Magnetic Resources Increases Laverton Gold Resources

THE DRILL SERGEANT: Magnetic Resources (ASX: MAU) continued to demonstrate its gold credentials have no sign of slowing down with the release of updated Mineral Resource Estimates (MRE) from deposits in the company’s Laverton and Homeward Bound South projects in Western Australia.

The main deposits contributing to the MRE include Hawks Nest 9 (HN9), Lady Julie Central (LJC), Lady Julie North 4 (LJN4), Mount Jumbo and Homeward Bound South, which are all located in an area with regional infrastructure including three processing plants within 35kms.

Total Mineral Resources reported for the Laverton and Homeward Bound South projects is now 22.7 million tonnes at 1.69 grams per tonne gold at 0.5g/t gold cut-off totalling 1,236,000 ounces of gold.

The company suggested it considers the cutoff grade appropriate for a large-scale open pit operation.

“The Lady Julie North 4 Resource has been the prime drilling focus as reported in periodic releases to the ASX,” Magnetic Resources managing director George Sakalidis said in the company’s ASX announcement.

“It has multiple stacked lodes with a number of thick intersections that have not been closed off at depth.

“The initial deeper drilling started on the 25 January 2023 and has expanded in subsequent months to a 95-hole RC program for 16,356m.

“Drilling is continuing, with holes in excess of 400m depth, which is expected to increase the current resource at LJN4 of 13.1 million tonnes at 2.02 grams per tonne gold for 852,000 ounces at a 0.5g/t cut off.

“This LJN4 deposit sits within a regional structure called the Chatterbox Shear Zone that extends over a 12 kilometres length within the Magnetic tenements.

“This shear extends southwards of LJN4 and has had initial AC and RC drilling completed and some anomalous intersections that will be followed up with some shallow RC drilling for the purpose of finding further gold deposits.

“Drilling in the last six months included diamond drill holes for geotechnical evaluation of proposed pits, and for hydrology analysis.

“Project environmental, heritage and technical background studies are close to completion – optimisation and pit design has commenced on LJC and the expanded LJN4 – the aim is to prepare and submit a Mining Proposal in early 2024.

“Other strategic opportunities are also being investigated.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE