Magnetic Resources

Quarterly Report for the Quarter Ended 31 March 2024

Magnetic Resources NL (Magnetic or the Company) is pleased to provide its Quarterly Activities Report for the period ending 31 March 2024.


Prefeasibility Study( PFS) announced 7 March 2024 show a technically and financially robust project:

  • Confirms a financially attractive standalone project with low cost, high margin gold production of 720,000oz, averaging 87,000oz/year, over a 9-year Life of Mine (LOM).
  • Payback period of 15 months from commencement of production.
  • IRR of 85% at A$2,800/oz, increasing to 108% at A$3,100/oz.
  • Total EBITDAofA$982Mat A$2,800/oz, increasing to $1,191M at $3,100/oz.
  • Life of mine average C1 (operating) cost of A$1,434/oz and AISC of A$1,445/oz, including sustaining capital of $8M.
  • Pre-tax NPV8 of $547M at A$2,800/oz, increasing to $690M at A$3,100/oz.
  • The gold price has jumped to over $3600/oz which will increase the outstanding economics even further.

Upgraded Mineral Resources Estimate 4 March 2024 for the project area of:

  • 24.9Mt @ 1.66g/t Au totalling 1.33Moz of gold at 0.5g/t cutoff.
  • Increase of 7.7% in contained gold over the 24 November 2023 ASX Release.
  • LJN4 contains 15.4Mt at 1.92g/t and the contained gold has risen 11% from 852,000oz to 948,200oz.
  • Ongoing extension drilling continues at LJN4 with 12 diamond holes for 4900m, which is expected to result in further resource increases as the northern and southern parts are still open downdip.
After a significant intersection of 16m at 4.51g/t from 411m, which was a very large 200m step out below the current resource six deeper holes were drilled to ascertain the depth continuity in other parts of the LJN4 Deposit. Some compelling intersections were outlined.
  • MLRCD826: 29.5m at 2.81 g/t from 270.5m
  • MLJRCD828: 16m at 2.44g/t from 272m.
  • MLJRCD829: 17m at 2.31g/t from 287m.
Managing Director George Sakalidis commented, “while we are still receiving encouragement from the deep drilling, Magnetic is committed to advancing the project to commitment stage at the earliest opportunity. A program of work has been initiated to take the project from pre-feasibility to feasibility level by the end of 2024. This program has commenced and includes”
  • Front end engineering for the processing plant with a view to ordering long lead items by early 2025.
  • Resource definition drilling to boost confidence in the early production years.
  • Preparation of a Mining Proposal/Mine Closure Plan for DMIRS approval.
  • A resource update and enhanced mine plan following recent drilling results.
  • Further metallurgical testwork aimed specifically at larger sample sizes and deeper ore.
  • Power supply options.
  • Camp delivery options.
  • Water supply options.

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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Magnetic Resources NL

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Cannot view this image? Visit:

Figure 1: South Pass Project Map

To view an enhanced version of this graphic, please visit:

Qualified Person:

R. Tim Henneberry, PGeo (B.C.), a technical advisor to the Company, is the Qualified Person as defined by National Instrument 43-101 who has reviewed and approved the technical data in this news release.

About Basin Uranium Corp.

Basin Uranium is a Canadian junior exploration company focused on mineral exploration and development in the green energy sector. The company has five advanced-stage uranium projects located in the United States, namely the Chord and Wolf Canyon projects in South Dakota, the South Pass and Great Divide Basin projects in Wyoming, and the Wray Mesa project in Utah. All five projects have seen extensive historical exploration and located in prospective development areas. The Company also has the Mann Lake uranium project, located in the world-class Athabasca basin of Northern Saskatchewan, Canada, in addition to the CHG gold project in south-central British Columbia.

For further information, please contact Mr. Mike Blady or view the Company's filings at

On Behalf of the Board of Directors
Mike Blady
Chief Executive Officer

Neither the Canadian Securities Exchange nor its regulation services provider accepts responsibility for the adequacy or accuracy of this news release.


Cautionary Note Regarding Forward-Looking Statements: This news release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. All statements in this news release, other than statements of historical facts, including statements regarding future estimates, plans, objectives, timing, assumptions or expectations of future performance are forward-looking statements and contain forward-looking information. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as "intends" or "anticipates", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would" or "occur". Forward-looking statements are based on certain material assumptions and analysis made by the Company and the opinions and estimates of management as of the date of this news release. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Important factors that may cause actual results to vary include, without limitation, uncertainties affecting the expected use of proceeds. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial out-look that are incorporated by reference herein, except in accordance with applicable securities laws.

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Magnetic Resources NL

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