Magnetic Resources has expanded its prospective land holding directly east on HN9, following a purchase of 7.1 km2 of tenements at the Lady Julie Project. The prospective land position at HN9 increased from 4.2 to 11.4km2.
The area covering the Lady Julie and HN9 Projects is well endowed with gold mineralisation and has potential for a mining centre after more drilling is completed.
At Lady Julie an initial drilling programme of 120 RC holes totalling 5,943m has been completed and has been followed up with 13 RC holes for 1,185m.
The Lady Julie Central (Indicated and Inferred) Resource of 1.36 Mt at 1.67 g/t for 73,100 oz is 350m by 200m in area and can be 20-50m thick and is predominately an Indicated Category (48%).
Some thicker intersections including a number of intersections that start from surface.