Magnetic Resources announced on 29 November 2021 that after its RC drilling programme completed for 14 holes for 1780m, a 1km prospective zone has been identified with the best intersection to date at Homeward Bound South of 20m at 2.98g/t from 64m in MHBSRC025.
The prospectivity of this shear zone (called the Federation shear zone) has increased as it is now recognised that the dip of the mineralised zone is close to 90° rather than 60° to the east and some of the previous drilling did not drill deep enough to intersect this prospective shear. The shear zone shows up as a distinct aeromagnetic low zone interpreted to result from alteration within the shear zone.
Most of the intersections are within broad strong alteration zones, shown up in the logging of RC chips, that indicate some size potential from drilling. Some of the better intersections include:
- MHBSRC025 20m at 2.98g/t from 60m including 8m at 2.53g/t from 64m (4m composite)
- MHBSRC007 6m at 4.61g/t from 62m including 1m at 24.22g/t 66m (1m splits)
- MHBSRC010 31m at 0.98g/t from 20m including 4m at 2.71g/t from 20m (1m splits)
- ABR060 19m at 1.1g/t from 32m ending in mineralisation*
- ABR066 25m at 1.3g/t from 12m ending in mineralisation *
- ABR041 17m at 0.9g/t from 4m ending in mineralisation *
*Historical drilling
Homeward Bound South showing the wide Federation shear with thick gold RAB and RC intersections and planned RC holes in yellow on an aeromagnetic image