MAGNETIC RESOURCES NL only | QUARTERLY REPORT for the Quarter Ended 30 June 2022 | ||||
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HIGHLIGHTS | |||||
Magnetic Resources NL | |||||
ABN 34 121 370 232 | • Maiden Combined (Indicated and Inferred) Mineral Resources | ||||
ASX Codes: MAU and | estimate of: | ||||
MAUCA | ▪ 13.1Mt @ 1.22g/t Au totaling 511,000oz of gold at 0.5g/t | ||||
use | cut-off; or | ||||
L v l 1 | ▪ 14.8Mt @ 1.13g/t Au totaling 536,000oz of gold at 0.4g/t | ||||
44A Kings Park Road, | |||||
We t Perth, WA 6005 | cut-off for 538,000 oz of gold. | ||||
T +61 8 9226 1777 | • Majority of the resource tonnes are shallow with 49% of the | ||||
resources within 50m of surface and 87% within 100m of | |||||
F +61 8 9321 6571 | |||||
PO Box 1388 | surface. | ||||
• Importantly, open-pit optimization confirms 87% of the | |||||
personal | |||||
West Perth WA 6872 | contained gold is constrained using a gold price of | ||||
Issued Capital: | AUD$2,600/oz and 83% is constrained with a gold price of | ||||
Sh res - Quoted: | AUD$2400/oz. | ||||
224,342,819 ordinary shares. | • Key deposits are close to each other and form part of one | ||||
20,418,862 partly paid shares | mining field. | ||||
($0.20 unpaid). | • Additional exploration target of 2.6Mt to 3.6Mt @ 0.94g/t to1.2g/t | ||||
Options - Unquoted | Au for 109,000oz to 135,000oz Au at a 0.5g/t cut-off. | ||||
- 4,900,000 options | • Low discovery cost of $24/ounce for all resources | ||||
• Three processing plants are nearby, between 10km and 35km | |||||
exe cisable at $1.515 on or | |||||
by 31 December 2024 | away. | ||||
Cash: $2.03m | • Significant intersection at Lady Julie 4 of 56m at 2.23g/t from | ||||
96m including 20m at 4.97g/t from 104m in MLJRC632. A RC | |||||
Directors: | programme of 18 RC holes for 2936m is planned to follow up | ||||
this thickened high grade core zone and extend the | |||||
George Sakalidis | mineralisation down dip and along strike. Most of the proposed | ||||
Managing Director | drilling is outside the Inferred and Indicated Resource and if | ||||
Eric Lim | successful will increase the size of the resource. | ||||
• A corporate strategy review led by Jefferies as announced on | |||||
Non-Executive Chairman | |||||
Hiang Sian Chan | January 27 2022, continues to progress with a broad range of | ||||
potential options under review. | |||||
For | |||||
Ben Donovan | |||||
Non-Executive Directors | |||||
Company Secretary | |||||
Ben Donovan |
1
Laverton Area
Magnetic Resources NL has 261km2 in the Laverton region comprising E38/3127 Hawks Nest, E37/3100 Mt Jumbo, E38/3205 Hawks Nest East, E38/3209 Mt Ajax, P38/4317-24 Mt Jumbo East, E39/2125, P39/6134-44 Little Well and P38/4346, P38/4379-84, P38/4170 Lady Julie (Figure 1). Table 1 shows the exploration completed to date and recent/proposed exploration.
For personal use only
Figure 1. Hawks Nest, Hawks Nest East, Lady Julie, Little Well, Mt Ajax, Mt Jumbo, Mt Jumbo East and Kowtah projects, showing tenements, major shear zones, targets and gold deposits and historic workings
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Hole_Id Easting
MGAz51
Lady Julie North 4
onlyuse
personalThe Lady Julie North 4 deposit (Figures 1 and 2) has numerous thick intersections including 37m at 2.41g/t from 60m in MLJRC442, 16m at 2.34g/t from 68m in MLJRC549, 18m at 1.76g/t
from 68m in MLJRC549, 20m at 1.92g/t from 120m in MLJRC628, 56m at 2.23g/t from 96m in MLJRC632. The Lady Julie 4 deposit is being investigated over an expanded 1kmx200m area and is open down dip and to the E and SSE, which augers well for the potential size and economics. The SSE direction is associated with a sinistral fault where the mineralisation is interpreted to be to the east of the main NS trend of the deposit (Figure 1).
ForThe Lady Julie North 4 deposit is only 2.5km North of the Lady Julie Central deposit which in turn is 2.5km NE of the HN9 deposit (Figure 2). These three areas are all shallow deposits and, in some cases, starting from surface providing low strip ratios and potential for economic ore that is open-cuttable and are effectively part of one mining centre.
Maiden Combined Resources of 13.1Mt @ 1.22g/t Au totaling 511,000oz of gold at a 0.5g/t for the Laverton Project was announced on 27 June 2022. The Lady Julie North 4 (Indicated and Inferred) Resource of 2.7Mt at 1.27g/t for 109,000oz and forms part of the Lady Julie Combined Resources (Indicated and Inferred) of 5.4Mt at 1.27g/t for 224,000oz. (see ASX announcement 27 June 2022)
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This long 1km x 200m target zone at Lady Julie 4 is being infill drilled with a programme of 18 RC holes for 2,936m with most of these holes looking to extend the down dip extent of the mineralisation at depth and to test the SSE extension and to fully define the thickened high-grade core. Note that most of the holes are aimed to test the exploration target (shown in brown) and other areas outside the Inferred and Indicated resource and if successful will
onlyincrease the size of the Indicated and Inferred resource at Lady Julie North 4.
Ten large structural targets have been located mainly to the NE and S of Lady Julie Central after using the results of a structural study, together with historical aeromagnetics and gravity images, geochemical, drilling and geological mapping data. Particular attention is being paid to areas where NNW and NE-trending structures intersect known and interpreted porphyry intrusions mainly in the Lady Julie strip, in areas that have not been explored due to the thicker soil cover which obscure potential mineralisation within the Lady Julie NS trending 6.5km x 1.5km strip. More than 80% of this strip is under cover and remains very prospective (Figure 2).
For usepersonal
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Magnetic Resources NL published this content on 21 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 July 2022 22:23:04 UTC.
