Magnetic Resources (ASX: $MAU) drilling program update

Magnetic Resources (ASX: $MAU) has reported significant intersections at the Lady Julie North 4 (LJN4) deposit, including a 16m intersection at 4.51g/t from 411m. The company has conducted deeper drilling to ascertain the depth continuity in various parts of the LJN4 Deposit, resulting in compelling intersections such as 29.5m at 2.81g/t from 270.5m and 15.2m at 1.79g/t from 287m. The LJN4 deposit has seen a 317% increase from 204,000oz to 852,000oz, and the mineralization is expected to continue at depth within the Chatterbox shear, a regional scale structure controlling several deposits including LJN4, Apollo, Beasley Creek, and Wallaby.

Executive commentary on LJN4 drilling program

Managing Director George Sakalidis commented, 'Our recent drilling program at LJN4 has been very promising, with the deepest drill hole, MLJDD033, revealing a significant intersection of 16m at 4.51g/t from 411m, potentially indicating underground mineability. The mineralization continuity of 550m down dip is a significant extension, and we are currently testing for the northern extension and down dip continuity of MLJDD033 with hole MLJDD039. The LJN4 resource has been significantly expanded, and the recent drilling has shown strong potential for further resource enlargement.'

Summary of LJN4 drilling program and outlook

The LJN4 deposit has shown promising results from the recent drilling program, with significant intersections and resource expansion. The mineralization is expected to continue at depth within the Chatterbox shear, and the company is optimistic about the potential for further resource enlargement. The LJN4 deposit's continuous down dip extension and the compelling intersections indicate a positive outlook for Magnetic Resources' corporate strategy and the LJN4 deposit's future prospects.