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 tenements are strongly mineralised with;
217 gold intercepts (1-19m) greater than 0.5g/t, which includes 94 greater than 1g/t,
34 greater than 2g/t,
20 greater than 3g/t and
13 greater than 4g/t
Several of these mineralised zones are like HN9 and occur within altered porphyry and altered porphyry and mafic contacts and in some case with sediment zones.