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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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MAU:AU
Acquisition of Mubende Gold Project, Uganda
HIGHLIGHTS
- The granted exploration license EL00379 covers 202 square kilometres in the Mubende region west of Kampala and includes the highly prospective Bukuya prospect.
- The Bukuya prospect is currently being mined by 60-80 artisanal workers over 600 metres of prospective strike and remains open along strike and at depth.
- Rock chip samples taken from a recent site visit to the Bukuya prospect by consultant geologists returned numerous specimens containing visible gold in both ferro-manganese and quartz veins.
- Experienced in-country technical team appointed including Mr Dylan le Roux and Mr Allan Agumya to manage exploration activities.
- Field activities scheduled to commence 05 August 2024.
Commenting on the acquisition Managing Director Mr Mathew Walker stated, “We are delighted to have secured a significant land holding that has prospectivity confirmed by a strong presence of artisanal mining activity. Uganda has a well established gold mining industry and regulatory protocols that add to the appeal of the acquisition. We look forward to the commencement of field activities in the immediate term.”
MUBENDE GOLD PROJECT
The Mubende Gold Project is an extensive landholding of 202 square kilometers that covers a series of metasediments, predominantly characterized by meta-wacke’s and phyllitic slates, with occasional interbedded quartzite units and mafic volcanics. Late-stage granites have intruded the metasediments, mainly in the southern part of the license.
Figure 1: Regional Map with locations of Sifang licenses.
At the Bukuya prospect, wall rock consists of metapelitic units with vertical foliation trending NW in most shafts, turning EW in the northern artisanal shafts. Mineralization appears confined to a deformation zone within the metapelites and hosts three subsets of veins exploited by artisanal workers. The first subset includes quartz veins with hematite mineralization, iron-oxide staining, and goethite/limonite-filled vugs, seen in southern shafts with NW trending foliation. The second subset comprises metallic veins of blueish-grey and black ferro-manganese mineralisation with botryoidal textures and specular hematite, found in northern shafts with EW trending foliation. The third set comprises massive milky white quartz veins.
These veins are described in more detail below.
Type 1 (Iron-rich quartz veins): These are quartz veins that show varying degrees of ferro(-manganese) mineralisation. Mineralisation occurs as hematite (red), specular hematite (dark silver/black), and a lesser degree of manganese (botryoidal, blue-grey to black). Vugs filled with limonitic material is often seen in these veins and is interpreted to represent leached out sulphides. These veins are seen in the SE of the Bukuya site. They are typically decimetre to metre scale and are foliation concordant (vertical to subvertical with dominantly NW trend).
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This article includes content from eMetals Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
