Proactive Investors - Run By Investors For Investors

Magnetic Resources reveals gold nuggets north of its Hawks Nest tenement

The company will receive 15% of the gross sale value of the gold extracted.
map of western australia
Further soil sampling will be carried out

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).

View full MAU profile View Profile

Magnetic Resources NL Timeline

Related Articles

Lithium on table of elements
April 05 2019
The McDermitt Lithium Project features a high-grade ETR of 20-80 million tonnes at 2100-2600 ppm.
A map showing Comet's Springdale Graphite Project on WA's south coast
May 06 2019
New CEO Philippa Leggat joined the junior last week to explore the Esperance area project’s commercial potential.
April 29 2019
Kore Potash has completed a definitive feasibility study on the Kola project

© Proactive Investors 2019

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use