The latest round of deeper drilling below the northern end of the planned open pit has confirmed the project’s underground potential, and MAU believes further infill drilling will increase the resource.
Lady Julie has a current resource of 32.6 million tonnes at 1.79 grams per tonne gold for 1.88 million ounces, including 23.1Mt at 2.01g/t for 1.49Moz at LJN4, though the more recent deeper hits are outside that envelope.
According to Magnetic, the resource makes Lady Julie one of the largest and highest-grade open pit gold opportunities in Australia.
A resource update is due this month with the company aiming for an increase in size and grade.
Based on recent results, Magnetic has expanded the feasibility study to include a potential underground mine.That study is likely to be released before the end of this quarter.
MAU Price at posting:
$1.14 Sentiment: Buy Disclosure: Held
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