Magnetic Sources NL (Magnetic or the Firm) is happy to announce an Up to date Mineral Useful resource Estimates from its deposits within the Laverton and Homeward Sure space.
HIGHLIGHTS
This replace incorporates outcomes from current drilling outcomes carried out at Girl Julie North 4 (LJN4) for the reason that final useful resource report introduced in November 2023 (“Important 107% Improve of Mineral Useful resource at Laverton Undertaking”, ASX launch 24 November 2023”).Upgraded Mineral Sources Estimate for the mission space of:24.9Mt @ 1.66g/t Au totaling 1.33Moz of gold at 0.5g/t cutoff.Improve of seven.7% in contained gold over the 24 November 2023 ASX Launch.Contained gold in LJN4 has risen 11 % from 852,000oz to 948,200oz Au.Current drilling has additionally confirmed lode continuity on and between sections and because of this, the proportion of Indicated useful resource class ore has elevated.Ongoing extension drilling continues at LJN4 and is anticipated to end in additional useful resource will increase because the northern, central and southern components are nonetheless open downdip.Outcomes for six deep diamond holes are pending and one deep gap is at present being accomplished.
The replace follows intensive down-dip drilling at LJN4.
The verification and reporting of Mineral Sources on behalf of the Firm was accomplished by its JORC Competent Particular person, Mr M Edwards of Blue Cap Mining. The Mineral Sources Estimate has been ready and reported in accordance with the 2012 Version of the JORC Code.
Whole Mineral Sources reported for the Laverton and Homeward Sure South initiatives is now 24.9Mt @ 1.66g/t Au at 0.5g/t cut-off totaling 1.33Moz of gold (See Desk 1 beneath). The cutoff grade is taken into account acceptable for a large-scale open pit operation.
Managing Director George Sakalidis commented:
“The Girl Julie North 4 Useful resource has been the important thing focus for current drilling, with a number of stacked lodes recognized with a variety of thick intersections which have nonetheless not been closed off at depth. The LJN4 deposit retains on including ounces, rising from 204,000oz in Feb 2023 to 948,000oz on this report.
The northern a part of LJN4 is steady over 300m down dip. The central half is steady down dip to 550 and the southern half is steady down dip to 400m. Word in all these instances LJN4 remains to be open additional down dip and augers properly for future drilling and useful resource replace, Presently, there are outcomes for six deep diamond holes pending with one deep diamond gap in progress.
Following the completion of all baseline background research, our consideration over current months has turned to finishing a Pre-Feasibility, which is being ready on the idea of the useful resource, which was outlined at November 2023. Whereas this useful resource estimate doesn’t embody the good thing about the current drilling outcomes at LJN4, this newest drill program was deep and broadly spaced and shouldn’t have materially modified the outcomes of the mission economics.
Preparations are additionally underway for the event of a Mining Proposal. One mining lease software has already been lodged over LJN4 with others following the lodgement of the Mining Proposal.”
The Desk beneath summarises the up to date Whole Mineral Useful resource at a 0.5g/t Au cutoff (Desk 1), with Desk 2 offering particulars of the most important assets. Particulars for the smaller assets which haven’t modified could be discovered within the 3 February 2023 ASX launch.
Desk 1. Whole Mineral Useful resource at 0.5 g/t Au Cutoff
Determine 1. Overview of Magnetic’s Laverton and Homeward Sure South Sources
Desk 2. Useful resource particulars by Major Deposits @ 0.5g/t Au cutoff
Drilling has focused on LJN4 during the last 4 months, that are proven in Desk 2 and are additional summarised beneath:
LJN4 Useful resource
The LJN4 (Indicated and Inferred) Useful resource of 15.3 Mt at 1.92 g/t for 948,200 oz has a gift footprint of 750m x 500m (Determine 4) and stays open down dip to the east. Current drilling outcomes have confirmed the earlier interpretation of a reasonably dipping, multi-lode construction. The place the drilling encounters breccia, the mineralised construction expands significantly. That is significantly the case beneath 150m depth. More moderen step out drilling has encountered massive breccia zones which auger properly for continuation of mineralisation at depth. Further drilling is being deliberate to additional check these expanded breccia zones.
From November 2023 to February 2024, some 29 DD/RC holes had been accomplished for 10,741m with the deepest gap reaching 585.9mRL (500m beneath floor). An extra 6 DD holes for 869m had been drilled for geotechnical comply with up. Exploration drilling is constant and outcomes are due for six deep diamond holes and with one deep diamond gap being accomplished.
Some 62% of the useful resource is assessed within the Indicated Class – the rise over the November 2023 report is linked to the wonderful continuity evidenced from current drilling.
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