MGX JV picks Macmahon to drive key Groundrush underground works

An update from Mount Gibson Iron Limited ( (AU:MGX) ) is now available.

MGX Resources Limited has announced that the Central Tanami Project Joint Venture, in which it holds a 50% stake alongside Tanami Gold, has selected Macmahon Underground as preferred contractor to build an exploration decline at the Groundrush Gold Deposit in the Northern Territory. The contract, expected to start in the September 2026 quarter and run for about 14 months, covers portal and ventilation works plus roughly 3,500 metres of underground development to support infill drilling and accelerate mine planning.

Valued at approximately $38 million, the planned decline will enable underground resource infill drilling late in the development period and is seen as a key step in bringing Groundrush, the core asset of the Central Tanami Gold Project, closer to a formal development decision. The appointment of Macmahon is still subject to finalising binding agreements, but MGX’s chief executive said the move reflects the partners’ push to fast-track the project amid a strong gold market, with potential implications for the project’s timetable and future production profile.

More about Mount Gibson Iron Limited

MGX Resources Limited is an Australian resources company listed on the ASX that is focused on gold development through its 50% interest in the Central Tanami Project Joint Venture in the Northern Territory. The Central Tanami Project, held with partner Tanami Gold NL, centres on the Groundrush Gold Deposit, which is being advanced toward potential underground mining in a supportive gold price environment.

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