Magnetic closing in on Lady Julie milestone

Magnetic Resources (ASX:MAU) has further boosted its Lady Julie North 4 (LJN4) deposit’s Mineral Resource Estimate, closing in more than 1 million ounces of gold. 

The $244.66 million market capitalisation reports the upgraded MRE includes 24.9 million tonnes (Mt) @ 1.66 grams per tonne Au totalling 1.33 million ounces of Au at a 0.5g/t cut-off, representing a 7.7% increase in contained gold. 

For LJN4, contained gold has increased 11% from 852,000oz to 948,200oz of gold. 

The company says that extension drilling is ongoing and is expecting to further increase the resources for the northern, central, and southern parts of the project area. 

Managing Director George Sakalidis says LJN4’s resource has been a main focus for recent drilling and the deposit continues to add ounces. 

“The northern part of LJN4 is continuous over 300m down dip. The central part is continuous down dip to 550 and the southern part is continuous down dip to 400m. 

Note in all these cases LJN4 is still open further down dip and augers well for future drilling and resource update. Currently, there are results for 6 deep diamond holes pending with one deep diamond hole in progress.”

Sakalidis notes that the company is also focusing on completing a Prefeasibility Study (PFS), which is being prepared on the basis of the resource update.

Magnetic is also preparing for the development of a mining proposal, with one mining application already lodged over LJN4, with others following the lodgement of the mining proposal. 

The Lady Julie North 4 deposit covers a 750m by 150m area in Western Australia. 

Magnetic Resources is an emerging gold producer in Western Australia focused on its portfolio of gold projects in the Laverton region. 

As of 31 December 2023, the company had $4.361 million cash and cash equivalents at hand, according to its latest quarterly report. 

Write to Aaliyah Rogan at Mining.com.au   

Images: Magnetic Resources
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Written By Aaliyah Rogan
Relocated from the East Coast in New Zealand to Queensland Australia, Aaliyah is a fervent journalist who has a passion for storytelling. When Aaliyah isn’t writing stories, she is either spending time with friends and family or down at the beach.