Perth, July 31, 2008 AEST (ABN Newswire) - Magnetic Resources (ASX:MAU) Announce Quarterly Report For the Quarter Ended 30 June 2008
SUMMARY
- A new initiative in the wheatbelt of WA to search for iron deposits close to existing rail infrastructure, with tenure over target areas increased to 1160 sq km.
- Geochemical sampling over a 60km strike length of the gold-prospective Tampia shear zone is continuing.
- Sampling of uranium targets in progress at Lake Seabrook and Lake Eva.
- Geochemical sampling of aeromagnetic targets prospective for gold and / or nickel in progress at Lake Pingarnup, Fitzgerald, Kookadine, Koorda and Joe's Joint.
- Results of a VTEM airborne EM survey and drilling at Lackman Rock being assessed.
- A new tenement application over a gold anomaly near Lake Grace.
SOUTHERN YILGARN IRON ORE SEARCH
As recently reported (ASX releases of 25 June 2008 and 14 July 2008), Magnetic Resources has embarked on an iron ore search on some of its tenements in the Southern Yilgarn region including recent tenement applications. The target tenements cover pronounced aeromagnetic anomalies which are considered to have potential for significant iron occurrences. The recent acquisitions bring Magnetic's iron prospective tenement holdings to 1160 sq km.
Metamorphosed iron formations are known to occur on some of the tenements and in other cases the sources of the magnetic anomalies are obscured by shallow cover and have not been previously explored for iron.
In addition, previous regional sampling by the CSIRO recorded iron contents in laterite up to 39.5% Fe on Magnetic's tenements, which is significantly enriched relative to the usual laterite iron levels of 10-20% Fe and which suggests the presence of iron-rich source rocks.
The strategic location of these iron ore targets close to existing railway infrastructure with connections to ports is likely to significantly enhance the economic potential of any iron discoveries. A programme of systematic sampling of the tenements has commenced with the aim of defining drilling targets.
TAMPIA NORTH (Magnetic earning up to 100%)
Geochemical sampling to complete the first pass coverage of a 60km strike length of the Tampia shear zone continues to progress. The sampling has been expanded to cover iron targets within the Magnetic tenements in addition to gold targets associated with the Tampia shear zone, which is known to host gold anomalies within the Magnetic tenements and to host gold mineralisation to the south of Magnetic's tenements.
Follow-up drilling of defined gold and iron targets is anticipated to commence in the December quarter when cropping in farming areas has been completed.
LAKE PINGARNUP (Magnetic earning up to 100%)
A geochemical RAB drilling programme (17 holes, 206m) has commenced over aeromagnetic targets for gold and nickel at Lake Pingarnup 60km south of Lake Grace township.
FITZGERALD (Magnetic earning up to 100%)
Scout geochemical RAB drilling (54 holes, 738m) over several aeromagnetic targets for gold and nickel was completed during the quarter. Some unexpected elevated uranium values occurring at shallow depth are being evaluated.
LAKE SEABROOK AND LAKE EVA (Magnetic earning up to 100%)
Reconnaissance soil sampling over radiometric targets prospective for uranium was carried out, with assessment of results in progress.
KOOKADINE AND KOORDA (Magnetic earning up to 100%)
First pass geochemical sampling of aeromagnetic targets and follow up of historical sampling for gold and nickel has been carried out, with sample analysis (88 samples) in progress.
JOE'S JOINT (Magnetic earning up to 100%)
First pass geochemical sampling of aeromagnetic targets considered prospective for gold and /or nickel has been carried out along roadsides and fence lines with results pending.
LACKMAN ROCK (Magnetic earning up to 100%)
Results from a 126 line-km VTEM airborne EM survey carried out during the March quarter were assessed during the quarter. The survey was carried out over an interpreted 6km strike length of ultramafics to test for possible nickel sulphide conductors. The survey was considered to be effective over 90% of the survey area and identified three weak anomalies one of which occurs associated with the interpreted ultramafic unit. Scout aircore drilling (21 holes, 538m) was carried out across the target ultramafic and the associated VTEM anomaly with assessment of results in progress.
LAKE TAY EAST AND WEST
Aircore drilling (47 holes, 1122m) identified that aeromagnetic targets in both areas are related to ultramafic rocks within granite or zones of disseminated magnetite in granite. No significant gold or nickel values were recorded. Uranium values up to 36ppm were recorded in saprolite at Lake Tay West and are being assessed.
LAKE GRACE (Magnetic 100%)
An 80sq km exploration licence application has been made 7km northwest of Lake Grace township to cover a 2.4km x 400m gold and multi element anomaly identified by historical regional sampling in this wheatbelt area. Gold values range up to 60ppb Au compared to a local background of 2ppb Au. Limited previous drilling in this area does not appear to have tested all the targets.
NOTE:
The information in this report that relates to exploration results is based on information reviewed or compiled by Roger Thomson BSc, ARSM, MAusIMM, MAIG. Roger Thomson is a director of Magnetic Resources NL. Roger Thomson 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 2004 edition of the 'Australasian Code of Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Roger Thomson consents to the inclusion of this information in the form and context in which it appears in this report.
Contact
George Sakalidis
Managing Director
Phone: (08) 9485 2410
Mob: 0411 640 337
Roger Thomson
Executive Director
Phone: (08) 9485 2410
Mob: 0419 969 183
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