Magnetic Resources (ASX: $MAU) Update

Magnetic Resources NL (ASX: $MAU) has released an updated mineral resource estimate for its deposits in the Laverton and Homeward Bound area. The latest estimate incorporates the results from recent drilling at Lady Julie North 4 (LJN4) and reveals an upgraded mineral resource estimate for the project area, with a 7.7% increase in contained gold over the previous report. The total mineral resources reported for the projects now stand at 24.9Mt @ 1.66g/t Au at 0.5g/t cut-off, totaling 1.33Moz of gold.

Executive Commentary

Managing Director George Sakalidis highlighted the significant progress at LJN4, emphasizing the continuous increase in contained gold from 204,000oz in February 2023 to 948,200oz in the current report. He also mentioned the ongoing extension drilling at LJN4, which is expected to result in further resource increases as the northern, central, and southern parts are still open downdip. Sakalidis further discussed the company's focus on completing a Pre-Feasibility study and the preparations for the development of a Mining Proposal, including the lodging of a mining lease application over LJN4.

Summary of ASX Announcement

Magnetic Resources (ASX: $MAU) has reported an upgraded mineral resource estimate for its Laverton and Homeward Bound projects, with a 7.7% increase in contained gold at LJN4. The company's Managing Director, George Sakalidis, expressed optimism about the continuous growth in contained gold at LJN4 and the ongoing extension drilling, which is expected to further enhance the mineral resource. The company is also focused on completing a Pre-Feasibility study and preparing for the development of a Mining Proposal, including the lodging of a mining lease application over LJN4. The announcement indicates the company's commitment to advancing its corporate strategy and the potential for future resource increases.