Magnetic Resources Announces Drilling Tests Extension At Christmas Well

Magnetic Resources NL

At its 100%-owned Christmas Well, tenements 10km NW of the Cardinia gold deposits and 5km south of the Mertondale gold deposits, Magnetic Resources NL (ASX: MAU) has completed a 60-hole 1987m RAB and a 1-hole 120m RC drilling program in the Leonora gold district. To test the historic Triumvirate gold workings and to follow up gold and multi-element anomalies in shallow geochemical drilling, this program was designed. In August, preliminary results of some of this drilling were released. At Triumvirate Workings, new RC drilling to test further extension to SE.

With a best intercept of 2m @ 15.1g/t Au from 17m in drill hole MCWRB38, over a 180m strike length at Triumvirate Scout RAB drilling has confirmed quartz vein-hosted mineralization. Indicating true widths to be around 50-60% of intersected widths, the quartz veining is interpreted to be sub-vertical. The most eastern hole drilled, to test for further extension to the SE, MCWRB51, intersected 8m at 0.8g/t Au from 8m and two extra drillholes are designed. At hole MCWRB51 a change in orientation of the vein is shown up, and favorable for gold may represent a potential dilational position. Along strike to the SE and possibly to the NW, the mineralization remains open. [optin-monster-shortcode id=”swikrbu1d9j9aq0o4cko”]

Through hardpan cover at Triumvirate further shallow geochemical drilling is proposed, with the aim to look for possible parallel zones, and of testing possible strike extensions to the SE and NW. Follow-up RC drilling, in the meantime, is being planned to test immediate strike extensions and to test down-dip of the shallow RAB intercepts. Also, over the rest of the Christmas Well tenements, further ground magnetic surveys totaling 270-line km are planned, for prospective crosscutting parallel NW structures like the Triumvirate workings.

In this program the remainder of the RAB holes, tested a series of gold and multi-element anomalies and with minor sediments intersected a sequence of mafic, ultramafic and felsic rocks. No substantial gold mineralization was detected. George Sakalidis, Managing Director commented that “As a significant area, the Triumvirate near-vertical dipping mineralized quartz vein system is emerging for the company and for both NW and SE extensions extensive below-hardpan geochemical surveys testing are ready to proceed. To test for the extension of the mineralized quartz veins will also begin shortly, more directly an 11-hole 620m RC program. To help look for any other prospective dilational positions favorable for gold in this area and, repetitions and extensions of the Triumvirate mineralized gold veins, a detailed 270 km ground magnetic survey is planned.

MAU was trading at a market price of $0.145 with a flat daily price change as at October 16, 2018 (1:56 PM AEST), the stock of the company has witnessed a positive performance change of 11.54% over the past 3 months period.

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