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Magnetic Resources NL
Summary
| Project: | Hawks Nest | |
|---|---|---|
| Deposit: | HN5 | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 6/19/2018 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 19-6-2018: Magnetic Resources NL announces an Exploration/Drilling Update report for its HN5 deposit at the Hawks Nest project. Drilling results incl. 4m @ 1.0g/t Au from 20m. Magnetic Resources NL are very pleased to announce the discovery of a significa | |
| Resources: | x | |
| CP/QP: | [Overall Report]: George Sakalidis (Internal) | |
| ABSTRACT: | Magnetic Resources NL are very pleased to announce the discovery of a significant shear zone of near surface mineralisation greater than 250m which is only 15km away from the Dacian Gold Jupiter Operation. This RC drill programme of 28 holes of 991m has successfully extended the area of near surface mineralisation defined by previous drilling over a 50m long NW shear zone that contained a strong intersection of 7m @ 4.5 g/t Au from 5m, to a mineralised zone that is greater than 250m in length. Additional infill drilling is anticipated to find more near surface mineralisation along this mineralised shear and at depth. Managing Director George Sakalidis was quoted “this is an exciting time for Magnetic, we’ve really just started drilling this shear zone and it’s starting to show potential for near surface gold mineralisation over a considerable length.” Further to the NW of the HN5 workings, approximately 160m, drillholes MHNRC58 and MHNRC59 are collared at the southern end of a second NNW trending line of extensive workings, in a shear zone in weathered sediments in contact with mixed mafic - sediment sequences. Hole MHNRC58 produced a wide 10m intersection of quartz (from 2-12m) with the 10-11m assaying 1m @ 1.2 g/t Au. Significantly the last 8m of this hole, from 16-24m ended in mineralisation average 0.8 g/t Au within altered amphibolite, including 4m @ 1.0 g/t Au from 20-24m (Table 1 and Figure 2). These intersections and the presence of a 50m long WNW historic line of surface workings including deep shafts with quartz reefs indicate the potential for significant intersections along this shear parallel to the main mineralised shear at the HN5 workings. | |
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