Proactiveinvestors Australia Magnetic Resources NL Proactiveinvestors Australia Magnetic Resources NL RSS feed en Wed, 24 Jul 2019 15:13:39 +1000 Genera CMS (Proactiveinvestors) (Proactiveinvestors) <![CDATA[News - Magnetic Resources identifies 2-kilometre gold strike near Laverton in WA ]]> Magnetic Resources NL (ASX:MAU) is investigating 1.6 additional kilometres of ground prospective for gold after a large 2-kilometre-long soil geochemical anomaly was outlined at Hawks Nest 9 near Laverton in Western Australia.

The 2-kilometre strike at the historically-worked target zone ranged from 50 to 200-metres wide and was open to the north and south.

ASX-listed Magnetic views the gold zone as ‘highly prospective’ and highlighted it was 15 kilometres northwest of the Granny Smith operations owned by Gold Fields Limited (NYSE:GFI) (JSE:GFI) (SWX:GOLI) (OTCMKTS:GFIOF) subsidiary Gold Fields Australia Pty Ltd.

The project is 10 kilometres northeast of Dacian Gold Ltd’s (ASX:DCN) (FRA:DAG) Jupiter operations in Laverton.

READ: Magnetic Resources confirms vein-hosted gold mineralisation at Christmas Well

Magnetic managing director George Sakalidis reported, “The 2-kilometre zone contains numerous very anomalous soil sample results with 99 samples that are greater than 25 ppb gold of which 32 samples are greater than 100 ppb.

“Eighteen samples are greater than 200 ppb.”

The 2-kilometre anomaly contains 45 very shallow intersections greater than 0.5 g/t.

Magnetic’s managing director highlighted the company’s planned efforts for this month.

Sakalidis said, “A further 501 samples are being taken in January 2019, mainly endeavouring to extend this anomalous zone up to 800 metres to the north and 800 metres to the south, totalling 3.6 kilometres in length.”

MD Sakalidis highlighted the value of the project, given movements in the price of gold.

He said, “With the Australian gold price greater than $1,800 as compared to much lower prices between $400-$550 from 1986 to 2001 when some parts of this HN9 gold zone were drilled by previous companies, it now makes strong sense to fast-track drilling and potential economic studies of this significant 2-kilometre-long gold target.”

The MD pointed to similar bulk tonnage deposits already being mined in the region, saying their presence boded well for Magnetic.

These deposits included Dacian’s 14.7 million tonne Jupiter deposit grading 1.4 g/t from proved and Regis Resources Limited’s (ASX:RRL) (FRA:RKQ) (OTCMKTS:RGRNF) 117.2 million tonne group ore reserves for its Duketon operations which has a 1.08 g/t grade.

Sakalidis said, “This, augers well for the 40 reverse circulation (RC) holes totalling 1655 metres, which are awaiting assays and the upcoming 17 RC holes totalling 660 metres.”

Results are pending for the 40-hole 1655-metre program that took in 1655 metres to test shallow down-dip extensions of the drilled gold mineralised shears the company believed showed potential for near-surface bulk tonnage mineralisation over 1.5 kilometres.

The upcoming 17 RC-hole drilling campaign of 660 metres is designed to produce additional positive results from the recently completed 441-sample infill soil geochemistry program that is part of a more extensive, ongoing 842-sample soil-sampling program on the enlarged 3.6-kilometre strike.

Mon, 07 Jan 2019 00:55:00 +1100
<![CDATA[News - Magnetic Resources confirms vein-hosted gold mineralisation at Christmas Well ]]> Magnetic Resources NL (ASX:MAU) has completed a 60-hole rotary air blast (RAB) and 1-hole reverse circulation (RC) drilling program at its Christmas Well tenements in WA’s Leonora gold district.

The drilling was designed to follow-up gold and multi-element anomalies in shallow geochemical drilling as well as to test the Triumvirate gold workings.

Scout RAB drilling confirmed quartz vein-hosted mineralisation over a 180-metre strike length at Triumvirate, with a best intercept of 2 metres at 15.1 g/t gold from 17 metres.

Further shallow geochemical drilling of 194 holes for 776 metres is planned, with the aim of testing possible strike extensions to the southeast and northwest and to look for possible parallel zones.

Follow-up drilling ‘ready to proceed’

Magnetic managing director George Sakalidis said the Triumvirate near-vertical dipping mineralised quartz vein system was emerging as a significant area for the company.

Sakalidis said: “Extensive below-hardpan geochemical surveys testing for both northwest and southeast extensions are ready to proceed.

“More directly an 11-hole 620 metres RC program to test for the extension of the mineralised quartz veins will also begin shortly.

“Also, a detailed 270-kilometre ground magnetic survey is planned to help look for repetitions and extensions of the Triumvirate mineralised gold veins and any other prospective dilational positions favourable for gold in this area.”

Mineralisation open along strike

The quartz veining intersected at Triumvirate is interpreted to be sub-vertical, indicated true widths around 50-60% of intersected widths.

The most eastern hole drilled intersected 8 metres at 0.8 g/t from 8 metres and two additional drill holes are designed to test for further extension to the southeast.

A change in orientation of the vein system was demonstrated in the most eastern hole and may represent a potential dilational position favourable for gold.

Mineralisation at Christmas Well remains open along strike to the southeast and possibly to the northwest.

Wed, 10 Oct 2018 03:05:00 +1100
<![CDATA[News - Magnetic Resources reveals gold nuggets north of its Hawks Nest tenement ]]> Magnetic Resources NL (ASX:MAU) has revealed encouraging gold nuggets and specimens north of its Hawks Nest tenement in the Laveron-Leonora region, recovered by a Laverton prospector Brian Roberts.

The company has signed a tribute agreement with Brian Roberts.

As per the agreement, a 500 tonne sample can be dozed and metal detected at any one time with the approval from Magnetic.

Further tonnes up to 4000 tonnes have already been requested by the prospector for dozing and detecting after this initial success.

Magnetic will receive 15% of the gross sale value of all minerals including gold extracted, mined, produced or won from the tenement.

Brian Roberts will be responsible for the rehabilitation of the land.

Further soil sampling will be carried out to encompass this gold nugget area prior to any deeper rotary air blast or reverse circulation drilling.

This complements the tribute agreement Magnetic has signed with a local pastoralist at the Mertondale area where the company is currently laterite sampling a 3.3 square kilometre area.

Magnetic’s Mt Jumbo and Hawks Nest tenements are located just 10 kilometres and 20 kilometres north of the famed Wallaby deposit (> 7.1 million gold ounces mined + resource).

Mon, 09 Oct 2017 08:17:00 +1100
<![CDATA[News - Magnetic Resources to take advantage of 12-month highs ]]> Magnetic Resources NL's (ASX:MAU) shares hit $0.14 yesterday, which is a fresh 12-month high for the company.

The positive re-rating has come after the discovery of large gold nuggets at Mertondale, and the company's other gold potential targets.

Magnetic is now heading to market with a capital raising, and the ASX has granted a trading halt to prepare.

The halt will remain in place until the opening of trade on Tuesday 29th August 2017, or earlier if an announcement is made to the market.

Fri, 25 Aug 2017 09:28:00 +1000
<![CDATA[News - Magnetic Resources NL granted an ASX trading halt ]]> Magnetic Resources NL (ASX:MAU) is heading to market with a capital raising, and the ASX has granted the company a trading halt to prepare.

The halt will remain in place until the opening of trade on Wednesday 3rd August 2016, or earlier if an announcement is made to the market.


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Mon, 01 Aug 2016 12:30:00 +1000
<![CDATA[News - Magnetic Resources NL builds large gold tenement holding in Laverton region ]]> Magnetic Resources NL (ASX:MAU) has put its foot print on a large tenement position in one of the premier gold districts in Australia in the Laveron-Leonora region which has existing gold resources totaling over 34 million ounces.

Under executive director George Sakalidis, it has applied for a large tenement of 129 square kilometres in size. The E38/3127 tenement neatly links the company’s Mt Jumbo, Hawks Nest and Marabou tenements, making this package 225 square kilometres in the area.

While the acquisition by Magnetic renders it one of the largest tenement holders in the region with a combined tenements package of 320 square kilometres in size.

The mineralisation at Mt Jumbo is significant both in grade and length as it is at least 1.3 kilometres in length.

A number of the sections have not been drilled at depth opening up the potential for a gold deposit only 10 kilometres north of the Wallaby Mine.

Numerous high-grade results are present and promising with 34 intersections having over 2 metres at 2g/t gold. Some of the better intersections include 15 metres at 2.4g/t and 4 metres at 7.2g/t.

Two of the six projects, Marabou and Mt Jumbo, are walk up drill targets within well-defined gold zones.  The best of which appears to be the Marabou Project with 2 metres at 110g/t gold from 38 metreswhich is open at depth and along strike within a 2.3 kilometres mineralised shear zone.

The company’s tenements are located within 50 kilometres of existing gold operations raising the possibility for toll processing.

Its Mt Jumbo and Hawks Nest tenements are located just 10 kilometres and 20 kilometres north of the famed Wallaby deposit (> 7.1 million ounces mined plus resource).

The 1.3 kilometre gold rich shear at Mt Jumbo was drilled by Normandy Exploration Ltd between 1994 and 1996.

“The current gold price around US$1215 per ounce is significant as compared to the 1996 pricing around $385 per ounce when Normandy drilled, and augurs well for the economic potential of the Mount Jumbo shear zone,” said Executive Director George Sakalidis.

With estimated cash of over $800,000 Magnetic Resources is well-placed for advancing its exploration at the Marabou and Mt Jumbo projects.


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Mon, 30 May 2016 13:30:00 +1000
<![CDATA[News - Magnetic Resources NL finds gold results grading 110 grams in Leonora ]]> Magnetic Resources NL (ASX:MAU) has identified bonanza grade gold of 110 g/t gold from 38 metres depth, drilled by Metex Resources Ltd in 2005 at its tenements in the Leonora-Laverton district of Western Australia.

The prolific region has seen many large discoveries made with over 34 million ounces of gold mined and in resources.

Magnetic Resources is seeking to identify large gold deposits of 1 million ounces or greater utilising the geological and geophysical characteristics of the known surrounding deposits.

The company holds a total of 6 tenement areas in Leonora-Laverton totalling 191 square kilometres that have the potential to host large scale deposits.

These tenements are within 50 kilometres of existing gold operations, opening the possibility for toll treating.

Follow up drilling beneath and along strike of the intersection of 2 metres at 110 g/t gold will help define the extent of this near surface anomalous zone within the 2.3 kilometre shear zone.

Work planned by the company will focus on extensions of any known mineralised zones within the tenements, identified by previous exploration.


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Mon, 18 Apr 2016 16:30:00 +1000
<![CDATA[News - MagneGas files patents after success of MagneGas2 product introductions ]]> Technology company MagneGas (NASDAQ:MNGA) has moved to protect many of its technological innovations by filing for multiple patents.

The producer of MagneGas, a natural gas alternative and metal cutting fuel made from liquid waste, said the applications specifically relate to the production of MagneGas2, the processing of biomass into sterilized fertilizer and other efficiency enhancements.  

The company took this step to invest further into its intellectual property protection in response to recent success with theMagneGas2 product introductions and manure process testing, the company said.

"The company has embarked on an aggressive campaign to protect its intellectual property," said Ermanno Santilli, chief executive officer of MagneGas.  

"To that end, we have filed multiple patent applications spanning across several MagneGas processes. We recognize the enormous market potential of our products, which has become even more apparent with recent MagneGas2 marquee customer acquisitions. "In response we are taking necessary steps to help protect our systems from potential patent infringement for many years to come." 

Tue, 25 Aug 2015 05:12:00 +1000
<![CDATA[News - Magnetic Resources in small capital raising ]]> Magnetic Resources (ASX:MAU) has undertaken a small capital raise of $300,000 by placing 2,727,272 shares at $0.11 per share with investors.

The funds are ear-marked for drilling and development of the Ragged Rock and Kauring assets in Western Australia.

Magnetic is looking to attract a strategic investor into the Ragged Rock iron ore project, particularly from Chinese and Indian steel businesses.

Kauring is located 30 kilometres east of Ragged Rock.

Current share price is $0.105.


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Wed, 29 Jan 2014 17:20:00 +1100
<![CDATA[News - Magnetic Resources to discuss Ragged Rock iron potential at “Stars in 2013” ]]> Magnetic Resources (ASX: MAU) has put together a world class team, including ex-Fortescue Metals Group executive Gavin Fletcher and John Blanning, to expedite exploration at the company’s Ragged Rock Project in Western Australia.

The Fletcher and Banning group of investors have also invested in the company via a placement of shares.

Investors will get an insight into progress being made on this and the company’s other iron ore projects in the region at the "Stars in 2013" Investor Forum in Sydney on Wednesday 8th May.


Fletcher, ex-principal process engineer for Fortescue Metals Group (ASX: FMG), recently joined Magnetic as part of a group of iron ore project experienced personnel that approached the company to work on the Ragged Rock Project and commit to a A$1 million investment.

Magnetic now has access to significant experience in the identification, definition and processing of iron ore, along with the necessary mining experience to commercialise any resource.

At Ragged Rock, a total of 12 magnetic targets have been identified over a cumulative strike of 41 kilometres within 15 kilometres of the rail infrastructure to Albany, with likely port access.

Initial field trips identified outcropping, very coarse grained magnetite at eight of the targets, of which six have been subjected to industry standard Davis Tube Recovery (DTR) test work.

The DTR results indicate a good grade, low impurity product can be achieved.


Start time:  6.00pm - Please arrive by 5:45pm.

Date: Wednesday 8th May 2013

Place: Radisson Blu Hotel - Cnr Pitt & O'Connell Street

Four exciting companies are presenting with three Lucky Door Prizes, which is then followed by a wine and canapé reception where you can personally interact with the presenting MD's & CEOs.

The event is FREE to attend but make sure you REGISTER today as the seats are filling quickly already.

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Fri, 19 Apr 2013 12:35:00 +1000
<![CDATA[News - Magnetic Resources to drill test 8.5km strike of magnetite anomalies at Calingiri ]]> Magnetic Resources (ASX: MAU) has completed ground magnetic surveys at its wholly owned Calingiri iron ore project to define drilling targets, with reverse circulation drilling set to begin this week.

The Calingiri project in Western Australia is strategically located about 10 kilometres south of Cliffs Natural Resources’ (NYSE: CLF) Yerecoin magnetite project where a resource of 186.8 million tonnes at 30.9% iron has been reported.

The move to begin drill testing follows encouraging surface sampling results, ranging from 40.1% Fe and 23.7% Si02 to 57.3% Fe and 7% Si02, confirming the presence of weathered, iron-enriched magnetite banded iron formation (BIF) at the southern end of Magnetics’ exploration licence.

Aeromagnetic data shows that high amplitude magnetic anomalies, interpreted to reflect magnetite BIF, extend for a strike length of at least 8.5 kilometres in the southern half of the tenement.

Ground magnetic traverses have been carried out on three profiles across the high amplitude magnetic targets, which occur in soil covered areas currently under crop.

Reverse circulation drilling will be carried out on these three sections to assess the nature and extent of the magnetic target horizons.

Potential similarities to Yerecoin

Cliffs’ Yerecoin Resource is notable in that the mineralisation has exceptionally favourable magnetite separation characteristics likely to result in a premium magnetite product at a coarse grind size, similar to Magnetic’s Jubuk deposit near Corrigin and possibly similar to Magnetic’s recent coarse grained magnetite discoveries at Ragged Rock near Northam.

Such premium quality magnetite continues to be a sought after product because of its low impurities, making it suitable for both blending and as feed for direct reduction furnaces.

Also of note is that the magnetic target extent at Calingiri is similar to the strike extent of the Yerecoin deposits suggesting potential for similar sized deposits at Calingiri.

Extensive iron ore holdings

Situated 100 kilometres northeast of Perth, Calingiri forms part of Magnetic’s extensive southwest Western Australia iron ore holdings, targeting both direct shipping ore grade hematite and premium quality magnetite deposits close to rail and port infrastructure.

Calingiri is particularly well located with the BIF targets situated within 4 kilometres of an existing railway.

Ragged Rock exploration

On completion of the first phase of drilling at Calingiri, and subject to completion of land access agreements, Magnetic is planning to carry out an initial drilling program at its Ragged Rock magnetite discovery.

Earlier this month the company identified substantial target tonnage potential at its Ragged Rock project, about 100 kilometres northeast of Perth, after rock sampling at six targets returned grades from 28.1% iron to 55.5% iron.

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Mon, 17 Sep 2012 11:50:00 +1000
<![CDATA[News - Magnetic Resources gravity survey adds 2.7km to strike length at Jubuk magnetite project ]]> Magnetic Resources (ASX: MAU) is conducting a detailed gravity survey over its Jubuk magnetite project and has added 2.7 kilometres to the existing four kilometre strike of known magnetite mineralisation.

Importantly, the zones have potential to add significant tonnages to the Jubuk mineralisation.

The gravity survey is being undertaken by Magnetic to provide greater definition of target zones and to allow priority drill target areas.

Preliminary results from a detailed gravity survey show numerous strong responses, with results indicating the magnetite zone at Jubuk could extend about 600 metres south of the drilled area.

Test work at Jubuk continues to indicate a premium quality magnetite product of the type sought by a range of international consumers.

The project is located near Corrigin, 300 kilometres from Perth and close to the existing grain rail network.

The rail line is located just 30 kilometres south of the Jubuk  project, providing a significant advantage due to lower investment required to transport ore to port. This rail provides access to the Albany and Kwinana ports.

Magnetic is extending the gravity survey to the south along both prospective horizons and will be subject to intensive processing and interpretation in conjunction with the airborne and ground magnetic data previously collected by the company.

Drilling of a second prospective parallel zone called Marriotts, to the south of Jubuk in mid 2010, did not intersect significant grades.

The company anticipates that the gravity data will allow more effective positioning of drill holes to test this large target zone.

On April 21 Magnetic completed the second stage of the latest drill program at Jubuk aimed at following up encouraging drill results and moving the project closer to defining an inferred resource.

Drilling of the new priority targets will commence upon completion of the necessary permitting.

Wed, 25 May 2011 16:13:00 +1000
<![CDATA[News - Magnetic Resources in discussions with "several parties" to develop the Jubuk iron ore project ]]> Magnetic Resources (ASX: MAU) is in discussions with "several parties interested in the Jubuk iron project" to accelerate exploration and possible development.

Jubuk is located near near Corrigin in Western Australia where Magnetic will commence a 34-hole drill program for 4,000 metres at the Jubuk project.

This follows encouraging previous drilling and testwork on reverse circulation drill samples, the test results highlighted potential for the project to produce a high grade concentrate.

The drill programme will be undertaken in two stages commencing in late January. The first stage will test the eastern strike extensions where the magnetic response indicated the prospective sequence extends for a further 2 kilometres east of the previous drilling.

The second stage of the drilling will focus on the previously drilled north-trending zone.

Wed, 19 Jan 2011 12:33:00 +1100
<![CDATA[News - Magnetic Resources confirms high-grade iron in WA ]]> Magnetic Resources (ASX: MAU) has carried out metallurgical test work on a master composite sample from the recent RC drilling at Jubuk, near Corrigin in Western Australia.

The composite sample was compiled from four RC drill intersections over a 600m strike length of the Target 1 magnetite BIF, to determine the DTR (Davis Tube Recovery) sizing for future analyses.

The company said the iron grade, at close to 70%, is excellent and the low silica concentration in the concentrate, at less than 2%, points to a quality, Direct Reduction grade product.

These early test results indicate that the mineralisation at Jubuk can produce a high quality magnetite product at good iron recovery, and that the mineral assemblage liberates well, without the need for fine grinding.

Based on these encouraging results the company said a 3500m RC drilling programme is planned.

Magnetic intends to infill and extend the drilling on the Jubuk outcropping crystalline magnetite BIF and to test the nearby Target 2, where recent ground magnetic surveys indicate a 3km-long core to the target obscured by soil cover.

Subject to permitting, the drilling programme is scheduled to commence in late May.

Tue, 27 Apr 2010 10:42:00 +1000
<![CDATA[News - Magnetic Resources shares rise on upgraded iron ore targets at Mt Vernon, WA ]]> As part of its ongoing iron ore exploration in the south west of Western Australia, Magnetic Resources (ASX: MAU) has identified two pronounced magnetic anomalies about 30km northeast of the Newdegate town site and railway line.

The eastern magnetic anomaly is interpreted to be a BIF some 10km in length whereas the nature of the western magnetic complex remains to be determined but is consistent with magnetite-rich lithologies, possibly related to a tightly folded metamorphosed BIF sequences about 14km in strike length.

The company said these new targets bring the total strike length of iron ore targets  identified at the Mt Vernon, Sewell, Wubin, Dalwallinu, Jubuk and Quairading projects to 212km.

Regional geochemical sampling has identified elevated levels of up to 32% Fe within laterite samples overlying the interpreted BIF horizon along the eastern tenement limb at Mt Vernon and up to 29% Fe within the complex western magnetic zone.

Ground magnetic traverses have been completed over portion of the complex magnetic signature within the western part of tenement to complement the existing 400m-spaced regional airborne magnetic coverage.

The ground and airborne magnetic data will be integrated to provide data for detailed magnetic modelling.

Access agreements have either been signed or are being completed over the entire eastern limb of the exploration licence. Ground magnetic traversing and geological mapping is about to commence across this area in order to define targets for drilling.

Magnetic Resources shares rose 6% to 41 cents in trading today.

Tue, 16 Mar 2010 12:17:00 +1100
<![CDATA[News - Magnetic Resources increases iron ore targets after surveys ]]> Shares in Magnetic Resources (ASX: MAU) jumped 4c after the company announced it had now completed 60% of a 3,480sq km high resolution aeromagnetic survey of its tenements over multiple target areas in the south west of Western Australia.

During the morning trade, shares in Magnetic increased to 49c.

The aeromagnetic survey comprises about 16,280 line-km of flying on 250m line spacings, in areas where much of the historic aeromagnetic data is based on line spacings of 1,600m.

The survey forms part of Magnetic’s search for iron ore close to existing infrastructure.

New data has been received which has added to the targets identified so far. The most significant new target is an intense magnetic anomaly situated about 15km north west of Dalwallinu which extends over 11km of strike and forms part of a 25km-long magnetic trend.

A number of other targets have been identified in this area including north-south trending magnetic zones on the western side of the survey area where several outcropping banded iron formation (BIF) occurrences have been mapped. These BIF outcrops and associated anomalies are less than 10km east of the Perth-Geraldton railway line.

The total target strike length within the Dalwallinu survey area is 33km.

Preliminary interpretation of the surveyed areas north of Wubin has identified four new target areas covering a total strike length of 20km of potential iron formations as shown in the attached map, which shows the new target areas outline in black. On the basis of the results reported previously, two additional exploration licences have been applied for extending the Wubin tenement blocks to the south east and north west.

The new targets, together with the previously announced 32km of targets recently identified near Wubin, bring the total strike length of targets for the Wubin, Dalwallinu and Jubuk projects to an extensive 150km, with 40% of the detailed aeromagnetic survey yet to be completed.

Magnetic continues to be most encouraged by these early results and has commenced field work to follow up and assess the target areas for both magnetite and direct shipping ore.

Further results of the aeromagnetic survey will be released as they come to hand.


Fri, 26 Feb 2010 08:25:00 +1100
<![CDATA[News - Magnetic Resources finds 2km long uranium shows at Lake Seabrook, WA ]]> Magnetic Resources (ASX:MAU) has indicated that soil and auger sampling over a radiometric anomaly at Magnetic Resources’ Lake Seabrook uranium project has identified a 2km-long uranium anomaly with values up to 293ppm (0.03%) U3O8 in shallow salt lake sediments.

This sampling is in addition to that reported in Magnetic’s December 2008 quarterly report where scout surface sampling of a radiometric anomaly some 8km further south identified values up to 47ppm U3O8 in lake sediments. The Lake Seabrook project comprises two exploration licences totalling 95sq km in which Magnetic has earned an 80% interest, with the right to earn up to a 100% interest. The tenements cover airborne radiometric anomalies associated with the Lake Seabrook and Lake Eva drainage systems.

The soil sampling traversed the lake edges and across the dry lake bed with the maximum result being 32.8ppm U. Using a 20ppm U threshold, the sampling defines an anomalous zone up to 350m wide and 2km long following the drainage pattern.

A single hand auger hole within this anomalous zone averaged 179ppm U (211ppm U3O8) from four samples over a 1.5m depth, with a maximum sample result of 249ppm U (293ppm U3O8). The samples were taken from a grey-brown silty clay.  The hand auger hole is adjacent to a soil sample containing 28.8ppm U collected at a depth of 20-30cm, indicating a degree of stratification of the uranium values within the lake sediments.

Further exploration is being planned in order to test the extent and thickness of the uranium mineralisation within the extensive Lake Seabrook drainage system.

Wed, 25 Mar 2009 08:09:00 +1100
<![CDATA[News - Magnetic Resources confirms strong uranium anomaly in Esperance ]]> Magnetic Resources (ASX:MAU) has announced a follow-up survey has confirmed a strong uranium anomaly at the Boydells prospect situated 50km northwest of Esperance in WA. The Boydells tenement covers a pronounced and isolated radiometric anomaly some 400m in diameter evident from a government airborne survey. Magnetic Resources has earned an 80% interest in the tenement with rights to earn up to a 100% interest.

The ground spectrometer survey identified a small area (approximately 100m x 50m) with uranium equivalent values up 840ppm (or 990ppm U3O8 equivalent ) coincident with the airborne radiometric anomaly. The spectrometer survey measures multiple radiation wavelength channels and calculates equivalent contents of uranium, thorium and potassium.

The area of the anomaly is limited by surficial cover and appears to be associated with a ferruginous sandstone unit exposed in a clay pan. The surface cover may be obscuring the full extent of the anomaly.

The company said, "it is possible that some or all of the anomalous response is derived from uranium decay products caused by uranium disequilibrium. Rock and soil samples have been taken from the anomaly area and are currently being analysed for uranium and associated metals in order to confirm the uranium anomaly."

Fri, 27 Feb 2009 00:00:00 +1100