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Magnetic Resources NL
Summary
| Project: | Hawks Nest | |
|---|---|---|
| Deposit: | HN5 | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 10/15/2018 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 15-10-2018: Magnetic Resources NL announces an Exploration/Drilling Update report for its HN5 deposit at the Hawks Nest project. Drilling results incl. 4m @ 1.009ppm Au from 20m. Magnetic Resources has completed 161 Soils samples at HN9 at its 100%-owned | |
| Resources: | x | |
| CP/QP: | [Overall Report]: George Sakalidis (Internal) | |
| ABSTRACT: | Magnetic Resources has completed 161 Soils samples at HN9 at its 100%-owned Hawks Nest tenements 15km NW of the Granny Smith Deposit owned by Barrick Gold Corporation and only 10km NE of the Jupiter Deposit owned by Dacian Gold Ltd. The soil sampling was designed to follow up interpreted ground magnetic NW-SE gold bearing structures that link up with HN3, which is 5km to the NW of this newly named HN9 Project. There is a very promising 200m wide anomalous Au rich soil zone with five soil samples spaced 50m apart averaging 0.7g/t gold that correlate with a plethora of mapped NS trending porphyries. This zone is open to the north and to the east. Significant results are shown in Figures 1 and 2 and summarised in Table 1. These values are highly elevated, and a large 310 soil geochemical programme on a 50mx50m grid has just commenced to follow up these results. This will help outline the NS and EW extent of these very anomalous soils associated with the porphyry units, which total over a 1.2 km in length. There appears to be N-S structural control with at least 10 samples above 100ppb Gold. Note that a previous soil sampling programme completed by the company at HN5 with elevated gold anomaly peaking at 0.4g/t gold, which when drill tested returned 7m @ 4.5g/t Au from 5m (ASX Release 5th March 2018). | |
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