Siren Intersects High Grade Gold and Antimony at Treasure Trove East

Summary.

Magnetic Resources (ASX: MAU) is an Australian business, establishing a portfolio of substantial gold tasks in the recognized mining province, Laverton area, in Western Australia.

The business owns a 100-percent interest in the Hawks Nest and Woman Julie tasks in Laverton, the Homeward Bound South job in Leonora, and the Benjabbering job in Julimar. The primary deposits consist of Hawks Nest 9 (HN9), Woman Julie Central (LJC), Woman Julie North 4 (LJN4), Mount Jumbo and Homeward Bound South, which are all situated in a location with well-endowed local facilities, consisting of 3 processing plants within 10 to 35 kilometres. These plants are owned by popular operators consisting of Goldfields Genesis/Dacian; Anglo-Ashanti; and Genesis/Dacian.

Magnetic Resources Project Location

The tasks’ distance to these existing processing centers provides enough alternatives to MAU for toll processing without needing to invest countless dollars in building its own processing plant.

A number of big deposits such as Wallaby, Dawn Dam and Jupiter Gold remain in this jurisdiction. The business’s tasks are surrounding to a few of these first-rate deposits. The Mt Jumbo and Hawks Nest tenements are just 15 kilometres north of the Wallaby deposit. At both HN9 and Woman Julie, Magnetic Resources had actually determined several thickened stacked lodes near-surface, which have some resemblances to Wallaby and Dawn Dam.

LJN4, an essential focus for the Laverton job, hosts thick breccia and silica pyrite zones approximately 50 metres thick, which are likewise common in Anglo Ashanti’s first-rate Dawn Dam deposit, both parallel to near-surface breccia zones and vertical mineralization going downwards into numerous of their deposits. The Mau breccia zones typically bring greater grades and are now being extended by brand-new drilling at depth and additional to the east and northeast, possibly growing the LJN4 resource.

In November 2023, the business revealed a considerable boost in the mineral resource quotes. The deposits in the Laverton and Homeward Bound location have actually seen a considerable 107-percent boost over the last report in February 2023. The upgraded combined mineral resources approximate for the entire job location stands at 22.7 million tonnes (Mt) @ 1.69 grams per load (g/t) gold amounting to 1.24 million ounces (Moz) of gold at 0.5 g/t cutoff.

LJN4 is now, without a doubt, the biggest resource in the job location, as its consisted of gold increased from 204,000 oz to 852,000 oz, a 317-percent boost. Extension drilling continues and is anticipated to lead to additional resource boosts.

The significance of LJN4’s gold resource has actually not gone undetected, as research study company Argonaut has actually called it a ‘ sleeping huge,’ keeping in mind current drilling at LJN4 “suggests a considerable discovery unfolding in the Laverton area.” If MAU can duplicate the current drilling intercepts, the next resource upgrade at LNJ4 might quickly make it a 1-Moz deposit. This will place LJN4 as one of the very best undeveloped gold properties in the Laverton area.

Business Emphasizes.

  • Magnetic Resources (MAU) is an Australian business concentrated on gold advancement tasks in Western Australia.
  • The business owns a 100-percent-interest in the Hawks Nest and Woman Julie tasks in Laverton, the Homeward Bound South job in Leonora, and the Benjabbering job in Julimar.
  • MAU’s big tenement positions in the Leonora and Laverton districts of Western Australia, are near many big deposits with existing mining operations and excellent facilities.
  • The existence of 3 processing plants near MAU’s Laverton deposits supplies scope for toll processing.
  • In November 2023, the business revealed a 107-percent boost in the resource price quote for Laverton and Homeward Bound South deposits. The modified resource stands at 22.7 Mt @ 1.69 g/t gold amounting to 1.24 Moz of gold at 0.5 g/t cutoff.
  • For the Laverton job deposits – Woman Julie North 4, Woman Julie Central and Hawks Nest 9 – early work programs, consisting of job ecological, heritage and technical background research studies, are close to conclusion. The goal is to send a mining proposition in January 2024.
  • In October 2023, the business revealed the conclusion of a AU$ 4.8-million personal positioning The business is now completely moneyed with AU$ 7 million money to strongly advance to the next phase of advancement.
  • The business’s extremely skilled senior management group has a tested performance history to profit from the high resource capacity of its tasks.

Secret Tasks.

Laverton Projects

Laverton Projects

MAU has 179 sq. kilometres. of potential expedition tenements in the Laverton area making up 3 primary deposits – Hawks Nest 9 (HN9), Woman Julie Central (LJC) and Woman Julie North 4 (LJN4). All are 100-percent-owned tenements and within 20 to 30 kilometres of 3 significant gold camps jointly hosting more than 25 Moz of gold resource – Granny Smith (owned by Goldfields Australia), Jupiter (owned by Dacian Gold) and Dawn Dam (owned by AngloGold Ashanti). In the Laverton Job, comprehensive drilling programs have actually been finished with 1,898 RC/DD holes for 147,943 metres with additional much deeper drilling now prepared.

MAU’s upgraded resource price quote stands at 10.4 Mt suggested @ 1.74 g/t gold consisting of 584,400 oz and 12.2 Mt presumed @ 1.65 g/t gold consisting of 651,300 oz for an overall of 22.7 Mt @ 1.69 g/t gold, consisting of 1.24 Moz at 0.5 g/t cutoff. The depth of drilling averages just 79 metres on all tasks. Keep in mind that these quotes consist of the Homeward Bound South job too. The discovery expense for all these resources is really low at $24/ounce.

Early work programs have actually started at these deposits and all approvals are anticipated by December 2023. MAU intends to send a mining proposition to DMIRS in late January 2024. Blue Cap Mining is assisting with all essential approvals and evaluating the economics of the Laverton Job.

Hawks Nest 9 and Lady Julie

Hawks Nest 9: The HN9 (shown and presumed) resource is approximated at 3.2 Mt at 1.22 g/t gold for 123,000 oz consisted of within 3 primary zones within a 2-kilometre by 200-metre-wide location and is mainly within the shown classification (63 percent). Prevalent surface area and shallow east-dipping lodes exist in the job location.

Woman Julie Central: The Woman Julie Central (shown and presumed) resource is approximated at 1.33 Mt at 1.68 g/t gold for 72,200 oz, covering a 350-metre by 200-metre location. Almost 59 percent of the resource falls in the shown classification.

Woman Julie North 4: LJN4 is without a doubt the biggest resource in the job location. The resource (shown and presumed) is approximated at 13.1 Mt at 2.20 g/t gold for 852,000 oz, covering an 800-metre by 200-metre location, and is open down dip and to the east, which augers well for the prospective size. This resource is partially in the shown classification (52 percent). Thick breccia silica pyrite crossways have actually now been laid out over a 250-metre length in the main and southern part of LJN4, which are really comparable to that discovered in the first-rate Dawn Dam deposit. These zones consisting of drilling holes (MLJRC789, MLJRC779 and MLJRC679) are now being extended by brand-new drilling at depth and additional to the east and northeast. This supplies strong capacity to grow the LJN4 resource. A 1,390-metre diamond and a 2,555-metre RC program have actually begun and will be scoping out extensions both to the east and northeast with holes prepared in between 400-metre to 550-metre depth holes.

Lady Julie North 4 plan showing resource block grades and drill sections

Woman Julie North 4 strategy revealing resource block grades and drill areas

A few of the impressive crossways in the 250-metre zone consist of:

  • 120 metres at 2.68 g/t from 152 metres in drill hole MLJRC789,
  • 111 metres at 1.76 g/t from 173 metres in drill hole MLJRC779,
  • 96 metres at 1.23 g/t from 54 metres in drill hole MLJRC679,
  • 45 metres at 2.65 g/t from 130 metres in drill hole MLJDD015,
  • 52 metres at 1.14 g/t from 208 metres in drill hole MLJRC790,
  • 56 metres at 1.37 g/t from 192 metres in drill hole MLJRC801

This is an interesting time for the business, having actually revealed a broadened mineral resource in November 2023 and now wanting to additional boost the size of the LJN4 resource by additional drill evaluating the thickened state-of-the-art breccia zone and extension at depth and to the east.

Homeward Bound South

The Homeward Bound South Job consists of 7 tenements covering 13 square kilometres. It covers a 5,000-metre strike length of the Federation shear zone, 40 kilometres east of Leonora. An evaluation of historic information has actually exposed a 500-metre-long target along the strike length of the Federation Shear Passage. The 14-hole 1,780-metre-long RC drilling program performed in 2021 determined many state-of-the-art crossways, the very best amongst them being 20 metres at 2.98 g/t from 64 metres in drill hole MHBSRC025.

Chatterbox Shear Zone

The Chatterbox shear zone is an intricate north to northeast-trending, east-dipping structural passage that covers 32 kilometres extending from Magnetic Resources’ southern border at Mt Jumbo and through LJN4 and as far north as the Beasley Creek gold deposit on Magnetic’s northeast border. Significantly, this shear zone is carefully connected with gold mineralisation at a number of areas along its length consisting of MAU’s LJN4 and Mt Jumbo deposit. This shear is gold-rich and gold deposits even more north of MAU’s tenements include the Beasley Creek and Apollo deposits and are translated to extend south towards the first-rate Wallaby deposit.

Julimar Lookalike Projects.

It consists of 6 different tasks, consisting of Benjabbering, Trayning, Trayning West, Goddard, Koorda and Korrelocking, all of which are 100-percent held by the business. These are nickel-copper-PGE (platinum group components) tasks situated 90 kilometres to 150 kilometres northeast of Chalice Gold Mines’ Julimar nickel-lead discovery. These tasks were chosen based upon aeromagnetic analysis after keeping in mind the structural setting of the Julimar complex and the Gonneville mineralized discrete magnetic nickel-copper-PGE body.

The 112-square-kilometre Benjabbering job has a big 25-kilometre-long aeromagnetic pattern really comparable to the Julimar. A number of thickened zones in the location might represent possible feeder locations for prospective nickel-copper-PGE mineralization. Both the Trayning and Korrelocking Tasks have a 2-kilometre discrete magnetic target potential for uncommon earth components.

Management Group.

George Sakalidis– Handling Director

George Sakalidis has actually been the founding director and investor of the business because its creation in 2006. He brings more than thirty years of experience in establishing early-stage natural deposit tasks and bringing the tasks to production. He is experienced in different products consisting of gold, diamond, base metals and mineral sands. He has actually been connected with a number of substantial mineral discoveries in Western Australia, consisting of the 3 Rivers and Rose gold deposits, the Blackmans gold deposit, the Dongara Mineral Sands Deposits, the Boonanarring, Gingin South, and the Hyperion Mineral Sands Deposits. He has actually held a number of directorships in ASX-listed business, such as Image Resources and Meteoric Resources. Furthermore, he is a founding director of ASX-listed business Emu and Potash West. He holds an honours degree in geology and geophysics from the University of Sydney.

Eric Lim– Non-Executive Chairman

Eric Lim holds an MBA degree from the Kellogg School of Management and a Bachelor of Accounting from the Nanyang Technological University of Singapore. He is a worldwide financial investment lender, who constructed his profession in leading banks in Southeast Asia. He has actually served in a number of senior functions at UOB, Requirement Chartered Bank, OCBC Bank and General Electric Capital.

Chan Hian Siang– Non-Executive Director

Chan Hian Siang holds a Bachelor of Arts (economics) from York University in Toronto, Canada, and a Master of Company Administration from McGill University, Montreal, Canada. He is likewise a council member of the Singapore Chinese Chamber of Commerce and Market. He is the creator, executive director and CEO of SP Chemicals in Singapore. He has actually likewise been connected with Asiawide Holdings and Asian-American Merchant Bank.

Ben Donovan– Non-Executive Director and CFO

Ben Donovon brings extensive experience in the locations of compliance, business governance, guidelines and capital markets. He is presently a director and business secretary of a number of ASX-listed and public unlisted business associated with the resource and innovation markets. He was a senior advisor at the Australian Securities Exchange in Perth for almost 3 years, consisting of as a member of the ASX JORC Committee.

This post was composed in partnership with Couloir Capital.


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