Announcement Date: 2022-06-27
Announcement Type: Deposit Estimation
Announcement Code: JORC
Company name: Magnetic Resources NL
Project name: Homeward Bound South
Location: Australia
Commodities: Gold
Highlight: Initial Resource Estimate for Project
Resources: only available to subscribers
CP/QP: only available to subscribers
Announcement summary: Magnetic Resources NL is pleased to announce Maiden Mineral Resource Estimates from its deposits in the Laverton and Homeward Bound area. The main deposits include HN9, Lady Julie Central, Lady Julie North 4, Mount Jumbo East and Homeward Bound South, which are all located in an area with well-endowed regional infrastructure including three processing plants within 35kms. The verification and reporting of Mineral Resources on behalf of the Company was completed by its JORC Competent Person, Mr L Widenbar of Widenbar & Associates. The Mineral Resources Estimate has been prepared and reported in accordance with the 2012 Edition of the JORC Code. Total Mineral Resources reported for the Laverton and Homeward Bound South projects is 13.1Mt @ 1.22g/t Au at 0.5g/t cut-off totaling 511,000oz of gold (See table 1 below), with 49% of the resources within 50m of the surface and a further 38% from 50 to 100m of the surface. Open-pit optimization studies show up to 87% of the contained gold is constrained using a gold price of up to AUD$2,600. The Tables below summarise the Total Mineral Resource at a 0.5g/t cutoff (Table 1), the Total Mineral Resources for each Deposit at a 0.5g/t Au (Table 2), the proportion of Indicated and Inferred for each Deposit at a 0.5g/t cutoff (Table 3), and the Total Mineral Resources at various cutoffs. (Table 4).
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