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.

HIGHLIGHTS

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.

MAU:AU
Magnetic Resources NL

Magnetic Resources NL Investor Kit

  • Corporate info
  • Insights
  • Growth strategies
  • Upcoming projects

GET YOUR FREE INVESTOR KIT

The Conversation (0)
Magnetic Resources NL

Magnetic Resources NL


Keep reading...Show less
Sailfish Royalty Declares Q2 2024 Dividend

Sailfish Royalty Declares Q2 2024 Dividend

Sailfish Royalty Corp. (TSXV: FISH) (OTCQX: SROYF) (the "Company" or "Sailfish") is pleased to announce that its Board of Directors has declared the Company's second quarterly cash dividend for 2024 in the amount of US$0.0125 per common share that will be payable on July 15, 2024 to Sailfish shareholders of record as of the close of business on June 30, 2024.

The declaration, timing, amount, and payment of future dividends will be subject to the discretion and approval of the Board of Directors. The Company will review the dividend policy on an ongoing basis and may amend it at any time depending on the Company's then current financial position, capital allocation framework, profitability, cash flow, legal requirements and other factors considered relevant. As such, no assurances can be made that any future dividends will be declared and/or paid. Dividend payments may be subject to withholding taxes.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less

Basin Uranium Announces Submission of Permit at South Pass

Basin Uranium CORP. (CSE: NCLR) (CNSX: NCLR.CN) ("Basin Uranium" or the "Company") is pleased to announce it has submitted a permit application to the Bureau of Land Management, Department of the Interior for exploration drilling at the South Pass Uranium Project (the "Project" or "South Pass") located in Fremont and Sublette County, Wyoming, USA. The Project, which was acquired through direct staking by the Company, is comprised of 151 unpatented mineral lode claims totaling 3,020 acres located along the perimeter of the Great Divide Basin of Wyoming (see Figure 1). Wyoming is home to both the largest uranium reserves and top producing state in US1, with the Great Divide Basin representing the least exploited of Wyoming's basins estimated to contain over 270 million pounds of uranium2.

The Company has engaged RESPEC Consulting Inc. ("RESPEC") as a strategic technical and operational partner for the permitting and has submitted a Plan of Operation ("PoO") for up to 47 drill pads and 30,000 feet of drilling. The drill program is designed to both confirm the and extend the uranium mineralization delineated from the extensive exploration history of the project. Due to standardization of permitting for uranium exploration in Wyoming, the Company anticipates the receipt of all requisite permits in Q3 2024.

"The simultaneous permitting for multiple projects provides us with the flexibility to rapidly advance exploration on multiple fronts concurrently," commented Mike Blady, CEO of Basin Uranium. "Our partnership with RESPEC allows us to leverage their extensive experience in permitting, exploration and development of uranium assets throughout the USA."

South Pass Project, Wyoming

The South Pass Uranium Project is comprised of 3,020 acres of contiguous claims (151 unpatented mineral lode claims) located 45 miles southwest of Lander, Wyoming. Access to the property is facilitated through State Highway 28, located within 5 miles to the southeast, with year-round gravel and ATV roads servicing the claims. Exploration dates back to the 1960's and 1970's with several large companies having drilled numerous wells along a 12-mile-long trend that bisects the long axis of the property. Specifically, close-spaced drilling by Rocky Mountain Energy Corp. (a subsidiary of Union Pacific Railway) in the 1980's reported uranium mineralization at depths of over 400 feet - depths which would be potentially amenable to in-situ recovery (ISR) methods. Evaluation of historical records also indicated a historic resource was calculated on at least two parts of the claims currently comprising the South Pass project, however additional verification and validation must be performed by the Company's Qualified Person before being disclosed publicly.

The reader is cautioned that at this time it is too early to assess the feasibility of these recovery methods at South Pass however mineralization at this depth typically lies within the parameters of ISR mining and recovery.

Cannot view this image? Visit: https://images.newsfilecorp.com/files/8416/210703_6296f331847d1b74_001.jpg

Figure 1: South Pass Project Map

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8416/210703_6296f331847d1b74_001full.jpg

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 www.sedarplus.ca.

On Behalf of the Board of Directors
Mike Blady
Chief Executive Officer
info@basinuranium.ca
604-722-9842

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

FORWARD-LOOKING STATEMENTS:

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.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Aurum Resources

Aurum Hits 163 g/t Gold within 12m @ 14.56 g/t Gold at Boundiali BD Target 1

Aurum Resources Limited (ASX: AUE) (Aurum) is pleased to report high-grade gold intercepts from step-back diamond hole at BD Target 1 as part of ongoing diamond drilling at its Boundiali Gold Project in Côte d'Ivoire, West Africa.

Keep reading...Show less
Flynn Gold

Up to 67g/t Au Intersected in Drilling at Trafalgar, NE Tasmania

Flynn Gold Limited (ASX: FG1, “Flynn” or “the Company”) is pleased to provide the first results from its latest diamond drilling activities at the Company’s 100% owned Golden Ridge Project located in Northeast Tasmania (Figure 1).

Keep reading...Show less
Finger pointing up.

5 Top Weekly TSXV Stocks: Gabriel Resources Gains 50 Percent

The S&P/TSX Venture Composite Index (INDEXTSI:JX) lost 7.22 points last week to close at 607.95.

Statistics Canada released consumer price index (CPI) data this past Tuesday (May 21). In the report, the agency indicates that CPI rose 2.7 percent in April on a year-on-year basis, dropping from a 2.9 percent year-on-year uptick in March.

Inflation has now declined for the fourth month in a row, improving odds for a June rate cut as CPI inches closer to the Bank of Canada’s 2 percent target. The Canadian dollar lost a quarter percent on the news to close the day at US$1.37.

Keep reading...Show less
Tempest Minerals

Yalgoo Update - Expanded Drill Program at Remorse

Tempest Minerals Ltd (TEM) is pleased to update the market on the progress at the Remorse Target. The Remorse Target is a 4km long coincident base metal and geophysical target located in the Company’s Flagship Yalgoo Project. TEM has received preliminary approval for drilling at the central area of the target. As a result of recent ground-truthing work, TEM believes a larger expanded program design of ~5000m is required. Approvals are in the final stages and work is anticipated to commence in June/July.

Keep reading...Show less
Magnetic Resources NL

Magnetic Resources NL Investor Kit

  • Corporate info
  • Insights
  • Growth strategies
  • Upcoming projects

GET YOUR FREE INVESTOR KIT

Latest Press Releases

Related News

×