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Magnetic Resources NL (Magnetic or the Company) is pleased to announce, after a significant intersection of 16m at 4.51g/t from 411m, which was a very large 200m step out below the current resource (Figure 4) six deeper holes were drilled to ascertain the depth continuity in other parts of the LJN4 Deposit. Some compelling intersections are outlined below.
- MLRCD826 intersected 29.5m at 2.81 g/t from 270.5M within a 40.6m breccia zone, which is a 100m step out down dip from MLJDD031 which intersected 21m at 5.37g/t from 198m. also within breccia zone. MLRCD826 is still open down dip and MLJDD037 is a further 100m step out and results are pending for this recently completed hole (Figure 1).
- MLJRCD807 is a southern extension of the main breccia zone described above and intersected 15.2m at 1.79g/t from 287m and is a 100m step out down dip from MLJRC801 which intersected 55m at 1.46g/t from 192m. Results are pending for MLJDD036 which is a further 50m step out from MLJRCD807 (Figure 2). This intersection in MLJCD807 is open to the south where MLJDD038 is now being drilled.
- In the northern part of LJN4 there is a strong green fuchsite-silica-pyrite alteration within the ultramafic. Both drill holes MLJRCD828 and 829 ended in thick zones of this distinctive green alteration as shown in Figure 7 (which highlights the zone in MLJRCD828). Both zones are strongly mineralised with an intersection of 16m at 2.44g/t from 272m in MLJRCD828 (Figure 5) and 17m at 2.31g/t from 287m in MLJRCD829 (Figure 4).
- It should be noted that the northern part of LJN4 is now continuous over 300m down dip as shown in Figures 4 and 5. The central part is continuous down dip to 550m (Figure 3) and the southern part is continuous down dip to 400m (Figure 1). Note in all areas the LJN4 deposit is still open down dip over a 700m strike length.
- As described previously there was a 107% increase in overall resource in our Laverton Project to 22.7Mt @1.69g/t totalling 1.24moz of gold at 0.5g/t cut off and LJN4 increased by 317% from 204,000oz to 852,000oz, which was announced on November 23 2023 (Table 1), a number of deeper step out holes have now been carried out to see whether the LJN4 resource appears to extend further at depth.
This structure and mineralisation is expected to continue at depth within the Chatterbox shear, which is a regional scale structure that controls many deposits along its length including LJN4, Apollo, Beasley Creek and Wallaby. A seismic survey Magnetic completed (ASX Release 15 February 2021) shows a depth extent of 1.5km.
The central part of the 700m long LJN4 deposit has been infill drilled with very promising results. Highlights of this drilling are shown in Table 4, Figures 1-5.
Figure 1. Cross section for LJN4 centre area showing thickened high-grade dipping gold zone containing breccia and silica-pyrite alteration, resource model outline, thickened mineralisation in drill hole MLJRC679, breccia zone in MLJDD016 and MLJDD031 and new MLJRCD826 has an intersection of 29.5m at 2.81g/t from 270.5m, which is within a 40.6m breccia zone. A further hole MLJDD037, which is a further 60m down dip has assays pending.
Figure 2. Cross section for LJN4 centre area showing thickened high-grade dipping gold zone containing breccia and silica-pyrite alteration, resource model outline, thickened mineralisation in drill hole MLJRC679, breccia zone in MLJDD017 and MLJrc801 and new MLJRCD807 has an intersection of 15.2m at 2.79g/t from 287m. A further hole MLJDD036, which is a further 60m down dip has assays pending.
Figure 3. Cross section for LJN4 central area showing high-grade dipping gold zone containing resource model outline and MLJDD033 being a down dip extension of over 200m and being part of a very large 550m interpreted down dip extension. A further deep hole MLJDD039 is currently testing for the continuity down dip and to the north of MLJDD033.
Figure 4. Cross section for LJN4 northern area showing high-grade dipping gold zone containing resource model outline and MLRCD829 being a down dip extension of over 75m with intense fuchsite alteration.
Figure 5. Cross section for LJN4 central area showing high-grade dipping gold zone containing resource model outline and MLRCD828 being a down dip extension of over 50m with am intense fuchsite alteration.
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