Magnetic Resources reports significant increase in LJN4 Mineral Resource Estimate

Magnetic Resources NL (ASX: $MAU) has reported an outstanding increase in the Lady Julie North 4 (LJN4) Mineral Resource Estimate, with the resource now standing at 23.2Mt at 2.01 g/t for 1.49Moz. This represents a remarkable increase of 0.54Moz (~57%) in just 4 months since the previous resource update. The combined Mineral Resources Estimate for the entire project area has also seen a 40% increase in total ounces over the March 2024 ASX Release.

Executive Commentary

Managing Director George Sakalidis stated, 'The LJN4 resource has been the Company's primary drilling focus over recent months. LJN4 has multiple stacked lodes with several thick intersections that have not been closed off at depth. The resource upgrade includes an increase of 0.54moz over a 4-month period, which is an outstanding result. The mineralisation consists of thick strongly altered zones mainly associated with intensely fuchsite altered ultramafic rock types in the northern half of the deposit and breccia silica pyrite altered zones within the southern half of the deposit.' Sakalidis also mentioned, 'An updated economic study has commenced, and augurs well given the outstanding resource upgrade at LJN4 and conservative economic assumptions assumed in the 7 March 2024 PFS.'

Summary

Magnetic Resources' LJN4 Mineral Resource Estimate has seen a significant increase, indicating the company's strong progress in its drilling focus. The updated resource estimate, along with the ongoing extension drilling at LJN4, suggests the potential for further resource increase as the northern altered zones remain open at depth. The company is also advancing discussions with various parties and has engaged Argonaut PCF to support in structuring and securing financing for the Lady Julie Gold Project. With the Australian gold price at record levels, Magnetic Resources is well-positioned to capitalize on the promising results and continue its development in the Laverton Project.