Magnetic Resources NL (Magnetic or the Company) is pleased to announce, after a significant 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 were carried out to see whether the LJN4 resource could be extended further at depth. Some compelling and exciting intersections are outlined below.
- MLDD033 intersected 16m at 4.51g/t from 411m, which was a very large 200m step out below the current resource (Figure 1). This intersection of 72 gram- metres is potentially underground mineable and is still open downdip. The section in Figure 1 indicates mineralisation continuity of 550m down dip, which is by far the biggest down dip extension identified to date within LJN4. 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 above intersection in MLJDD033 occurs partly in a pyrite bearing black shale with intercalated carbonate and minor breccia, and partly in a pyrite-bearing carbonate with pyrite ranging from disseminated to semi-massive, which is a new style of alteration. - New hanging wall mineralisation was also discovered in MLJD033 with an intersection of 2m at 15.32g/t from 247m, and 8.7m at 2.43g/t from 107m and 13m at 1.00g/t from 135m in MLJDD032. These hanging wall intersections are associated with a breccia zone and are planned to be followed up with RC drilling.
- MLJRCD826 intersected a 40m thick breccia zone from 270m-310m, which visually looks very promising and has assays pending (Figure 2 and 5). It is directly 65m down dip from MLJDD031 which intersected 21m at 5.37g/t from 198m within a breccia. This is in turn 50m down dip from MLJDD016, which intersected 30m at 5.53g/t from 145m, which is also within a breccia.
MLJRCD826 is a large step out and is outside the current resource which augers well for the next resource upgrade. MLJRCD826 is still open down dip and to the south and RC holes are being planned to follow up this promising thick breccia zone. - MLJRCD802 intersected our best intersection to date, of 133m at 2.87g/t from 173m, which includes 61m at 4.68g/t from 243m (1m splits). Assays are awaited for the down dip extension within MLJRC820 from 290m to 453m (Figure 3).
- MLJDD034 intersected 6.8m @12.06g/t from 151m (contained within a 11.5m zone with 4.8m of core loss) in a gossanous chert breccia.
The multiple very thick intersections which often contain silica-pyrite and breccia alteration, are up to 50m thick. These are mainly within a 250m long central zone, which is still open to the south and east.
The central part of the 800m long LJN4 deposit has been infill drilled with very promising results. Highlights of this drilling are shown in Table 4, Figures 1-4.
Figure 1. 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.
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 MLJDD016 and MLJDD031 and depth extensions downdip with a thick 40m thick breccia in MLJRCD826, which is still open to the east with assays pending.
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