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Magnetic Resources to Commence Exploration at Benjabbering Nickel-Copper-PGE Project

THE DRILL SERGEANT: Magnetic Resources (ASX: MAU) has commenced exploration activites at the company’s Benjabbering nickel-copper-PGE project, east of Julimar in Western Australia.

Magnetic has four separate projects, including Benjabbering, Trayning, Goddard, and Korrelocking, all of which are held 100 per cent by the company.

The combined landholding starts from 90 kilometres out to 150km northeast of Chalice Gold Mines’ Julimar nickel-lead discovery.

Magnetic explained it selected these projects based on aeromagnetic interpretation after noting the structural setting of the Julimar complex and the Gonneville mineralised discrete magnetic mineralised nickel-copper-PGE rich intrusion.

The Julimar discovery in March 2020 has led to a massive pegging rush covering 30,000 square kilometres.

The Julimar Intrusive Complex flags the existence of a new and unexplored West Yilgarn nickel-copper-PGE Province along the western margin of the Archean Yilgarn Craton.

“With this amazing 30,000 square kilometres pegging rush for Julimar style nickel-copper-PGE mafic-ultramafic complexes, Magnetic has picked up 322 square kilometres of ground with some excellent targets,” Magnetic Resources managing director George Sakalidis said in the company’s ASX announcement.

“The Benjabbering project has a very large 30 kilometres sinuous aeromagnetic target that has similar shape and structure as the Julimar intrusive and has never been drill tested.

“Numerous discrete large-scale targets identified over Magnetic’s three granted projects will be initially drill tested along road traverses followed by more extensive drilling when access agreements are finalised with local landowners.

“Magnetic’s HN9 and Lady Julie projects remain the company’s primary focus after 20,000 metres of drilling has been completed in the last three months with assay results pending.”

 

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Email: info@magres.com.au

 

Web: www.magres.com.au

 

Magnetic Resources Raises funds to Continue Drilling at Laverton Projects

THE BOURSE WHISPERER: Magnetic Resources (ASX: MAU) has received binding commitments for approximately $2.6 million via a placement of approximately 1.83 million new shares at $1.42 per share.

Magnetic Resources indicated the funds raised will be predominately used at the company’s Hawks Nest 9 and Lady Julie projects for additional RC and deeper diamond drilling, metallurgical work, resource and scoping studies to advance the company’s gold projects.

“We continue to intersect significant gold mineralisation in our drilling at both the Hawks Nest 9 and Lady Julie projects, and we remain encouraged by the mineralisation showing up in our two thickened mineralised zones and the new targets from the seismic interpretation,” Magnetic Resources managing director George Sakalidis said in the company’s ASX announcement.

“These funds will allow the company to continue the significant drilling campaigns we started in January 2021 with the aim of defining JORC at these two projects.

“Our drilling to date has shown four stacked lodes in the top 100 metres and our ongoing drilling will investigate mineralisation at depths down to 300 metres to 400 metres.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Email: info@magres.com.au

 

Web: www.magres.com.au

 

Magnetic Resources Building Cosy Retreat at Hawks Nest 9

THE CONFERENCE CALLER: Magnetic Resources (ASX: MAU) is proving to the market that not all major gold producing regions currently occupied by some of the world’s largest mining houses are exhausted from an exploration point-of-view. By Mark Fraser

The Western Australian-based company, which has 261 square kilometres of prospective real estate in WA’s Laverton region and another 213sqkm around Leonora, has made what it believes are a couple of major new gold discoveries in locations which, from all indications, seem to have been mostly overlooked by previous tenants.

First cab off the rank is Hawks Nest 9 (HN9), which sits only 15km north of Gold Fields’ Wallaby mine, 35km north of AngloGold Ashanti’s giant Sunrise Dam operation and 10km north west of Dacian Gold’s Jupiter deposit.

Here, Magnetic Resources’ exploration endeavours have demonstrated significant and coherent mineralisation over a 3km by 200 metre area that is still open and predominantly within the top 50m of cover, thus providing tremendous potential for deeper mineralisation

Within this 3km mineralised shear zone there are many shallow gold intersections, with 240 being greater than 1 gram per tonne, 89 higher than 2 grams per tonne, 44 more than 3 grams per tonne and 32 over 4 grams per tonne. To date, the company has drilled 723 RC holes for 39,740m.

Of particular interest is the Central Thickened Zone, where some thick gold intersections like 104m at 0.82 grams per tonne from 8m (including 20m at 2.23 grams per tonne from 95m) have been encountered.

These thickened zones have multiple stacked shallow dipping lodes similar to those at Wallaby, Jupiter and Sunrise Dam.

According to Magnetic Resources, a new thickened gold intersection of 90m at 0.37 grams per tonne from 80m (including 8m at 2.5 grams per tonne from 80m) was located 600m south of the Central Thickened Zone.

This intercept is only 60m north of another one of 7m at 3.04 grams per tonne from 108m.The areal extent of the mineralisation is growing in the southern direction and remains open both to the north east and at depth.

During the 20th RIU Explorers Conference held in Fremantle, Magnetic Resources’ managing director George Sakalidis said a large drill program of 98 holes for 11,937m was planned mainly to define an indicated resource within HN9 and extend the size of the new Southern Thickened Zone.

Meanwhile, sitting just 1.5km to the east is Lady Julie, where the tenements are strongly mineralised with 101 gold intercepts (1-19m) greater than 1 gram per tonne, including 34 being greater than 2 grams per tonne, 20 more than 4 grams per tonne and 13 over 4 grams per tonne.

So far, the prospect has been subjected to 131 RC holes for 7,196m.

Several of these mineralised zones were similar to HN9 and occurred within altered porphyry and altered porphyry and mafic contacts as well as, in some cases, sediment zones.

During his time at the RIU podium Sakalidis said HN9 – in combination with Lady Julie – represented an exciting large scale near-surface gold deposit.

The shallow gold and adjacent mining operations, he noted, were the unique point of difference for investors.

Ultimately, Magnetic Resources was looking to identify large economic gold deposits of 1 million gold ounces or more using the knowledge of the region’s geology and geophysics garnered by the current producers working there.

After his RIU presentation, Resources Roadhouse asked Sakalidis how was it that new gold discoveries could be made in a well looked over world class mining district (Leonora-Laverton) which had already yielded over 34Moz (mined and resources) and was second only to the Kalgoorlie-Boulder region in WA when it came to yellow metal endowment.

“Other companies that have looked at it obviously haven’t appreciated it or understood it – they haven’t understood it, so we have spent a lot of time and energy trying to understand what it all means,” he replied.

“There was some data (when Magnetic Resources first pegged the tenements), but it needed someone to drill it out to connect it all up.

“So, we went out in the field, and you can see with these old pits (on HN9) that they are only small, but they are also horizontal.

“So, one of the things that we noted was that a lot of the lodes carrying the gold in the large ore bodies are near horizontal. And that wasn’t recognised straight away, so that could be part of the reason. They (previous modern explorers) were looking for these big plunging deposits.

“Basically, HN9 sits on this one thrust plane, and that thrust plane goes down to 2km depth. The length of the thrust is about 4km, so this is a pretty significant stuff.

“These thrusts are bringing the mineralisation up. We can see a set of six thrusts over HN9, and we’ve really only investigated one of them. So fundamentally, now that we have done the seismic, we understand the geometry, and having a thrust plane bring up mineralisation is very significant.”

Sakalidis said Magnetic Resources’ current field program included some passive seismic work, which was being conducted over a much larger grid.

“What we are trying to do is get a pseudo 3D effect,” he explained.

“So, with these thrust zones, we know they occur on this line, but do they go directly north or do they go that way?

“We are trying to work out, by having a 3D effect, if you might be able to trace these going north.

“And that will be very important, because if they do intersect areas that we haven’t drilled, then they become a good target.”

 

 

THE DAILY ROADHOUSE

 

Barra Resources Finalises Mt Thirsty PFS

THE BOURSE WHISPERER: Barra Resources (ASX: BAR) released the long-awaited results for the Pre-Feasibility Study completed at the company’s Mt Thirsty cobalt-nickel project in Western Australia.

Venture Minerals Claims New VMS Discovery at Golden Grove North

THE DRILL SERGEANT: Venture Minerals (ASX: VMS) announced the discovery of Vulcan, a VMS target located along strike from the world class Golden Grove VMS mine.

Impact Minerals Cashed Up for Exploration Advance

THE BOURSE WHISPERER: Impact Minerals (ASX: IPT) has received firm commitments to raise just over $2.1 million.

Magnetic Resources Raises $3M to Feather Hawks Nest

THE DRILL SERGEANT: Magnetic Resources (ASX: MAU) has received binding applications for approximately $3 million via a placement of approximately 4.84 million new shares at 62 cents per share.

 

Magnetic Resources Raises $3M to Feather Hawks Nest

THE DRILL SERGEANT: Magnetic Resources (ASX: MAU) has received binding applications for approximately $3 million via a placement of approximately 4.84 million new shares at 62 cents per share.

Magnetic Resources indicated the funds raised will be predominately used at the company’s Hawks Nest 9 project for additional drilling, metallurgical work, resource and scoping studies to advance the company’s gold projects.

“The past 12 months have seen the company define additional mineralisation both at depth and along strike at the Hawks Nest 9 project, with the company of the belief that additional drilling will result in a JORC resource being declared,” Magnetic Resources managing director George Sakalidis said in the company’s announcement to the Australian Securities Exchange.

“These funds will allow the company to undertake metallurgical and resource definition work with the view to initiating pre-feasibility studies later in the year.”

 

Web: www.magres.com.au

 

THE DAILY ROADHOUSE

 

Azure Minerals Hits Impressive Gold Infilling Loma Bonita

THE DRILL SERGEANT: Azure Minerals (ASX: AZS) announced first assay results from mineral resource infill and extension drilling of the Loma Bonita gold-silver deposit, located at the company’s 100 per cent-owned Alacrán project in Sonora, Mexico.

Musgrave Minerals Commences Drilling on Lake Austin

THE DRILL SERGEANT: Musgrave Minerals (ASX: MGV) reported the commencement of aircore drilling on Lake Austin within the company’s Cue gold project in the Murchison district of Western Australia.

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.

Lithium Australia Now 90% Owner of Battery Recycler Envirostream

THE BOURSE WHISPERER: Lithium Australia (ASX: LIT) announced that it has taken its stake in Envirostream to a 90 per cent ownership interest.

 

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.”

 

Web: www.magres.com.au

 

THE DAILY ROADHOUSE

 

Encounter Resources Intersects Tanami Bedrock Gold

THE DRILL SERGEANT: Encounter Resources (ASX: ENR) reported on recent drilling activities undertaken at the Afghan and Mojave prospects in the Tanami region of Western Australia with Joint Venture partner Newcrest Mining.

Red 5 Continues Growth at King Of The Hill

THE DRILL SERGEANT: Red 5 Limited declared its decision in the December 2019 Quarter to boost underground drilling capacity at the company’s King of The Hill (KOTH) project in Western Australia with three diamond rigs, has paid off.

Peel Mining Drills New Southern Nights Gold Zone

THE DRILL SERGEANT: Peel Mining (ASX: PEX) reported the discovery of strong gold mineralisation associated with a new high-grade zone at the southern end of the Southern Nights deposit from the recent resource upgrade drilling program at the company’s 100 per cent-owned Wagga Tank-Southern Nights project, located south of Cobar in western New South Wales.

Neometals Produces High Purity Dioxide Hydrolsate

THE BOURSE WHISPERER: Neometals (ASX: NMT) has successfully produced high purity (>98%) titanium hydrolysate (hydrated titanium dioxide ‐ TiO2.2H2O) from the titanium recovery stage of the Australian pilot plant trial at the company’s Barrambie titanium and vanadium project in Western Australia.

Magnetic Resources Encounters Encouraging Gold Results at Lady Julie

THE DRILL SERGEANT: Magnetic Resources (ASX: MAU) has completed an initial RC drilling program at the Lady Julie project, not far from the company’s Hawks Nest 9 project, located near Laverton in Western Australia.

 

Magnetic Resources Encounters Encouraging Gold Results at Lady Julie

THE DRILL SERGEANT: Magnetic Resources (ASX: MAU) has completed an initial RC drilling program at the Lady Julie project, not far from the company’s Hawks Nest 9 project, located near Laverton in Western Australia.

Magnetic Resources said the drilling had produced promising results along two western mineralised lines, which are only one kilometre and 1.5km east of the HN9 3km-long mineralised project.

Results from the recent drilling include:

MLJRC039
2 metres at 5.44 grams per tonne gold from 29m;

MLJRC073
1m at 18.18g/t gold from 15m;

MLJRC076
6m at 1.79g/t gold from 1m; and

MLJRC083
3m at 1.78g/t gold from 5m.

The recent drilling is being followed up over a total of 1.3km strike length with 30 RC holes.

The company considers the area covering Lady Julie and HN9 to be well endowed and, as such, it has become a focus for potential gold mineralisation over 11.4 square kilometres for a mining centre after more drilling is completed.

Magnetic has found the Lady Julie mineralised zones to be similar to HN9 and occur within altered porphyry and altered porphyry and mafic contacts and in some case with sediment zones.

“The western half of the Lady Julie project is typified by shallow dipping and sub horizontal mineralised zones and is proximal to the contact of mafic and intruding porphyry,” Magnetci Resources said in its ASX announcement.

The Lady Julie tenements have demonstrated strong mineralisation, returning 198 gold intercepts greater than 0.5g/t gold.

These include 88 greater than 1g/t, 33 greater than 2g/t, 19 greater than 3 g/t and 12 greater than 4g/t.

“Both detailed ground magnetics and the remaining soil geochemical surveys will be completed over the Lady Julie tenements followed up with further shallow RC 30-hole program totalling 1520 metres testing mainly for extensions to the north and south and at depth below promising intersections,” Magnetic said.

 

Web: www.magres.com.au

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:

MHNRC497
28 metres at 0.645 grams per tonne gold from 4m;

MHNRC541
57m at 0.5g/t gold from 13m including 27m at 0.69g/t gold from 43m;

MHNRC179
14m at 0.7g/t gold from 25m;

MHNRC211
11m at 1.82g/t gold from 18m;

RFR-31
12m at 1.96g/t gold from 16m in hole; and

MHNRC179
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.”

 

Web: www.magres.com.au