Magnetic Resources NL announced the Lady Julie North 4 gold mineralisation is expanding in size and there are numerous new high-grade drill hole intersections. Some of these are outside the resource and include MLJRC686 (8m at 9.48g/t from 49m), MLJRC687 (16m at 6.0g/t from 92m) and MLJRC674 (12m at 1.92g/t from 68m), 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 (Indicated and Inferred) of 5.4Mt at 1.27g/t for 224,000oz.

Follow up drilling of 7 RC holes for 582m is initially planned and results for 8 RC holes for 1115m are pending. 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 is also planned and includes 38 holes for 2850m and is designed to test the southern extension of the Lady Julie North4 shear structure that is mapped and is expected to continue south towards Mt Jumbo gold resource. 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 (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. Within the HN5, HN6, HN9 and Lady Julie areas there are many new shallow intersections with a total of 1989 intersections (ranging from 1 to 32m) greater than 0.5g/t Au, which includes 889 greater than 1g/t Au, 326 greater than 2g/t Au, 174 greater than 3g/t Au and 107 greater than 4g/t Au.

At Hawks Nest 5, 6, 9 and Lady Julie extensive drilling programmes have been completed. Including 1,759 RC holes totaling 127,734m (average 73m depth), 31,767 2­5m composites and 20,399 1m splits, 264 AC holes totalling 10,100m 2,538 2-6m composites and 169 1m splits and 7 Diamond holes totaling 751m. Assays are pending for 3 Diamond holes for 302m.

This release is mainly reporting on 478 4m composites and 298 1m splits from 26 RC holes (MLJRC468, 624-626,629-631,638, 641-644, 672-676,678,680-687) totaling 3,279m at Lady Julie North 4.