Magnetic Resources Announces Drilling Tests Extension At Christmas Well

  • Oct 16, 2018 AEDT
  • Team Kalkine
Magnetic Resources Announces Drilling Tests Extension At Christmas Well

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. 

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.

Dividend Stocks To Buy

The Income available from dividends remains attractive for many investors.

We take a look at the best yields on the market and assess what they say about a company’s prospect.

One Thing is certain, though, Australia interest rates are still low, making income difficult to come by and keeping the focus for many investors on high yielding stocks. Kalkine’s team of analysts bought you handpicked report for “Top 25 Dividend Stocks For 2018.”

ASX-relevant Special Reports are published year-round to provide a detailed analysis into an investing opportunity or a potential risk to your portfolio.

Click here to get your free report.


The advice given by Kalkine Pty Ltd and provided on this website is general information only and it does not take into account your investment objectives, financial situation or needs. You should therefore consider whether the advice is appropriate to your investment objectives, financial situation and needs before acting upon it. You should seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice) as necessary before acting on any advice. Not all investments are appropriate for all people. and associated websites are published by Kalkine Pty Ltd ABN 34 154 808 312 (Australian Financial Services License Number 425376). website), employees and/or associates of Kalkine Pty Ltd do not hold positions in any of the stocks covered on the website. These stocks can change any time and readers of the reports should not consider these stocks as advice or recommendations.




All pictures are copyright to their respective owner(s) does not claim ownership of any of the pictures displayed on this website unless stated otherwise. Some of the images used on this website are taken from the web and are believed to be in public domain. We have used reasonable efforts to accredit the source (public domain/CC0 status) to where it was found and indicated it below the image.


There is no investor left unperturbed with the ongoing trade conflicts between US-China and the devastating bushfire in Australia.

Are you wondering if the year 2020 might not have taken the right start? Dividend stocks could be the answer to that question.

As interest rates in Australia are already at record low levels, find out which dividend stocks are viewed as the most attractive investment opportunity in the current scenario in our report.

We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK