Magnetic Resources Announces Outstanding Drilling Results at Lady Julie North 4
MAU (MAU) Share Update December 2024 Thursday 12th
Magnetic Resources Unveils Promising Gold Drilling Results at Lady Julie North 4
Magnetic Resources has announced impressive results from its latest drilling program at the Lady Julie North 4 deposit in Western Australia, revealing significant gold intersections that could enhance the project's resource potential.
Instant Summary:
- 24m at 5.1g/t gold in drill hole MLJDD065.
- 76m at 2.4g/t gold in drill hole MLJDD059.
- 27m at 3.24g/t gold in drill hole MLJDD066.
- Northern zone extended to 1000m down dip.
- Feasibility study underway for potential underground mining.
Drilling Results
Magnetic Resources has released results from its recent drilling campaign at the Lady Julie North 4 (LJN4) deposit, located in the Laverton region of Western Australia. The drilling has revealed substantial gold mineralization, with key intersections including 24 meters at 5.1 grams per tonne (g/t) of gold from 352 meters in drill hole MLJDD065, 76 meters at 2.4 g/t from 435 meters in MLJDD059, and 27 meters at 3.24 g/t from 315 meters in MLJDD066.
These results are part of an ongoing exploration program aimed at expanding the known mineralization at LJN4. The northern zone of the deposit has now been extended to a down dip dimension of at least 1000 meters, starting from a shallow depth of 30 meters.
Resource Expansion
The central core of the northern part of LJN4, characterized by silicified and fuchsite altered ultramafic rocks, has increased in size from 100 meters to 250 meters in down plunge extent. This core zone is part of a larger mineralized area measuring 300 meters by 1000 meters, which remains open at depth.
Magnetic Resources has also announced that assays are pending for six additional diamond drill holes, with plans for further drilling to continue expanding the promising central core zone.
Future Prospects
In light of these positive drilling results, Magnetic Resources has initiated a feasibility study to assess the potential for both open pit and underground mining at LJN4. The study will incorporate the latest drilling data and explore the economic viability of the project.
The company is also conducting further infill drilling to contribute to an ongoing feasibility study, which will evaluate the potential for underground production in addition to the existing open pit schedule.
The announcement of significant gold intersections at Lady Julie North 4 is likely to have a positive impact on Magnetic Resources' stock price. The expansion of the resource potential and the initiation of a feasibility study for underground mining highlight the project's growth prospects. Investors may view these developments as indicators of increased future production and potential revenue.
Investor Reaction:
Analysts are likely to react positively to the news, given the substantial gold intersections and the potential for resource expansion. The feasibility study for underground mining could further boost investor confidence in the project's long-term viability.
Conclusion:
Investors should keep an eye on Magnetic Resources as the company progresses with its feasibility study and further drilling at Lady Julie North 4. The promising results indicate strong potential for resource growth and enhanced project economics, making it an attractive prospect for those interested in gold mining investments.