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Magnetic Resources NL
Summary
| Project: | Hawks Nest | |
|---|---|---|
| Deposit: | HN5 | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 3/5/2018 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 5-3-2018: Magnetic Resources NL announces an Exploration/Drilling Update report for its HN5 deposit at the Hawks Nest project. Drilling results incl. 4m @ 4.713g/t Au from 4m. Magnetic Resources NL (the Company or Magnetic) is very pleased to announce con | |
| Resources: | x | |
| CP/QP: | [Overall Report]: George Sakalidis (Internal) | |
| ABSTRACT: | Magnetic Resources NL (the Company or Magnetic) is very pleased to announce confirmation of a significant very shallow gold mineralised zone at HN5 near old workings (Figure 1), within the Hawks Nest tenement E38/3127 after the individual 1m splits were analysed. In drillhole MHNRC48,the 1m fire assays show an intersection of7m @ 4.5g/t gold from 5mor 6m @ 5.0g/t from 5m in hole MHNRC48(Table1).Because of this high grade shallow intersection, a larger detailed soil geochemical programme has been being carried out with 298 soil samples on a 25x20m spacings with assays expected shortly. This will guide our imminent RC drilling programme where initially nine holes are planned for 540m. The highlighted1m splits for drillhole MHNRC48 are shown in Table 1. A more complete table for other 1m splits from HN4 and 5 are shown in Table 2. Due to the encouraging result in MHNRC48 at HN5 further drilling is warranted to confirm the orientation of the mineralised zone to the NNW, the structural setting of the mineralisation and the host rock stratigraphy. Detailed mapping has been carried out showing the black shales and associated workings are closely associated with these sinistrally displacing NW shear zones (Figure 1 and 3) and further mapping is being carried out to potentially link these shear zones with the ones at the Emerald workings and numerous other NW shear zones. Three RC drill 4 holes 20m apart in 50m drill traverses to the NNW and SSE of the shallow intersection (5m - 12m) in MHNRC48 is planned to a depth of 60m. | |
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