Magnetic Resources NL (Magnetic or the Company) is excited to share its latest findings with an Updated Mineral Resource Estimate derived from the Laverton and Homeward Bound region. This update encompasses several key deposits, namely Hawks Nest 9 (HN9), Lady Julie Central (LJC), Lady Julie North 4 (LJN4), Mount Jumbo, and Homeward Bound South. Notably, these deposits are advantageously situated within close proximity to three processing plants, thanks to the region’s robust infrastructure.
The Updated Mineral Resource Estimate reveals an impressive combined estimate for the entire project area, amounting to 22.7 million metric tonnes with an average gold grade of 1.69 grams per tonne. In terms of total gold content, this equates to a remarkable 1.24 million ounces. It is important to note that these figures were obtained using a cutoff grade of 0.5 grams per tonne.
This updated estimation represents a significant increase of 107 percent compared to the previous resource calculation. Such growth underscores the substantial potential of Magnetic’s deposits in the Laverton and Homeward Bound area.
Furthermore, a closer examination of the individual deposits within the project area provides valuable insights. Hawks Nest 9 boasts a resource estimate of X million metric tonnes, containing an average gold grade of X grams per tonne. The Lady Julie Central deposit demonstrates X million metric tonnes with an average gold grade of X grams per tonne. Additionally, Lady Julie North 4 contributes X million metric tonnes, characterized by an average gold grade of X grams per tonne. Mount Jumbo showcases X million metric tonnes, offering an average gold grade of X grams per tonne. Lastly, Homeward Bound South presents X million metric tonnes, featuring an average gold grade of X grams per tonne. These data points demonstrate the diverse nature of the mineral resources discovered across the various deposits.
The strategic location of the Laverton and Homeward Bound area, where the deposits are situated, offers a distinct advantage to Magnetic Resources NL. Benefitting from well-established regional infrastructure, including three processing plants within a 35-kilometer radius, the Company has ready access to facilities that enable efficient extraction and processing of the mineral resources.
This Updated Mineral Resource Estimate signifies a significant milestone for Magnetic Resources NL. The substantial increase in the overall estimate reflects the dedication and expertise of the company’s geologists and exploration team. Moreover, it reinforces Magnetic’s position as a promising player in the gold mining sector, highlighting the potential for future growth and success.
In conclusion, Magnetic Resources NL is delighted to announce its Updated Mineral Resource Estimate for the Laverton and Homeward Bound area. With an impressive combined estimate of 22.7 million metric tonnes and 1.24 million ounces of gold, this update underscores the immense value of the company’s deposits. Supported by favorable regional infrastructure and marked by a remarkable 107 percent increase compared to the previous resource calculation, these findings further solidify Magnetic Resources NL’s position as a key player in the gold mining industry.
