Page 76 - pd279-Feb20-mag-web_Neat

DRILL BITS www.capdrill.com www.capdrill.com

David Southam
continue to invest in resource extension, re-
source development and exploration while
we complete the DFS for our integrated
Nickel Restart Strategy.”

Magnetic attracted
to Lady Julie

Magnetic Resources NL’s first drilling on
the newly optioned Lady Julie gold project
near Laverton has delivered immediate en-
couragement.
The company announced its maiden 90-
hole RC programme at Lady Julie – adja-
cent to the company’s flagship HN9 project
– proved two western shears were strongly
mineralised with 198 intercepts reporting
more than 0.5 g/t with 19 greater than 3 g/t
and 12 greater than 4 g/t.
Best hits from the 4,000m programme
were 2m @ 5.44 g/t from 29m, 1m @ 18.18
Stellar hit for Mincor Mincor managing director David Southam g/t from 15m, 6m @ 1.79 g/t from 1m and
said. 1.78 g/t from 5m.
Ongoing diamond drilling at Mincor Re- Southam said the result showed the CS4 Magnetic has paid $20,000 for an option
sources NL’s Cassini nickel sulphide depos- surface could also extend significantly, with over Lady Julie until March 17 at which time
it at Kambalda returned another exceptional the intersection being 115m down-plunge it can acquire 100% by paying $50,000 in
high-grade nickel intercept in January, with from the last reported intersection. cash and 300,000 shares.
17.6m @ 5% (including 13m @ 6.1% nickel) “It is also our second highest value hole The company said the initial RC pro-
reported from a section interpreted to be per metre [measured as intercept width gramme would be followed up with detailed
within the CS4 channel. multiplied by nickel grade) at Cassini,” he ground magnetics and soil surveys before a
The new intersection is 115m down- said. second, 30-hole RC programme tests north,
plunge from the last reported CS4 inter- “We have committed part of the proceeds south and depth extensions.
section and represents the first result from from our recent $35 million capital raising to
a discrete programme aimed at demon- Mincor
strating the continuity of nickel sulphide
mineralisation at Cassini. This intersection
is down-plunge of the boundary of the ex-
isting resource of 1.254mt @ 4% nickel for
50,400t.
Initial interpretation from this intersection
indicated the CS4 and CS5 channels may
be steeper dipping beyond the current re-
source.
“The CS4 surface has recently taken
somewhat of a back-seat from the remark-
able success we achieved with our drilling
programme in the December 2019 quarter
surrounding the CS5 surface intersections,”

African expertise that delivers results

Contact us to discuss how our knowledge and experience

operating across Africa can help your project.

info@capdrill.com | www.capdrill.com

Page 76 FeBRUaRY 2020 aUSTRaLIa’S PaYDIRT