Good progress is being made on early works that will lead to Magnetic’s submission of a mining proposal for the Hawks Nest and Lady Julie gold deposit within its Laverton project in WA.

The broad scale study, which encompasses the key ore zones across many of the company’s tenements, is designed to cover the key approvals and confirm the economic viability of the deposits.

Notably, contractor Blue Cap Mining has completed the second phase of optimisation work for Lady Julie North 4 and Lady Julie Central, the surface hydrology report, a detailed surface model, and the Heritage Survey with a report pending.

Metallurgical testwork of ore from both Lady Julie North 4 and Lady Julie Central have also confirmed gold recoveries of up to 95% via gravity/leaching, with a very high gravity component, which is positive as it would reduce the overall leach costs.

Resources at Magnetic Resources’ (ASX:MAU) Laverton and Homeward Bound project area have also been upgraded by 18% to 13.5Mt at 1.4g/t gold, or 605,000oz of contained gold.

“We have hit the ground running with a number of studies having been commenced with some now finalised,” managing director George Sakalidis said.

“This momentum is expected to continue with the ability to fast track work associated with proving the economics of the Hawks Nest 9 and Lady Julie Deposits by using a very experienced team at Blue Cap.

“The studies are advancing the project towards determining economic viability and ultimately production.”

Works progress

Other works being carried out by Blue Cap include the flora study with an initial focus on Lady Julie North 4 and access corridor with a report due in late February, the fauna study incorporating LJN4, LJC and HN9, and soil samples being lab tested.

A consultant has also been appointed to undertake geotechnical studies covering pit wall slope angles and waste dump final stability analysis while Native Title work will be undertaken concurrently with Mining Lease application.




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.