Magnetic secures mining leases for Lady Julie gold project
ASX-listed Magnetic Resources has received approval for all mining leases covering its Lady Julie gold project (LJGP) in Western Australia, marking a key step as the company advances the project towards production.
The newly granted mining leases – M38/1315, M38/1317 and M38/1318 – cover the Lady Julie North 4 (LJN4), Lady Julie Central (LJC) and Hawks Nest 9 (HN9) deposits. In addition, Miscellaneous Licence L38/0395, required for a water pipeline and powerline, has also been approved.
The company recently announced a resource upgrade for the LJGP, with the deposits now containing 35.6-million tonnes at 1.86 g/t gold for 2.14-million ounces. A feasibility study completed in July outlined plans to mine more than one-million ounces from the project.
“These are key steps in moving the Lady Julie gold project towards development readiness,” Magnetic stated.
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