Magnetic Resources NL announced that the Lady Julie North 4 gold deposit keeps expanding in size and new drill hole intersections in MLJRC624 (20m at 1.06g/t from 52m), MLJRC625 (16m at 1.81g/t from 88m) and MLJRC626 (8m at 2.35g/t from 100m) have expanded the mineralisation by 200m to the north of the existing 600m long Lady Julie North 4 Resource (Indicated and Inferred) of 2.7Mt at 1.27g/t for 109,000oz. This forms part of the Lady Julie Combined Resources (Indicated and Inferred) of 5.4Mt at 1.27g/t for 224,000oz. In addition, at Lady Julie North 4, a new near surface zone just south of the centre of the deposit has an intersection of 20m at 1.67g/t from 48m in MLJRC641 and is open to the east and sits above steeper dipping resources.

This intersection is east of the calculated resources and expands the potential EW extent of the mineralised zones to greater than 150m. Four drill holes are planned MLJRC634, 669 and 678-679 and will be testing the continuity further east of these nearer surface gold zones. Also and importantly, a deeper intersection of 32m at 1.67g/t from 144m depth in MLJRC629, just north of the centre of the deposit, is thicker and outside the calculated resources to the west.

Drill holes MLJRC676-677 are planned to expand this promising zone further at depth. The Lady Julie North 4 deposit is only 2.5km North of the Lady Julie Central deposit which in turn is 2.5km NE of the HN9 deposit. These three areas are all shallow deposits and in some cases, starting from surface providing low strip ratios and potential for economic ore that is open-cuttable and are effectively part of one mining centre.

Maiden Combined Resources of 13.1Mt @ 1.22g/t Au totaling 511,000oz of gold at a 0.5g/t for the Laverton Project was announced on 27 June 2022. The Lady Julie North 4 (Indicated and Inferred) Resource of 2.7Mt at 1.27g/t for 109,000oz and forms part of the Lady Julie Combined Resources (Indicated and Inferred) of 5.4Mt at 1.27g/t for 224,000oz. Note that many of these holes are aimed to test the exploration target and other areas outside the Inferred and Indicated resource and if successful will increase the size of the Indicated and Inferred resource at Lady Julie North 4. Particular attention is being paid to areas where NNW and NE-trending structures intersect known and interpreted porphyry intrusions mainly in the Lady Julie strip, in areas that have not been explored due to the thicker soil cover which obscure potential mineralisation within the Lady Julie NS trending 6.5km x 1.5km strip.

More than 80% of this strip is under cover and remains very prospective. Within the HN5, HN6, HN9 and Lady Julie areas there are many new shallow intersections with a total of 1963 intersections (ranging from 1 to 32m) greater than 0.5g/t Au, which includes 874 greater than 1g/t Au, 318 greater than 2g/t Au, 170 greater than 3g/t Au and 103 greater than 4g/t Au. At Hawks Nest 5, 6, 9 and Lady Julie extensive drilling programmes have been completed.

This release is mainly reporting on 447 4m composites from 11 RC holes (MLJRC624-626,629- 631,641-645) totaling 1,787m. Assays are pending for 3 Diamond holes for 302m.