Directors in Magnetic have demonstrated their confidence in the company’s Laverton gold projects by exercising all options worth a total of $1.66m.

This was achieved by directors Eric Lim, George Sakalidis and Julien Sanderson exercising all their remaining $0.377 and $0.218 options.

It comes as Magnetic Resources’ (ASX:MAU) drilling continues to clock in successes such as two gold zones at Lady Julie1 and Lady Julie 4 which both have thick gold intersections, a very extensive 3km x 300m shallow gold system at Hawks Nest 9 and the identification of a 1km zone of prospective gold mineralisation at Homeward Bound South.

“This provides further evidence of the director’s belief in the company and its projects,” managing director George Sakalidis noted.

“The company is now well funded and the extra funds raised from the conversion of options by the directors will further advance the lateral and depth drill extensions of the Lady Julie thickened high-grade zones.

Sakalidis said findings so far were “consistent with the observed neighbouring major orebodies which have stacked lodes, leading into upcoming resource study works”.

“The company has noted strong interest in the gold sector in recent months as larger producing companies look to acquire developing projects close to resource status.”

It comes after the company raised $1.02m through a placement of shares priced at $1.42 each.

 

 

 

This article was developed in collaboration with Magnetic Resources, a Stockhead advertiser at the time of publishing.

 

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

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