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Magnetic Resources NL (ASX:MAU) (Magnetic or the Company) is pleased to announce that LJN4 continues to deliver with deepest intersection at 650m.
- After a significant intersection of 16m at 4.51g/t from 411m within MLJDD033, which was a very large 200m step out below the current resource (Figures 1 and 4) a further seven deeper diamond holes totalling 2,354m holes averaging 336m were drilled to ascertain the depth continuity in other parts of the LJN4 Deposit. Some compelling intersections are outlined below.
- MLJDD039 has the deepest intersection to date of 28m at 1.19g/t from 432m including 7m at 2.57g/t from 432m and is 100m down dip of MLJDD033 which intersected 25m at 3.01g/t from 408m and includes 16m at 4.51g/t from 411m. These intersections (Figure 1) are part of a 650m down dip, 45-degree mineralised zone, which is the longest so far within the 750m long LJN4 deposit.
- In the northern part of LJN4 there is a strong green fuchsite-silica-pyrite alteration within the ultramafic. Drill holes MLJDD040 intersected 7m at 4.73g/t from 380m (Figure 2 ) and contained silicified ultramafic with fuchsite and quartz veins. This intersection is 100m down dip of MLJRCD829 which intersected 17m at 2.31g/t from 287m which includes 7m at 4.22g/t from 292m (which is also intensely fuchsite altered with quartz veins). The extend of this down dip zone is 450m and is still open at depth.
- This ultramafic alteration is much more prevalent and occurs within the 350m long northern part of LJN4 (Figure 3) and is also present in holes MLJDD044 (from 376-396m), MLJDD045 (from 313-350m) and MLDD051 (from 313-340m), which have assays pending. The central and northern parts of LJN4 are still open at depth and there is a suggestion that the zones plunge to the SE (Figure 3).
- These intersections in MLJDD039 and 40 are far below the open pit from our PFS study (ASX release 7 March 2024) and are also not included in our current resource, this augers well for the enlargement of the resource, increasing both the potential size of the open pit and the accompanying positive economic studies.
- MLRDD036 intersected 18.9m at 2.26 g/t from 275M within a 21m zone, which is a 40m step out down dip from MLJRCD807 which intersected 15.2m at 1.79g/t from 287m (Figure 4).
- As described in the 5 March 2024 ASX release there was a 7.7% increase in overall resource in the Laverton Project to 24.9Mt @1.66g/t totalling 1.33moz of gold at 0.5g/t cut off and LJN4 has increased 11% to 948,200 oz (Table 1).
- It is particularly interesting that we have 8 stacked lodes in the central part of LJN4 and we have one planned 600m hole that will be testing for stacked lodes beneath the current mineralised stacked lodes.
- A number of deeper step out holes have now been carried out to see whether the LJN4 resource appears to extend further at depth and there are assays pending for 7 diamond drillholes totalling 1980m averaging 396m and include MLJDD042-46, 48, 50, 51) and 14 RC drillholes totalling 946m (MLJRC839-859). In addition, there are 6 holes being drilled in this current programme totalling 2800m and averaging 466m and are expected to be completed by the end of May 2024 with three diamond rigs operating.
The central and northern part of the 750m long LJN4 deposit has been drilled with very promising results. Highlights of this drilling are shown in Table 4, Figures 1-4.
Figure 1. Composite section for LJN4 central area showing high-grade dipping gold zone containing resource model outline and MLJDD039 being a down dip extension of over 100m from MLJDD033and being part of a very large 650m interpreted down dip mineralised zone.
Figure 2. Cross section for LJN4 northern area showing high-grade dipping gold zone containing resource model outline and MLJDD040 being a down dip extension of over 100m with intense fuchsite alteration.
Figure 3. Composite Inclined Longitudinal Projection of LJN4 in gram-metres. Highlighting continuous mineralisation over the whole 750m length, being open at depth in the central area and suggesting a SE plunging zone. New drilled holes awaiting assays (in blue) and further planned holes (in yellow).
Figure 4. The Lady Julie North 4 deposit has numerous significant thick intersections from the latest drill programme (yellow large rectangular label) and previous drilling (white label) with maximum gold projected to surface and planned deeper drillholes (in yellow).
The follow up deeper diamond holes have tested and are looking to extend up to two and in some cases eight, stacked lodes mainly found in the central parts of LJN4. Hole MLJDD053 is a 600m deep hole and is designed to investigate for further stacked lodes below the current bottom stacked lode. Many of these are outside the existing resource and have potential for the enlargement of the LJN4 (Indicated and Inferred) of 15.4mt at 1.92g/t for 948,200oz at a 0.5g/t cutoff (Table 1).
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This article includes content from Magnetic Resources NL, 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.
MAU:AU
TEM | Yalgoo Update - Further Excellent Iron Results
Key Points
- Additional high-grade magnetite iron intercepted in RC drilling
- Consistent intercepts over >2 km of drilled strike length
- Identical outcropping geology mapped over a 5 km total strike length
- Potential for a large-scale iron ore deposit nearby other world-class processing facilities
Remorse Target
High-grade iron
In addition to the lab results for the first drillhole previously reported 1, the Company is pleased to announce the completion of drilling and that follow-up results in subsequent drillholes confirm the presence of high-grade iron at the Remorse Target. New results include:
WARDH00180 16m @ 32.6% Fe from 93m (pXRF)
WARDH00169 20m @ 32.3% Fe from 120m (pXRF)
and 11m @ 30.8% Fe from 182m (pXRF)
WARDH00166 7m @ 32.8% Fe from 96m (Lab)
WARDH00171 8m @ 30.1% Fe from 130m (pXRF)
* Portable XRF (pxrf) results are not comparable in reliability to authorised laboratory results and should be not relied on for quantitative purposes outside indicative demonstrations of potential order of magnitude of enrichments.
Background
TEM has completed the first phase of RC drilling at the Remorse Target of its flagship Yalgoo Project. In total, 21 RC holes were drilled for 4,005m. Samples have been Boxscanned (pXRF) and submitted to the lab and final assay results are expected in December 2024.
The previously reported iron intercept from the first hole drilled at Remorse was WARDH00160 of 32m @ 30.0% Fe from 96m (including 7m @ 37% Fe) (Lab).
The Remorse Target is part of Tempest's broader Yalgoo Project which spans over 1,000 square kilometres of prospective terrain for base metals, precious metals and iron ore.
Figure 01: Section through iron mineralisation WARDH00180
Figure 02: Section through iron mineralisation WARDH00169 and WARDH00163-165.
All samples collected have been analysed using a Boxscan unit which includes a mounted portable X-ray fluorescence (pXRF). Although not as accurate as laboratory analysis, pXRF data when collected in a quality and consistent manner can also exhibit high accuracy and precision. The pXRF data has been compared with assays received to date (>800 samples) and has an average variance of -4.2% and a median of -4.3%. The results indicate the accuracy is considered acceptable for current exploration reporting purposes (and potentially an overall slight underestimation by pXRF).
Remaining assay results are due in December and are expected to correlate strongly with the pxrf results announced.
As previously advised, the drill program design was focused on the strong base metal geochemical anomaly exhibited at the Remorse Target 2. The planned holes were focused strongly on testing the 'hanging wall' stratigraphy at Remorse and were not initially focused on the newly identified iron layer. However, the program did result in the 4 most northerly drill holes intercepting the main magnetite layer and numerous holes intercepting adjacent magnetite-rich layers.
The widely spaced drilling shows continuity and consistency over more than 2 kilometres and identical iron-rich stratigraphy outcrops can be traced over an extensive 5-kilometre zone correlating with the original Remorse Target footprint.
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This article includes content from Tempest Minerals 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.
