Magnetic Resources Says Recent Drilling at Western Australia Deposit Points to Potential Resource Increase

MT Newswires Live

01/12

Magnetic Resources (ASX:MAU) said recent drilling results at the LJN4 deposit in Western Australia indicated a potential resource increase, according to a Monday filing with the Australian bourse.

Drilling returned multiple thick intersections, including 18 meters at 2.27 grams per tonne of gold from 306 meters, 61 meters at 1.13 g/t gold from 257 meters, and 31 meters at 1.30 g/t gold from 633 meters, the filing said.

The drill program is continuing, with the resource update expected to be completed shortly, per the filing.

Shares rose 2% in afternoon trade on Monday.

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