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Magnetic Resources NL
Summary
| Project: | Mertondale | |
|---|---|---|
| Deposit: | Christmas Well | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 10/10/2018 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 10-10-2018: Magnetic Resources NL announces an Exploration/Drilling Update report for its Christmas Well deposit at the Mertondale project. Drilling results incl. 4m @ 0.946ppm Au from 8m. Magnetic Resources has completed a 60-hole 1987m RAB and a 1-hole | |
| Resources: | x | |
| CP/QP: | [Overall Report]: George Sakalidis (Internal) | |
| ABSTRACT: | Magnetic Resources has completed a 60-hole 1987m RAB and a 1-hole 120m RC drilling programme at its 100%-owned Christmas Well (CW) tenements 5km south of the Mertondale gold deposits and 10km NW of the Cardinia gold deposits in the Leonora gold district. The programme was designed to follow up gold and multi-element anomalies in shallow geochemical drilling and to test the historic Triumvirate gold workings. Preliminary results of some of this drilling were released in August (see MAU ASX release 3 August 2018). Significant intersections are shown in Figure 1 and summarised in Table 1. Scout RAB drilling has confirmed quartz vein-hosted mineralisation over a 180m strike length at Triumvirate, with a best intercept of 2m @ 15.1g/t Au from 17m in drillhole MCWRB38. The quartz veining is interpreted to be sub-vertical, indicating true widths to be around 50-60% of intersected widths. The most eastern hole drilled, MCWRB51, intersected 8m at 0.8g/t Au from 8m and two extra drillholes are designed to test for further extension to the SE. A change in orientation of the vein system is shown up at hole MCWRB51 and may represent a potential dilational position favourable for gold. The mineralisation remains open along strike to the SE and possibly to the NW Further shallow geochemical drilling (194 holes totalling 776m), through hardpan cover at Triumvirate is proposed, with the aim of testing possible strike extensions to the SE and NW and to look for possible parallel zones (Figure 2). In the meantime, follow-up RC drilling (11 holes, 620m) is being planned to test down-dip of the shallow RAB intercepts and to test immediate strike extensions (Figure 1). Also, further ground magnetic surveys totalling 270-line km are planned over the remainder of the Christmas Well tenements looking for prospective crosscutting parallel NW structures like the Triumvirate workings. | |
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