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Magnetic Resources NL
Summary
| Project: | Hawks Nest | |
|---|---|---|
| Deposit: | HN5, Mt Jumbo | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 2/4/2019 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 4-2-2019: Magnetic Resources NL announces an Exploration/Drilling Update report for its HN5, Mt Jumbo deposit at the Hawks Nest project. Drilling results incl. 4m @ 2.234ppm Au from 60m. After an extensive 40 RC drill programme totaling 1655m (Table 1) at | |
| Resources: | x | |
| CP/QP: | [Overall Report]: George Sakalidis (Internal) | |
| ABSTRACT: | After an extensive 40 RC drill programme totaling 1655m (Table 1) at Hawks Nest 9 (HN9) mainly focused on a 2km long sheared gold rich porphyry, a large coherent mineralised zone is outlined with lines drilled on a detailed spacing of 50m apart. There are now a total of104 shallow holes making up the 24 drill lines completed to date, which average a significant 95m in length. Twenty of the twenty-four drill-lines (83%) have gold intersections remaining open to the east and are being followed up with another 51 RC holes totaling 2420m (Table 2). This drilling is aimed at mainly extending the mineralised zone to at least 120 to 150m down dip and to infill drill the numerous promising gold rich zones identified (Figure 1). The sizeable 2km gold target is shaping up as there are now 71 very shallow gold intersections greater than 0.5g/t, 32 intersections greater than 1 g/t, 12 intersections greater than 2 g/t and 6 intersections greater than 3 g/t, which are all within the first 50m of the surface (Table 3). There are 216 1m splits been sent to the assay laboratory for further definition of the gold zones intersected. There are two discernable mineralised zones which dip shallowly around 20 degrees to the east mainly within the sheared porphyry and sheared mafic/porphyry contacts. These shallow dipping extensive zones at HN9 are a good potential indicator for deeper mineralisation because all the numerous nearby large deposits in the region including Wallaby (7moz), Sunrise Dam (10moz), Jupiter (1.3moz) have persistent internal shallow dipping mineralised lodes that are often called shear zones, which are ubiquitous through these deposits and have been defined down to 1500m depth at the Wallaby deposit. In addition, many discoveries in recent times have been made by drilling below 100m because the historical drilling was too shallow. At HN9 the average hole depth is only 35m providing tremendous scope for upside potential. Managing Director George Sakalidis commented: “With the Australian gold price greater than $1,800 the HN9 Project, which is only 15km NW of the Granny Smith Operations owned by Gold Fields Australia Pty Ltd and only10km NE of the Jupiter Operations owned by Dacian Gold Ltd at Laverton, WA., is shaping up and has potential for a large-scale shallow deposit based on the 2km mineralised shear zone and the open down dip gold mineralisation. This significant 2km target is coherent where it has been drill tested within its central 1.5km and is defined by 104 holes over 24 lines spaced around 50m apart and is between 50 to 200m wide (Figure 1) and is open to the north and south and is currently being further investigated over a large 3.6km length. | |
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