Mt Magnet Project
(Ramelius 100%)
The Company successfully completed deeper exploration reverse circulation (RC) and diamond drilling below its proposed cutbacks to the Saturn Mars and Titan pits at Mount Magnet.
The drilling aimed to delineate a series of high grade ore shoots amenable to future underground mining. Significant (>0.5 g/t Au) drill results were intersected in the blind Mercury lodes. The Mercury lodes straddle the western and eastern contacts of the banded iron below the Mars pit and are truncated near surface by the late stage cross cutting Hill 50 Fault. The size and grade of the lodes intersected is encouraging. They appear analogous to the historically mined high grade Hill 50 underground ore shoots. Better assay results returned include:
| GXDD0011: | 31m @ 4.44 g/t Au from 271m |
|---|---|
| GXDD0017: | 9.29m @ 11.8 g/t Au from 308.84m |
| GXDD0019: | 33.52m @ 8.16 g/t Au 381.88m |
| GXDD0025: | 11.4m @ 4.64 g/t Au from 228.2m |
| GXDD0031: | 32.9m @ 6.30 g/t Au from 288.8m |
| GXRC0260: | 10m @ 13.1 g/t Au from 147m |
| GXRC1109: | 26m @ 8.83 g/t Au from 115m |
| GXRC1157: | 22m @ 5.71 g/t Au from 258m plus 8m @ 8.12 g/t Au from 284m |
| GXRC1159: | 2m @ 58.3 g/t Au from137m + 15m @ 3.94 g/t Au from 312m |
| GXRC1161: | 7m @ 4.32 g/t Au from 291m |
| GXRC1178: | 16m @ 2.77 g/t Au from 104m |
| GXRC1179: | 4m @ 7.03 g/t Au from 234m plus 2m @ 28.9 g/t Au from 304m |
The wide intersection of 32.9 m @ 6.30 g/t gold in hole GXDD0031 occurs around 300m below surface within the Mercury East Lode (metal factor of 208 gram x metres). This intercept comes from 30 m down-plunge of Ramelius’ first hole into the Mercury East Lode, GXDD0011 with 31m @ 4.44 g/t gold from 271m (metal factor of 137 gram x metres) and 100m up plunge of GXDD0019 with 33.5m @ 8.16 g/t gold from 381.88m (metal factor of 273 gram x metres). GXDD0031 includes a higher grade mineralised core of 11.43m assaying at 14.0 g/t from 306.22m down hole.
High grade Mercury Lodes below the Mars Pit – analogous in size and grade to historical Hill 50 underground stopes in the right of the slide, Galaxy Mining Area, Mt Magnet, Western Australia