Magnetic Resources Extends Gold Resource at Lady Julie North 4
Key Highlights
- Outstanding High-Grade Intersections: 51m at 3.5g/t from 444m, including 14m at 8.8g/t from 451m.
- Expanding Resource Base: A newly identified high-grade core (150m x 400m) remains open at depth.
- Ongoing Exploration Success: New drill holes targeting deeper extensions with promising potential.
- Increasing Economic Viability: Potential for both open-pit and underground mining operations.
- Strategic Growth in the Laverton Gold Belt: Resource base now at 33.1Mt @ 1.81g/t for 1.93Moz of gold.
Magnetic Resources has made a significant breakthrough at its Lady Julie North 4 (LJN4) deposit, uncovering some of the most promising gold intersections to date. The latest drilling results reveal an exceptional high-grade core zone, further strengthening the deposit’s economic potential.
The latest drill hole, MLJDD075, confirmed a 51m intersection at 3.48g/t, including a 14m stretch at an impressive 8.8g/t from 451m. This is part of the newly defined third high-grade core, measuring 150m x 400m, which remains open at depth. These results reinforce LJN4 as a major gold deposit with immense growth potential.
Growing Gold Potential at Depth
Magnetic Resources continues its aggressive exploration campaign, with drill holes MLJDD073 (1000m) and MLJDD076 (600m) targeting extensions of the high-grade core zones. If successful, these holes could add significantly to the deposit’s current resource base of 23.6Mt at 2.04g/t for 1.55Moz. With both high-grade cores 2 and 3 remaining open at depth, there is strong potential for further resource expansion.
Economic Upside and Future Mining Prospects
With gold prices at record highs, the Laverton region remains an attractive gold hub. The LJN4 deposit is strategically positioned, with potential for both open-pit and underground mining operations. The company has initiated a feasibility study to assess underground production, complementing the open-pit strategy outlined in its recent economic study.
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Additionally, Magnetic Resources is collaborating with global investment bank Jefferies and Argonaut, exploring financing options and strategic partnerships to maximize shareholder value. The company is also advancing mining approvals through Blue Cap feasibility studies, aiming for an accelerated development timeline.
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