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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