Magnetic Resources (ASX:MAU) has announced an increase in the gold resource at its Lady Julie Gold Project, revealing updates during the RIU Conference in Fremantle on Feb. 18.
The Lady Julie North 4 deposit now boasts a resource growth to 23.6 Mt at 2.04 g/t Au, totalling 1.55 Moz of gold.
The expansion contributes to a total Laverton resource of 33.1 Mt at 1.81 g/t Au, comprising 1.92 Moz of gold.
The project, located within a world-class gold mining jurisdiction, is expected to release a feasibility study in the second quarter of 2025.
"Magnetic Resources is committed to further drilling activities aimed at converting inferred mineral resources into indicated category, enhancing the resource confidence," stated George Sakalidis, Managing Director of Magnetic Resources.
The updated economic metrics reveal a pre-tax NPV8 of $925 million with a 135% internal rate of return, assuming a gold price of $3,200/oz.
The project's robust economics are supported by the expected annual production of 104,000 oz over an eight-year life of mine.
Magnetic Resources continues to advance the Lady Julie Gold Project, with strategic developments aimed at achieving first production by mid-2026.
