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Magnetic Resources Raises $3.1M to Fund Ongoing Exploration

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THE BOURSE WHISPERER: Magnetic Resources (ASX: MAU) received applications for approximately $3.1 million via a placement of new shares at 28 cents per share.

Magnetic Resources had initially sought to raise $2.5 million, but accepted oversubscriptions due to strong demand shown from existing and new shareholders.

The company indicated the funds raised will be predominately used at the Hawks Nest 9 project for a shallow program of 96 RC holes totalling 3360 metres, which is expected to be finished by May 2019 and a number of follow up deeper RC program starting with a 20 hole 3000m program in late June 2019.

Metallurgical and scoping studies will commence in August 2019 with additional funds used for general working capital requirements.

“The company is continuing to undertake an aggressive drilling program as it continues to define additional mineralisation and ultimately a resource,” Magnetic Resources managing director George Sakalidis said in the company’s announcement to the Australian Securities Exchange.

“These funds will allow the company to fully explore the known mineralisation and test targets at depth.”

 

Website: www.magres.com.au

 

Magnetic Resources Extends HN9 Over 2km

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THE DRILL SERGEANT: Magnetic Resources (ASX: MAG) reported on recent drilling activity at the company’s Hawks Nest 9 (HN9) gold target, located outside Laverton in Western Australia.

Magnetic Resources completed a 40-hole RC drill program at HN9, focussing on a two-kilometre long sheared gold rich porphyry where it has outlined a large coherent mineralised zone by drilling detailed spacing of 50m apart.

The company has drilled a total of 104 shallow holes making up the 24 drill lines it has completed to date, which average 95m in length.

Twenty of the twenty-four drill-lines (83 per cent) have gold intersections remaining open to the east and are being followed up with another 51 RC holes.

Magnetic explained this drilling is aimed at mainly extending the mineralised zone to at least 120 to 150m down dip and to infill drill the numerous promising gold rich zones already identified.

“With the Australian gold price greater than $1,800 the HN9 project, which is only 15 kilometres northwest of the Granny Smith Operations owned by Gold Fields Australia Pty Ltd and only10 kilometres northeast of the Jupiter Operations owned by Dacian Gold Ltd at Laverton, WA., is shaping up and has potential for a large-scale shallow deposit based on the two-kilometre mineralised shear zone and the open down dip gold mineralisation,” Magnetic Resources managing director George Sakalidis said in the company’s announcement to the Australian Securities Exchange.

“This significant two-kilometre target is coherent where it has been drill tested within its central 1.5 kilometres and is defined by 104 holes over 24 lines spaced around 50 metres apart and is between 50 to 200 metres wide and is open to the north and south and is currently being further investigated over a large 3.6-kilometre length.”

 

Website: www.magres.com.au