MGX Resources Reports Gold Resource of 31 Million Ounces at Central Tanami Joint Venture in Northern Territory; Shares Down 3%

MT Newswires Live10:25

MGX Resources (ASX:MGX) said total gold mineral resources at the Central Tanami Project Joint Venture in the Northern Territory are estimated at 31 million tonnes grading 2.8 grams per tonne gold for 2.8 million ounces of contained gold, according to a Thursday Australian bourse filing.

MGX acquired its 50% interest in the joint venture in February, giving it an attributable share of 1.4 million ounces of contained gold, the filing said.

Remaining mineral resources at Koolan Island total 3.3 million tonnes of iron ore grading over 59% iron, all within the Mangrove deposit, compared with 9.7 million tonnes grading over 63% iron across the Main and Mangrove deposits a year earlier, the filing added.

The company added that the change reflects mining depletion before the October 2025 Main Pit rockfall, and the subsequent end of mining and monetization of low-grade stockpiles, the filing said.

The company's shares were down nearly 3% in recent Thursday trade.

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