Magnetic Resources

LJN4 Northern Zone Grows Dramatically to Over 600m Down Plunge.

Magnetic Resources NL (ASX:MAU) (Magnetic or the Company) is pleased to announce that LJN4 northern zone grows to over 600m down plunge.

  • The 400m northern part of the 750m long LJN4 deposit, has shown after a number of deep drill holes, that it plunges to the SE and is much larger than previously estimated (Figure 1). This northern zone by definition is associated with strong silica and green fuchsite, is also bigger in size than the southern silica pyrite and breccia zone. The dimension of this impressive northern zone is at least 600m down the SE plunge direction, at least 650m down dip and up to 200m long. Additionally it is still open in the down dip and down plunge directions. Deeper drill holes in progress, MLJDD054 and MLJDD055 are designed to test for further down dip extensions by 150m and 100m respectively. This zone keeps expanding and has already grown by 300m since our previous ASX release May 10, 2024(Figure 1).
  • These impressive intersections continue, MLJDD048 has 25m at 3.86g/t from 386m, which was a very large 200m step out below MLJRC804 of 20m at 2.76g/t from 243m depth (Figure 2). An infill hole within this cross section MLJDD042 has also intersected 25m of fuchsite alteration from 315-340m and results are pending.
  • MLJDD044 intersected 16m at 1.99g/t from 359m and 13m at 2.02g/t from 393m this is all within the green fuchsite northern zone. MLJDD039 which is a 250m down dip step out, has also intersected 26m of green fuchsite alteration. We are also waiting on these results (Figure 3).
  • In addition, the assays are pending for a further 5 DDH diamond drillholes. MLJDD042 extended from 119 to 381m, MLJDD047, 50, 51 and 52 and 7 RC drillholes totalling 823m (MLJRC866-872). Diamond holes MLJDD054 and 55 are in progress and MLJDD049, 56-58 are planned.
  • These intersections in MLJDD039, 44 and 48 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 auger well for the enlargement of the resource, increasing both the potential size of the open pit and now for the first time looking at the underground mining potential of LJN4. An updated economic study is planned.
  • 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). Due to the promising enlargement of the northern zone, we have commenced a resource upgrade.
  • Interestingly, similarly to other world class multi- million-dollar deposits in the Laverton region, we have already identified 8 stacked lodes in the central part of LJN4. We have now completed a 714m hole below these stacked lodes and results are pending.

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 1-5.

Figure 1. 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 showing a 600m long SE plunging zone. New drilled holes awaiting assays (in blue) and further planned holes (in yellow).

Figure 2. Cross section for LJN4 northern area showing high-grade dipping gold zone containing resource model outline and MLJDD048 being a down dip extension of 130m with intense fuchsite alteration.

Figure 3. Composite section for LJN4 central area showing high-grade dipping gold zone containing resource model outline and MLJDD039,44 and planned 54 being part of a very large 650m interpreted down dip mineralised zone.

Figure 4. Cross section for LJN4 northern area showing high-grade dipping gold zone containing resource model outline and MLJDD045 being a down dip extension of over 100m with intense fuchsite alteration and a planned 150m down dip extension with MLJDD056

Figure 5. 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 714m 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.

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