- Magnetic Resources (ASX:MAU) increases the MRE by 107 per cent across its deposits in the Laverton and Homeward Bound areas of WA
- The newly updated MRE across both areas is now 22.7 Mt at 1.69 g/t gold at a 0.5 g/t cut-off for 1.2 million ounces of gold
- MAU is wrapping up extensive infill and down-dip drilling, mainly at LJN4 where contained gold increases by 317 per cent to become the largest resource at the project
- Consideration has now turned toward dedicating a processing plant to the resource, with one readily available just 35 kilometres away
- MAU shares last traded at $1.02
Magnetic Resources (ASX:MAU) has increased the mineral resource estimate (MRE) by 107 per cent across its deposits in the Laverton and Homeward Bound areas of Western Australia.
The newly updated MRE across both these areas now stands at 22.7 million tonnes (Mt) at 1.69 grams per tonne (g/t) gold, with a 0.5g/t cut-off for 1.2 million ounces gold.
MAU maintains that the cutoff grade is considered appropriate for a large-scale open-pit mining operation across multiple targets, including Hawks Nest 9 (HN9), Lady Julie Central (LJC), Lady Julie North 4 (LJN4), Mount Jumbo, and Homeward Bound South.
The resource expansion comes as the company concludes extensive infill and down-dip drilling, primarily at LJN4, where contained gold has surged 317 per cent, making it the largest resource in the project area.
“Drilling in the last six months included diamond drill holes for geotechnical evaluation of proposed pits, and for hydrology analysis,” MAU Managing Director George Sakalidis said.
“Project environmental, heritage and technical background studies are close to completion, and optimisation and pit design have commenced on LJC and the expanded LJN4 – the aim is to prepare and submit a Mining Proposal in early 2024.”
As MAU prepares to transition into a mining company, exploration continues at similar deposits along the 12-kilometre Chatterbox Shear through ongoing extensional drilling.
Due to the scale of the resource upgrade, consideration has now shifted toward dedicating a processing plant to the resource, with one readily available just 35 kilometres away.
MAU shares last traded at $1.02.