Magnetic Resources NL (AU:MAU) has released an update.
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Magnetic Resources NL has revealed substantial growth in the gold resource at their Lady Julie North 4 (LJN4) deposit, with an impressive average of 4700 ounces per vertical meter within the optimal 100m to 300m depth range. The consistent high-grade mineralization supports the viability of an open pit operation, unlike typical underground mines in the region, and has seen a rapid resource size increase from 0.11Moz in June 2022 to 1.4Moz by July 2024. This growth is attributed to successful primary drilling and the potential for further expansion as mineralization continues at depth.
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