Magnetic Resources NL (ASX:MAU) Quarterly Report Highlights
Drilling Successes
Magnetic Resources NL (ASX:MAU) has reported impressive progress in its LJN4 project with a down-dip extension now exceeding 1000m. Recent drill results from several diamond holes revealed multiple gold intersections including 76m at 2.4g/t from MLJDD059 and 24m at 5.1g/t from MLJDD065.
Feasibility Study Development
The company continues to progress its feasibility study, which incorporates both open-cut and underground resources for the first time. Managing Director George Sakalidis stated, “The results of this new metallurgical test work are very encouraging with average gold recovery across all oxidation states in excess of 91%, which demonstrate once again that the LJN4 gold deposit is an excellent resource ready for development. These results are some of the final components forming the Feasibility Study, which we hope to release in the March Quarterly 2025”.
Gold Recovery Metrics
Recent metallurgical testing has shown strong average gold recoveries over 91% across various oxidation states from multiple composites. Testing methodologies included gravity and CIL leaching processes, demonstrating effective extraction methods for the LJN4 deposit.
Future Exploration Plans
Magnetic Resources is planning further exploration with two deep diamond holes to test for extensions of known lodes, as well as additional drilling to support ongoing feasibility studies. The company is also engaging in discussions with potential financiers for the Lady Julie Gold Project.
Corporate Developments
The recent quarter saw Magnetic Resources issue 8 million shares raising $10 million, while continuing to explore new projects within the Leonora-Laverton region. All necessary related party payments have been duly made for the quarter ending December 2024.
Market Position
With a cash position of $11.6 million and numerous promising drilling results, Magnetic Resources is positioned for continued exploration and development in the gold mining sector.
Motley Fool contributor Kiarra Jackson has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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