Magnetic Resources (ASX:MAU) has increased the Mineral Resource Estimate (MRE) by 107% at its Laverton and Homeward Bound South projects in Western Australia.
Magnetic Resources Managing Director George Sakalidis says project environmental, heritage and technical background studies are close to completion and optimisation and pit design has commenced on Lady Julie Central and the expanded Lady Julie North 4 with the aim of preparing and submitting a mining proposal in early 2024.
“Other strategic opportunities are also being investigated.”
The $246.53 million market capitalisation company reports the combined MRE for its Laverton and Homeward Bound South projects is now 22.7Mt @ 1.69g/t Au at 0.5g/t cut-off totalling 1.236 million ounces of gold.
The updated MRE follows recent drilling undertaken on its Lady Julie North 4 and Lady Julie Central prospects.
Magnetic is hoping to conduct more resource increases across its Laverton Project, with ongoing extension drilling.
Drilling at its Lady Julie North 4 prospect is continuing with holes in excess of 400m depth, which is anticipated to increase the current mineral resource.
Magnetic notes that the current Lady Julie North 4 MRE includes 13.1 million tonnes (Mt) @ 2.02 grams per tonne (g/t) gold for 852,000 ounces at a 0.5g/t Au cut-off grade.
Sakalidis says that the Lady Julie North 4 has been the key drilling focus as it has multiple stacked lodes with a number of thick intersections.
“Drilling in the last 6 months included diamond drillholes for geotechnical evaluation of proposed pits and for hydrology analysis.
Project environmental, heritage, and technical background studies are close to completion — optimisation and pit design has commenced on Lady Julie Central and the expanded Lady Julie North 4 — the aim is to prepare and submit a mining proposal in early 2024.”
Magnetic Resources is an emerging gold producer in the established mining province of the Laverton region in Western Australia.
As of 30 September 2023, the company had $7.450 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Magnetic Resources
