Magnetic Resources Surges 22% in Gold at Lady Julie, Nears Development
Magnetic Resources NL has reported a significant 22% increase in gold resources at its Lady Julie Gold Project, now containing over 2.14 million ounces, while securing a key Native Title Agreement that clears the path for mining leases and development.
- 22% increase in gold resources at Lady Julie to 2.14 million ounces
- LJN4 deposit accounts for 91% of resource ounces, up 25% since January
- Native Title Agreement signed with Wangkatja Tjungula Aboriginal Corporation
- Feasibility study imminent, incorporating open pit and underground mining
- Ongoing drilling and engagement with mining companies and financiers
Resource Growth and Project Scale
Magnetic Resources NL has unveiled a substantial upgrade to its Lady Julie Gold Project (LJGP) in Western Australia's Laverton region, with the combined mineral resource estimate climbing 22% to 2.14 million ounces of gold. This growth is predominantly driven by the LJN4 deposit, which alone now holds 1.94 million ounces, marking a 25% increase since the last update in January 2025. The LJN4 deposit represents 91% of the project's gold inventory and continues to show promising depth extensions, particularly within its high-grade core zones.
Advancing Towards Development Readiness
Crucially, Magnetic has reached a Native Title Agreement with the Wangkatja Tjungula Aboriginal Corporation (WTAC), representing the Nyalpa Pirniku People, the traditional owners of the land. This agreement removes objections to mining lease applications, a pivotal regulatory hurdle, and signals strong community partnership. With this milestone, Magnetic is advancing rapidly towards being “shovel ready,” supported by an imminent feasibility study that will, for the first time, integrate both open pit and underground mining scenarios.
Technical and Operational Progress
The feasibility study incorporates recent metallurgical test work that has improved gold recovery rates through enhanced processing techniques, including flotation and fine grinding. While these improvements add to capital and operating costs, they are expected to be offset by higher gold yields. The study also includes updated designs for the processing plant, power supply options, mobile equipment, and underground stopes, reflecting a comprehensive approach to project development. Planned drilling campaigns aim to further delineate the resource, particularly testing the depth continuity of the main and hanging wall lodes.
Broader Regional Exploration and Corporate Updates
Beyond Lady Julie, Magnetic continues to explore other promising tenements in the Laverton region, including nickel-copper-PGE targets at Benjaberring and Goddard, leveraging aeromagnetic data to identify new opportunities. On the corporate front, the company has seen option exercises and appointed a new alternate director, reflecting ongoing governance and capital management activities.
Looking Ahead
Magnetic Resources is actively engaging with potential mining partners and financiers, who are conducting due diligence on the project. The combination of a growing resource base, regulatory progress, and technical advancements positions the Lady Julie Gold Project as a compelling development opportunity in the Australian gold sector.
Bottom Line?
With resource growth and regulatory milestones achieved, Magnetic Resources is poised to unlock significant value as it approaches project development.
Questions in the middle?
- What will the final feasibility study reveal about project economics and timelines?
- How will financing and potential partnerships shape the development strategy?
- Can further drilling extend the high-grade zones and increase resource confidence?
