Magnetic Resources (ASX:MAU) said deeper infill drilling at Lady Julie North 4, within its Lady Julie project in Western Australia, "significantly" increased resource confidence and mineralization continuity, while also expanding gold inventory, according to a Thursday filing with the Australian bourse.
The updated combined mineral resources estimate for the project shows 28.11 million tonnes at 1.93 grams per tonne of gold, containing 1.75 million ounces of gold at 0.5/1.5 grams per tonne cutoffs, with 75% of the combined resource in the indicated category, the filing said.
Underground access development will begin in year two to minimize disruption, and detailed design of access, stoping, and fill systems will begin in late January, per the filing.
Company shares rose 3% in recent trade.
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