The Conversation (0)
Magnetic Resources lodged a Mining Lease application over its Lady Julie North 4 discovery. M38/1315 (pending) overlays Magnetic tenements P38/4170 and E38/3127 and covers an area of 238Ha (Figure 1).
The application was made on the basis of the declared gold resource at LJN4 of 13.1Mt @ 2.0g/t containing 852,000ozs, bringing the total of the Laverton area resources to 22.7Mt @ 1.69 g/t for 1.24Mozs, which was published recently in an ASX release 23 November 2023 (also in Figures 1-2, Tables 1-2).
The rapidly growing LJN4 resource is situated on the Chatterbox shear zone, a regional structure which hosts other significant gold deposits. An aggressive drilling program at LJN4 has led to the recognition of thick high-grade breccia mineralisation and silica-pyrite alteration zones which remain open at depth. Further drilling at depth is anticipated to result in further growth of the LJN4 resource.
Work is continuing on the development of a Mining Proposal which will apply to both M38/1315 and a further Mining Lease over other key deposits (Figure 2). Magnetic can now advise that the application has passed the initial 35-day period and will now move through the Department of Energy, Mines, Industry Regulation and Safety’s review and approvals process.
Figure 1. Magnetic’s Mining Lease Application (M38/1315)
Figure 2. Mining Lease Application (M38/1315) overview
The Table below summarises the updated Total Mineral Resource at a 0.5g/t Au cutoff (Table 1), with Table 2 providing details of the major resources. Details for the smaller resources which have not changed can be found in the 3 February 2023 ASX release.
Table 1. Total Mineral Resource at 0.5 g/t Au Cutoff
Table 2. Resource details by Main Deposits @ 0.5g/t Au cutoff
Managing Director George Sakalidis commented:
“This is a major milestone for the Company. The Mining Lease application is the first stage in the mining approvals process.
Concurrently, we are still drilling at depth below the existing 825,000oz resource beneath the Lady Julie North 4 Resource. Further drilling at depth is anticipated to result in further growth of the LJN4 resource and additional structural studies are being completed on the recent core holes to help understand the setting of the breccia and silica-pyrite zones.
There are currently 2 diamond rigs and an RC rig on site trying to expand the resources both within and to the south along the Chatterbox shear along identified new target areas.”
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
