Magnetic Resources has reported positive results from their RC drilling campaign at the Laverton Project in Western Australia.
The significantly boosted 605,000-ounce Lady Julie North 4 gold resource has revealed more thick gold intersections, including 16m at 2.93g/t, 16m at 3.09g/t, and 24m at 1.92g/t.
Magnetic expects more highlights from further drilling over the central and southern parts of the deposit, where past intercepts have returned even thicker.
Additionally, the nearby Lady Julie Central and HN9 deposits could potentially combine with LJN4 to form a mining centre, economically producing open-cuttable ore from three shallow deposits.
Magnetic’s Managing Director, George Sakalidis, stated that drilling had shown promising results, indicating two stacked zones within the centre and the northern end of the LJN4 deposit.
With the Australian gold price at record levels of $2900 the Laverton Project Resources encompassing Lady Julie Central, Lady Julie North 4, HN9, Mt Jumbo and Homeward Bound South, are shaping up and have potential for large-scale shallow opencuttable deposits,” Mr Sakalidis said.
“The recent drilling completed show thick intersections as before and a number of these intersections at Lady Julie North 4 are still open at depth with some thickening at depth in both the upper and lower stacked horizons,” he added.
“This is an exciting time for the company having announced its Expanded Mineral Resource and now looking to further increase the size the LJN4 Resource. The current programme and completing the Blue Cap studies provides the company with the ability to fasttrack work approvals and further assess the economics of the deposits.”
Magnetic now await results from another 20 RC holes and seven diamond holes as it plans the subsequent exploration and development stage of its Leonora assets as gold investors continue to see the near-term possibility of a new all-time high.
