Magnetic Resources Reports December Quarter Report, Stock down 0.8%

  • Jan 26, 2020 AEDT
  • Team Kalkine

 

 

Magnetic Resources NL (ASX:MAU) reports December quarterly report on 24 January 2020.

Tenement- Hawks Nest E38/3127:

  • In the central part of HN9 the Company reported a distinct bend in the shear zone from SSE to SSW and considerable thickening of the mineralised zone within an altered silicified porphyry.
  • The newly identified silicified porphyry crosscuts the NNW-trending near-surface flat-dipping mineralization. The company believes it my represent a feeder zone of the entire 3km-long HN9 shallow-dipping sequence.

Tenement -Lady Julie (Optioned):

  • Two western shears trending NS are strongly mineralised exhibiting some outstanding high-grade and some thicker shallow intersections outlined over a cumulative 1.3km.
  • 684 soil samples are planned to the north and south of the most northern mineralised area to ascertain the size of the mineralised zone.

On 24 January 2020, MAU closed the day’s trade down by 0.84% at $0.590 with a market cap of $120 million.

 

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