ASX Release ASX code: MAU
24 August 2017
HAWKS NEST 500M GOLD PORPHYRY TARGETS
Level 1 44A Kings Park Road
PO Box 1388
West Perth WA 6872
Telephone 08 9226 1777 www.magres.com.au
ABN 34 121 370 232
Soil sampling has identified a 500m-long gold and multi-element geochemical anomaly at the HN5 area at Hawks Nest (E38/3127) approximately 15km SW of Laverton. The anomaly occurs over part of an extensive felsic porphyry outcrop/scree area west of the Emerald gold diggings (Figure 1) and lies on the western flank of a pronounced linear magnetic low identified in a ground magnetic survey (refer to MAU ASX release of 26 July 2017). The multi-element anomaly also coincides with a 300m-long zone of quartz veining in the porphyry. The anomaly remains open to the west and to the south (Figure 2). The northern extension of the porphyry is obscured by soil and alluvium cover.
Figure 1 HN5 Area, Geology
Figure 2 HN5 Area, Soil Geochemistry
The geochemical anomaly is characterised by an Au-Te-Mo-Bi-W-Pb association somewhat similar as that reported to occur at Ramelius Resources' Mt Magnet gold project in the Murchison region (Genesis Minerals, ASX: GRD, ASX release 20 July 2017), where felsic porphyries are being explored for large, low strip ratio gold deposits. Drill holes MHNRC03 and 04 testing a magnetic target zone at HN5, intersected anomalous gold in the range 0.1 to 0.2g/t, mainly in porphyry, in the northern part of the multi-element anomaly (refer to MAU ASX release 26 July 2017). In addition, an Au-Te- Bi-Pb association is also evident in the soil geochemistry just east and north of the Emerald gold diggings at HN5. Further sampling is being planned to assess the significance of this anomaly.
The Hawks Nest area is extensively intruded by felsic porphyries which are normally unmineralised yet another similar Au-Te-Mo-Bi-W-Pb association has been observed in soil sampling over a quartz veined porphyry at Wheel of Fortune, about 2km SSE of HN5. The Hawks Nest area is a well-known prospecting area where eluvial and alluvial gold has been recovered over many years, however the source of these extensive gold occurrences is not clear and may be related to the extensive porphyries as well as to numerous scattered narrow lode gold diggings. Further work, including shallow RAB drilling over selected targets, is being planned to examine the bulk tonnage gold potential of the Hawks Nest porphyries.
Magnetic has also received the results of preliminary soil sampling around the area where prospectors recently reported the discovery of large gold nuggets on the company's Mertondale tenement (E37/1258) only 5km west of Kin Mining's Mertondale Deposit (395,000oz) and 20km NW of Kin Mining's Cardinia Deposit (193,000oz) (refer to MAU ASX release 7 August 2017). The sampling has identified a 300m-long +5ppb gold anomaly (peak 17ppb compared to a background of 2ppb), extending south from the nugget occurrences, open to the south, in an area of extensive laterite cover. Magnetic plans to carry out further soil sampling to define the extent of the anomaly followed by RAB drilling to test for the bedrock source of the nuggets and a Tribute agreement has been signed with the local pastoralist (MAU ASX release 7 August 2017).
For more information on the company visit www.magres.com.au
George Sakalidis Managing Director Phone (08) 9226 1777
Mobile 0411 640 337
Email george@magres.com.au
The information in this report is based on information compiled by George Sakalidis BSc (Hons), who is a member of the Australasian Institute of Mining and Metallurgy. George Sakalidis is a Director of Magnetic Resources NL. George Sakalidis has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. George Sakalidis consents to the inclusion of this information in the form and context in which it appears in this report.
JORC Code, 2012 Edition - Table 1 report template
Section 1 Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections.)
Criteria | JORC Code explanation | Commentary | |
Sampling techniques |
| | Soils samples of approximately 1-2kg were taken at a depth of 25cm using hand held tools. In total 156 samples were taken on a 100m x 25m spacing at HN5 and 150 samples on a 25m x 25m spacing at Wheel of Fortune. No duplicate samples were taken from HN5. |
Drilling techniques |
| | Not applicable. |
Drillsample Method of recording and assessing core and chip sample recoveries recovery and results assessed.
| | Not Applicable. | |
Logging |
|
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Magnetic Resources NL published this content on 24 August 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 24 August 2017 07:42:04 UTC.
Original documenthttp://www.magres.com.au/announcements/20170824%20Hawks%20Nest%20500m%20Gold%20Porphyry%20Targets.pdf
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