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Magnetic Resources NL
Summary
| Project: | Mt Jumbo East | |
|---|---|---|
| Deposit: | Mt Jumbo East | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 9/28/2018 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 28-9-2018: Magnetic Resources NL announces an Exploration/Drilling Update report for its Mt Jumbo East deposit at the Mt Jumbo East project. Drilling results incl. 4m @ 4g/t Au from 16m. The Mt Jumbo East Prospect comprises eight 100%-owned prospecting li | |
| Resources: | x | |
| CP/QP: | [Overall Report]: George Sakalidis (Internal) | |
| ABSTRACT: | The Mt Jumbo East Prospect comprises eight 100%-owned prospecting licences P38/4317 to P38/4324 (11.5sq km) located 16km SSW from Laverton and immediately covering an 8km strike length of prospective iron formations, ultramafics, mafics and black shales (Fig. 1). This maiden drill programme consisted of 6 RC drillholes for 544m targeting shallow easterly dipping banded iron formations (BIF) with anomalous historical (WMC) lag and rock chip results, which respectively ranged from 0.2g/t to 6.5g/t and 1g/t to 7.2g/t. Early results are promising after 4m composites were taken for all holes showing anomalous gold in hole MMJERC04 of 4m @ 4g/t from 16m targeting an anomalous 3.6g/t rock chip sample and 220-320ppb lag geochemical samples (Figs 1, 2 and 3); 8m @ 0.4g/t from 8m, in hole MMJERC03, targeting 1750ppb and 2300ppb rock chips (Figs1, 4 and 5) and 4m @ 0.12g/t from surface in hole MMJERC05 targeting 6500ppb and 480ppb in lag (Fig.1). These results are considered significant due to the strong alteration and associated anomalous gold in a favourable shallow east -dipping altered BIF sequence. Check assaying of the relevant 1m samples is in progress. Historical exploration and drilling on the ground has identified three areas of gold mineralisation termed No Name, Horseshoe Pass and Saddle. These prospects also comprise quartz veined and sulfidic BIF in areas of cross faulting and structural complexity. Significant historical drill intersections at No Name include 10m @ 1.2g/t Au from 10m in drill hole MJC04, 8m @ 2.0g/t Au from 36m in hole MJC03 and 3m @ 10.9g/t Au from 13m in hole MJC09. The significant intersection in MMJERC04 of 4m@4g/t from 16m is approximately 600m north in the same BIF horizon, with these intersections within the No Name prospect creating significant exploration potential. | |
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