Magnetic Resources

Increased Lady Julie Gold Project Resource and Project Update

Magnetic Resources NL (ASX:MAU) (Magnetic or the Company) has announced Increased Lady Julie Gold Project Resource and Project Update.


HIGHLIGHTS

  • Magnetic Resources is pleased to provide an update to its flagship Lady Julie Gold Project (LJGP), an exciting new gold development currently in an advanced Feasibility stage. The project is located near Laverton in WA and will comprise three open pits, a CIL processing plant and all associated infrastructure.
  • Recent deeper infill drilling at Lady Julie North 4 (LJN4) has significantly increased resource confidence and continuity of mineralisation, whilst also expanding gold inventory (relative to the July 2024 ASX update). This will assist in building a substantial future mining reserve.
  • The updated Combined Mineral Resources Estimate (Table 1) for LJGP:
    • 28.11 Mt at 1.93g/t Au containing 1.75Moz of gold at 0.5/1.5g/t cutoffs1.
    • 75% of the combined resource is now in Indicated category (previously 68%).
  • The updated Combined Laverton Region Mineral Resource Estimate (Table 1):
    • 33.14 Mt at 1.81g/t Au containing 1.93Moz of gold at 0.5/1.5g/t cutoffs1.

Table 1 Project Mineral Inventory

  • On the basis of the strong resource development below the planned open pit, a scoping exercise has been completed to study the potential for operating an underground mine concurrently with the open pit. The study found that a concurrent underground operation producing 550,000tpa of higher-grade ore would add significantly to project value, with total output of 150,000oz pa over an 8-year project life. Commencement of underground access development would be scheduled for year two to minimize the potential for disruption of the main part of the project. More detailed design of access, stoping and fill systems will commence in late January 2025.
  • As a result of this scoping exercise, the processing plant design capacity is being boosted to 2.75Mtpa to treat a combined open pit/underground feed. A key change with the scale increase will be in comminution where a ball/SAG mill circuit is now proposed in place of multistage crushing/ball mill. The plant design and costing will be completed in early February.
  • Metallurgical testwork is continuing to optimize the treatment process with differing lithology units.
  • A Mining Proposal has been submitted to DEMIRS for approval. The proposal is in support of the application for two new Mining leases and a new Miscellaneous lease covering the remainder of the project footprint (see Figure 1). The combined project area of 1,424Ha is now under application.
  • With some late changes to the Feasibility Study, the aim remains to complete the Study by the end Q1 2025.

Note 1:

The cutoff grade is considered appropriate for a large-scale open pit operation and in the case of LJN4, is applied to a depth of 400m below surface. It should be noted that the pit resource does not consider any restraining factors which may influence the final pit design in the feasibility study.

The mineralisation deeper than 400m below surface shows strong continuity and therefore is amenable to underground mining. On the basis of a gold price of A$3600/oz and economic modelling of an underground operation, a cutoff grade of 1.5g/t Au is considered appropriate and has been applied to this portion of the model. As above, constraints applied to a pit design at Feasibility may lead to an increase in the resource available for underground extraction.

The verification and reporting of Mineral Resources on behalf of the Company was completed by its JORC Competent Person, Mr. M Edwards of Blue Cap Mining. The Mineral Resources Estimate has been prepared and reported in accordance with the 2012 Edition of the JORC Code.

Managing Director George Sakalidis commented:

“The LJN4 resource has been the Company’s primary drilling focus over recent months with the completion of infill drilling and some extension drilling at depth in the northern part of LJN4, which consists of thick strongly altered zones mainly associated with intensely fuchsite altered ultramafic rock types.

Two deeper holes are being planned testing for deeper extensions of the main ultramafic-hosted lodes, which are still open at depth and one deeper hole beneath the southern breccia- silica-pyrite lode. The LJN4 deposit sits within a regional structure called the Chatterbox Shear Zone that extends over 12km in length within the Magnetic tenements and remains as a prospective target zone where RC drilling has been recently completed.

The Lady Julie Gold Project Pre-Feasibility Study was released to the ASX on 7 March 2024. The project now envisaged and advanced planning is at a scale to provide more credibility to the wider industry and offer more substantial value to shareholders.

Most of the background work has now been completed to take this to feasibility study level of accuracy. The submission of a Mining Proposal and application for Mining Leases are key steps in the regulatory approval process.”


Click here for the full ASX Release

This article includes content from Magnetic Resources NL, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

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Agnico Eagle and O3 Mining Issues a Reminder to O3 Mining Shareholders to Tender their Shares to Agnico Eagle's All Cash Offer Expiring January 23, 2025

  • Offer is expiring on January 23, 2025
  • $1.67 cash offer represents a 58% premium to O3 Mining's closing price on December 11, 2024
  • Offer unanimously recommended by Board and Special Committee of O3 Mining
  • 39% of outstanding shares of O3 Mining have signed Lock-up Agreements to tender to the Offer
  • Questions or Need Assistance? Contact Laurel Hill Advisory Group at 1-877-452-7184 or email assistance@laurelhill.com

Agnico Eagle Mines Limited (NYSE: AEM) (TSX: AEM) ("Agnico") and O3 Mining Inc. (TSXV: OIII) (OTCQX: OIIIF) ("O3") today sent a letter to shareholders of O3 reminding them to promptly tender their common shares to Agnico's friendly all cash offer of $1.67 per common share. The January 23, 2025 expiry date for the cash offer is quickly approaching and shareholders of O3 are encouraged to tender their shares well in advance of the expiry date to ensure intermediaries have time to process the requests.

O3 Mining Inc. Logo (CNW Group/O3 Mining Inc.)

Reasons to Tender

  • Agnico is offering to acquire your shares for $1.67 in cash per Common Share
  • The Offer represents a 58% premium to the closing price of the Common Shares prior to announcement of the Offer
  • Agnico and O3 entered into a definitive support agreement, pursuant to which Agnico agreed to offer to acquire all of the outstanding Common Shares in cash by way of a friendly take-over bid
  • The Offer is valued at approximately $204 million on a fully diluted in-the-money basis

Locked-Up Shareholders and O3 Board Recommendations

Agnico has entered into lock-up agreements with all directors and officers of O3 and several of O3's largest shareholders, representing approximately 39% of the issued and outstanding Common Shares. These shareholders have agreed to tender their shares to the Offer, and you are encouraged to do the same well in advance of the January 23, 2025 expiry time in order to receive payment in a timely manner.

In addition, the board of directors of O3 has unanimously recommended that shareholders tender their Common Shares to the offer (see How to Tender Your Shares below for details).

To ensure you do not miss out on the Offer, it is critical to tender your shares before 11:59 p.m. (EST) on January 23, 2025 (the "Expiry Time"). Shareholders are encouraged to act well in advance of the Expiry Time to ensure tender instructions are received in a timely manner.

If you have already tendered your shares no further action is required.

How to Tender Your Shares

Shareholder   Type

How do I tender my Common Shares?

Beneficial Shareholders – Most shareholders are beneficial shareholders. This means your Common Shares are held through a broker, bank or other intermediary, and you do not have a share certificate or DRS advice

Contact your bank or your broker immediately and instruct them to tender your Common Shares to the Offer

Registered Shareholders – You are a registered shareholder if you hold your Common Shares directly (through a share certificate, DRS advice or other method of direct ownership)

Contact Laurel Hill Advisory Group:

Phone: 1-877-452-7184 (toll-free)
Email: assistance@laurelhill.com

If you have any questions or require any assistance with tendering your Common Shares to the Offer, please contact our Depositary and Information Agent:

Laurel Hill Advisory Group

North American Toll-Free: 1-877-452-7184
Outside North America : +1-416-304-0211
E-mail: assistance@laurelhill.com

Visit us at www.agnicoeagle.com/Offer-for-O3-Mining to receive the most up-to-date information about the Offer.

About O3 Mining Inc.

O3 Mining Inc. is a gold explorer and mine developer in Québec, Canada , adjacent to Agnico Eagle's Canadian Malartic mine. O3 Mining owns a 100% interest in all its properties (128,680 hectares) in Québec. Its principal asset is the Marban Alliance project in Québec, which O3 Mining has advanced over the last five years to the cusp of its next stage of development, with the expectation that the project will deliver long-term benefits to stakeholders.

About Agnico Eagle Mines Limited

Agnico Eagle is a Canadian based and led senior gold mining company and the third largest gold producer in the world, producing precious metals from operations in Canada , Australia , Finland and Mexico , with a pipeline of high-quality exploration and development projects. Agnico Eagle is a partner of choice within the mining industry, recognized globally for its leading environmental, social and governance practices. Agnico Eagle was founded in 1957 and has consistently created value for its shareholders, declaring a cash dividend every year since 1983.

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Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/agnico-eagle-and-o3-mining-issues-a-reminder-to-o3-mining-shareholders-to-tender-their-shares-to-agnico-eagles-all-cash-offer-expiring-january-23-2025-302351512.html

SOURCE O3 Mining Inc.

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/January2025/15/c6187.html

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