Resource Growth at Lady Julie Project
Magnetic Resources (ASX:MAU) has reported a 22 per cent increase in the Lady Julie Gold Project’s mineral resource estimate. The total resource now stands at 2.14 million ounces at 1.67 grams per tonne (g/t) gold. This follows recent drilling success at Lady Julie North 4 and Hawks Nest 9 deposits in Western Australia’s Laverton region.
The updated JORC 2012-compliant resource includes Lady Julie North 4, Lady Julie Central, Lady Julie North 5, Hawks Nest 9, and Mount Jumbo. The total comprises 12.6 million tonnes (Mt) at 1.8g/t gold for 733,000 ounces in the Indicated category and 28.1Mt at 1.6g/t gold for 1.4 million ounces in the Inferred category.
Overview of Lady Julie Gold Project submitted testaments
Strong Shallow Mineralisation Drives Growth
Shallow, higher-grade zones have driven the resource growth, particularly at Lady Julie North 4. This deposit now accounts for 1.45 million ounces at 1.81g/t gold. Over 74 per cent of this is located within 150 metres of surface, enhancing potential for low-strip open-pit development. Multiple parallel lodes and extensive widths were confirmed, with several holes intersecting mineralisation thicker than 40 metres.
Hawks Nest 9 holds 443,000 ounces at 1.5g/t gold. Further extensions remain possible with drilling at depth and along strike. The project lies within 20 kilometres of three regional processing facilities: Sunrise Dam, Granny Smith, and Wallaby.
Native Title Agreement Secured
Magnetic Resources has signed a Native Title Mining Agreement with the Waturta Native Title Holders. The agreement covers the Laverton Project’s core tenements, including Lady Julie and Hawks Nest 9. The deal supports the Company’s permitting activities for mining approvals.
Heritage surveys are underway, with completion expected during Q3 2025. Mining approvals and pre-feasibility work continue alongside community engagement.
Updated Scoping Study and Mine Design
A revised scoping study, completed in April 2024, outlined a nine-year operation processing 9.4Mt at 2.03g/t gold. The study projected average annual production of 64,200 ounces over the life of mine. Metallurgical recovery was estimated at 92.6 per cent.
Recent drilling results have led Magnetic to revisit project design. The expanded resource base and higher grades will be incorporated into an updated feasibility study. The Company is targeting a development decision following study completion.
Drilling and Exploration Ongoing
Infill and extensional drilling continues across the Laverton tenements. Resource definition programs have extended known mineralisation at Lady Julie North 4 and Hawks Nest 9. Over 6,000 metres of reverse circulation drilling has been completed since March 2025.
Magnetic Resources (ASX:MAU) is also testing other Laverton prospects, including Lady Julie Central and Lady Julie North 5. These zones host near-surface gold mineralisation and may support satellite development. Aircore programs are underway to assess regional targets and geophysical anomalies.
Strategic Location and Processing Options
The Laverton region hosts major gold operations including AngloGold Ashanti’s Sunrise Dam and Gold Fields’ Granny Smith. Magnetic’s deposits are within haulage distance of established mills. Toll treatment and joint venture discussions are progressing.
The Lady Julie and Hawks Nest tenements cover over 270 square kilometres of contiguous ground. The region’s infrastructure, including roads and power access, supports potential standalone or integrated development.
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Management Commentary and Outlook
Magnetic’s Managing Director, Mr. George Sakalidis, said the updated resource confirms the quality and scale of the Laverton assets.
“Our Lady Julie North 4 and Hawks Nest 9 resources continue to grow and deliver significant shallow mineralisation,” he said. “The recent infill and extension drilling has provided confidence for our feasibility work.”
“We are progressing mining approvals and advancing development discussions to unlock value from these deposits,” he added.
The Company plans further drilling to grow and upgrade resources, aiming to strengthen the Laverton Project’s production profile. The feasibility study is scheduled for completion by early 2026.
Magnetic’s Managing Director, Mr George Sakalidis
Investment and Market Response
The resource upgrade strengthens Magnetic Resources’ standing in the Laverton gold district. The Company’s market capitalisation remains modest relative to its gold inventory, providing potential upside.
As of July 2025, Magnetic Resources is trading on the ASX under the code MAU. Its share price reflects investor anticipation of near-term development progress and ongoing exploration success.
Project Snapshot
- Total resource: 2.14Moz at 1.67g/t gold
- Lady Julie North 4: 1.45Moz at 1.81g/t gold
- Hawks Nest 9: 443koz at 1.5g/t gold
- Scoping study: 64.2koz annual output over 9 years
- Recovery: 92.6 per cent
- Location: 20km from multiple mills
- Feasibility decision: Expected early 2026
Conclusion
Magnetic Resources continues to grow its gold resource base at Lady Julie and Hawks Nest. The Company’s combination of shallow mineralisation, supportive infrastructure, and strategic partnerships positions it well for development. Native title agreements and ongoing feasibility work signal strong momentum into the second half of 2025.
