Magnetic Resources NL announced The Lady Julie North 4 gold mineralisation is expanding in size and depth and there are new high-grade drill hole intersections as shown in the highlights below. Two new holes have the thickest intersections to date, including 67m at 1.8g/t from 101m in MLJRC689A and 56m at 1.52g/t from 92m in MLJRC679 and are both thickened at depth as a nearby western hole intersected 17m at 1.92g/t from 52m in MLJRC678. Because MLJRC689A is a vertical hole the intersection length is exaggerated by 1.3. Both these intersections are outside the resource and ended in mineralisation which augers well for the enlargement of the 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 of 5.4Mt at 1.27g/t for 224,000oz. In addition, further north see a thickening from 8m at 6.94g/t in MLJRC 686 to 18m at 4.98g/t from 89m in MLJRC687 and is also outside the current resource.

Follow up drilling of 10 RC holes for 1,580m is initially planned with diamond tails for the deepest holes. These deeper holes will be testing two stacked zones at depth where see thickening occurring. Assays are pending for 2 Diamond tails (MLJRC636 & 675) for 132m, 6 RC holes for 569m, 18 AC holes for 1,023m and 3 Diamond holes for 302m.

In addition, new infill drill intersections at Lady Julie Central have outlined robust high-grade intersections starting from surface including MLJRC663, MLJRC665 Also, and importantly, a deeper intersection of 24m at 2.03g/t from 14m depth in MLJRC629, just north of the centre of the deposit, is thicker and outside the calculated resources to the west. Further drilling has been completed and is designed to expand this promising zone at depth and results are awaited. In addition, a strong silica-pyrite-fuchsite alteration has been noted in logging in MLJRC631 and MLJRC642 and correlates with the gold intersections.

The extent of this alteration within the surrounding holes will be examined when the RC chip logging has been completed. 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.

An AC programme was also completed and includes 38 holes for 2023m and was designed to test the southern extension of the Lady Julie North 4 shear structure that is mapped and is expected to continue south towards the Mt Jumbo gold resource, looking to find new satellite deposits in areas that have not been drilled. Half the drill programme results are pending yet an intersection of 2m at 2.4g/t from 48m at the end of the MLJAC141 is encouraging and is being followed up with deeper RC drilling. This shear zone is a complex N to NNE-trending, east-dipping structural corridor which can be traced for some 22km extending from Magnetic Resources' southern boundary at Mt Jumbo and through Lady Julie North 4 and as far north as the Beasley Creek gold deposit on Magnetic's NE boundary.

Within Magnetic's tenements the shear zone can be traced for a distance of 12km. The shear zone is interpreted to comprise a series of braided faults and shears within a corridor ranging from 100m to 250m wide and is interpreted to have formed as a reverse fault on the limb of the regional Margaret Anticline during the latter stages of its folding. Importantly, this shear zone is closely associated with, gold mineralisation at several locations along its length including Magnetic's LJN4 deposit and gold deposits further north of Magnetic's tenements including the Beasley Creek deposit.

It is evident in aeromagnetic imagery and in gravity images. Within the structural corridor the shear zone is characterised by a sheared package of mafic and ultramafic rocks, sediments and an unusual massive carbonate rock, all intruded by felsic porphyries. Magnetic is targeting with its AC drill programme several zones where the depth of cover is not prohibitive and where historical drilling has indicated gold mineralisation adjacent to undrilled or under-drilled areas which have the potential to host further gold resources.

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 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. Within the HN5, HN6, HN9 and Lady Julie areas there are many new shallow intersections.

with a total of 2028 intersections greater than 0.5g/t Au, which includes 914 greater than 1g/t Au, 340 greater than 2g/t Au, 177 greater than 3g/t Au and 110 greater than 4g/t Au. At Hawks Nest 5, 6, 9 and Lady Julie extensive drilling programmes have been completed. composites and 21,054 1m splits, 302 AC holes totalling 12,123m, 2,783 2-6m composites and 214 1m splits and 7 Diamond holes totaling 751m.

Assays are pending for 2 Diamond tails for 132m, 6 RC holes for 569m, 18 AC holes for 1,023m and 3 Diamond holes for 302m. This release is reporting on 429 4m composites and 660 1m splits from 26 RC holes totaling 2,665m and 20 AC holes totaling 1,000m at Lady Julie.