May 09, 2024
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.




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).
Click here for the full ASX Release
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
Alert Options
No alert set
INN Article Notification
Alert Option
You will be notified when this event occurs. No additional settings needed.
The Conversation (0)
13 December 2023
Magnetic Resources NL
An Exciting Gold Development Play in Western Australia
An Exciting Gold Development Play in Western Australia Keep Reading...
20h
Dana Samuelson: Gold, Silver Bottom? Watch These Key Price Levels
Dana Samuelson, president of American Gold Exchange, shares his outlook for gold and silver prices, honing in on support and resistance levels. "It'll be hard to find a real, hard bottom, but I think we're getting pretty close to it," he said.Don't forget to follow us @INN_Resource for real-time... Keep Reading...
20h
Andy Schectman: Gold Price is Misdirection — What to Watch Instead
Andy Schectman, president of Miles Franklin, shares his latest thoughts on the gold market, emphasizing that prices are a tool of misdirection.He believes what's important right now is the growing emphasis on physical delivery of metal.Don't forget to follow us @INN_Resource for real-time... Keep Reading...
16 July
Top 5 Australian Mining Stocks This Week: CGN Resources Spikes on Maiden Gold Drilling
Welcome to the Investing News Network's weekly round-up of the top-performing mining stocks on the ASX.Companies focused on gold, helium and critical minerals shone this week, with copper and gold explorer CGN Resources taking the top spot.Read on to discover this week's top gaining Australian... Keep Reading...
16 July
Tavi Costa: Gold, Silver, Copper — Outlook, Plus My Strategy Now
Tavi Costa, CEO of Azuria Capital, shares his outlook for gold, silver and copper. He also speaks about the commodities space more broadly, emphasizing the importance of holding hard assets as the US treasury market struggles to retain credibility.Don't forget to follow us @INN_Resource for... Keep Reading...
16 July
Rick Rule: Oil Bull Case, Plus the Only 3 Gold Stocks You Need
Rick Rule, proprietor at Rule Investment Media, shares his short- and long-term oil outlook. He also weighs in on gold's price pullback, referring to it as a "hiatus" similar to the one seen in 1975. Click here for this year's Rule Symposium recordings. Don't forget to follow us @INN_Resource... Keep Reading...
16 July
Precious Metals & Critical Minerals Virtual Investor Conference Agenda Announced for July 22nd & 23rd
Company Executives Share Vision and Answer Questions Live at VirtualInvestorConferences.com
Virtual Investor Conferences, the leading proprietary investor conference series, announced the agenda for the Precious Metals & Critical Minerals Virtual Investor Conference to be held July 22nd & 23rd, 2026.Individual investors, institutional investors, advisors, and analysts are invited to... Keep Reading...
Latest News
Interactive Chart
Latest Press Releases
Related News
TOP STOCKS
American Battery4.030.24
Aion Therapeutic0.10-0.01
Cybin Corp2.140.00






