

Magnetic believes the newly discovered multiple shallow dipping extensive zones at HN9 could be a potential indicator for deeper mineralisation because all the numerous nearby large deposits in the region including Wallaby (7Moz), Sunrise Dam (10Moz) and Jupiter (1.3Moz) have persistent internal shallow-dipping mineralised lodes that are often called shear zones.

The company also noted that many discoveries in recent times have been made by drilling below 100m because historical drilling was far too shallow.

At HN9 the average hole depth is only 43m providing plenty of scope for upside potential.

“With the Australian gold price at record levels of $2,249 the HN9 project being only 15 kilometres northwest 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 in Western Australia, 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 three-kilometre mineralised zone is coherent and is not closed off to the north and at depth and is so far defined by 465 RC holes totalling 20,484 metres.

“Also, the discovery of a thick mineralised intrusive porphyry feeder zone up to 57 metres thick and the multiple bands of silicified porphyry from deeper drilling, similar to the Wallaby and Jupiter deposits, is a breakthrough and will be further investigated with an infill deeper drill program planned after assay results for the eight deeper holes are received shortly.”