Magnetic Resources NL : Thick high-grade intersections at Lady Julie 4

ASX code: MAU ASX Release

17 November 2021

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THICK HIGH-GRADE INTERSECTIONS AT LADY JULIE 4

Initial RC drilling completed at Lady Julie 4 have resulted in two excellent thick intersections, 28m at 2.0g/t from 36m including 16m at 3.37g/t from 40m in MLJRC439 and 40m at 1.79g/t from 60m including 8m at 6.67g/t from 60m in MLJRC442. This early result is very encouraging and a follow up programme of 14 RC holes for 1720m over a large 700m strike length is being carried out (Figure 1).

Lady Julie 4 is only 2.5km north of Lady Julie 1 (Figure 2) where we have intersected a significant number of seventeen thick high-grade intersections (September 2021 Quarterly). Two of these include 25m at 4.38g/t from 0m in MLJRC348 and 36m at 4.01g/t from 116m in MLJRC406. In addition, seven deeper RC holes for 1540m (averaging 220m hole depth) are planned here to test for the further downdip extents which are open to the SE. Multiple both thick and high-grade zones starting from surface are found at Lady Julie 1 after our most recent infill and extension drill programme (Table 1).

The width is expected to increase as these intersections in MLJRC406 and MLJRC404 are open to the east and down-dip. Further drilling will test this expanded zone over a 600m x 350m area There are at least 2 separate stacked lodes present in this current drilling area with some thickening up to 64m in MLJRC406.

Level 1, 44A Kings Park Road, West Perth WA 6005 I PO Box 1388, West Perth WA 6872 Telephone [phone] I www.magres.com.au

ABN 34 121 370 232

For personal use only	Figure 1. Lady Julie North 4 area highlighting significant thick intersections from the latest drill programme
	(yellow large rectangular label) and historical drilling (white labels) with maximum gold projected to surface and
	drillholes with assays pending (in blue) and planned drillholes (in yellow).

Level 1, 44A Kings Park Road, West Perth WA 6005 I PO Box 1388, West Perth WA 6872

Telephone [phone] I www.magres.com.au

ABN 34 121 370 232

For personal use only

Figure 2 Gold intersection overview covering the HN5, HN6, HN9 and adjacent Lady Julie Projects showing ten additional gold targets covering 15km (purple outlines) with highlighted intersections (white label). Significant historical and Magnetic intercepts (maximum Au projected to surface) and 9 holes for 1,166m with assays pending in blue, planned 47 RC holes for 5,184m at Lady Julie North in yellow.

Level 1, 44A Kings Park Road, West Perth WA 6005 I PO Box 1388, West Perth WA 6872

Telephone [phone] I www.magres.com.au

ABN 34 121 370 232

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

(Fig 1 and Table 2) with a total of 1,543 intersections (ranging from 1 to 30m) greater than 0.5g/t Au, which includes 668 greater than 1g/t Au, 246 greater than 2g/t Au, 133 greater than 3g/t Au and 83 greater than 4g/t Au.

onlyThe recent 2D seismic survey combined with results from recent major drill programmes as well as historical drillings results have led to the interpretation of 15km of gold targets in 10 areas within HN5, HN6, HN9 and Lady Julie outlined in purple in Figure 2 and summarised in Table 1.

The best-looking target so far besides the 3km-long HN9 mineralisation, is Lady Julie North (3.9km long) At Lady Julie North 1 there are many mineralised intersections including the outstanding intersection of 41m at 2.6g/t Au from 31m including 15m at 4.2g/t from 52m in useMLJRC162, 25m at 4.4g/t from 0m in MLJRC348 and 64m at 2.4g/t from 88m in MLJRC406. This zone between the two thrusts is very prospective and there are numerous NS workings, mineralised drillholes and anomalous soil geochemical areas, which are in the process of being

drilled (Figures 1-2).

Both the mineralised targets at HN9 and Lady Julie North appear to straddle two deep seated thrusts, with HN9 being a major 3km-long mineralised zone. The eight thrust zones that come to

surface continue to the north and south over an extensive 6km length and shallow RAB and or
soil geochemistry is being planned to help outline any further anomalous gold areas worthy of
personal	MLJRC162 41m @ 2.56g/t from 31m

follow up drilling (Figure 2). At Lady Julie North 1, 2 and 4, the targets are compelling because they are associated with the two parallel Thrusts 7 and 8 (Fig. 2).

			Table 1. Target Summary HN5, HN6, HN9 and Lady Julie
	Target	Length	Significant gold intersection	Description
	Km
				MLJRC406 64m @ 2.37g/t from 88m	Several wide and high-grade
	Lady Julie			MLJRC404 20m @ 4.29g/t from 140m
	3.9		intersections starting from surface
	North (1-4)		MLJRC295 39m @ 1.55g/t from 7m
			associated 50ppb soil anomaly
	Lady Julie	1.5		MLJRC214 4m @ 16.66g/t from 32m	New NNE-trending gold zone with some
	Central		excellent high-grade intersections.
	Lady Julie	1.7		MLJRC183 4m @ 1.49g/t from 16m	Southern extension of near-surface
	East		high-grade results
	HN9				Open1km to the NE. New holes
	thickened	1.5		MHNRC582 104m @ 0.82g/t from 8m
		planned.
For	zone
HN9 fold	1.5		RFAC408 5m @ 2.35g/t from 49m	Unusual EW trend, part of large regional
	folding
	HN9 Thrust 2				Drilling extension of high-grade
	1.2		HNR008 2m @ 12.83g/t from 36m	intersection planned.
	HN9 Thrust 3			MHNRC1010 1m @ 58.48g/t from	Drilling extension of new intersection
	1.2		91m
	HN5 West			MHNRC1015 4m @ 62.51g/t from	Drilling of very high-grade intersection
	0.3		52m	planned
	HN5 South	0.7		No drilling to-date	NW extension of Eagles Nest workings
	HN6 Thrust 2	1.5		MHNRC1041 1m @ 3.06g/t from 40m	Extension of intersection and initial
		testing of workings planned.
	Total	15.0

Level 1, 44A Kings Park Road, West Perth WA 6005 I PO Box 1388, West Perth WA 6872

Telephone [phone] I www.magres.com.au

ABN 34 121 370 232

At Hawks Nest 5, 6, 9 and Lady Julie extensive drilling programmes have been completed.
(Tables 3 and 4), including 1,525 RC holes totaling 103,842m (average 68m depth) 25,699 2-5m
composites and 15,246 1m splits and 4 Diamond holes totaling 431m. This release is mainly
only	on	1,207	composite	assays	(2-5m)	from	45	RC	holes
reporting
(MHNRC1029,1042,1043,1051,1053,1053,1059,1061,1065,1066,1068,1075-1082,1086,1112,
1120,1121,1124,1127 &	1128 and MLJRC414-421,423-425,429-431-433,438-440	& 442)

totalling 4,510m and 445 1m splits from 26 RC holes (MHNRC1069,1071,1072 and MLJRC345,355,359-361,368,385,386,388,389,391-396,898 & 398) and a further 18 RC holes for 1,532m have assays pending.

The AC programme has commenced with assays received for the first 7 holes (MLJAC002-008) for 303m and a further 25 AC holes for 1,054m have assays pending.

useThere are now at least two discernible mineralised lodes recognised that mostly dip shallowly between 20-45° to the east at Lady Julie. These multi-stacked thickened lodes show similarities with the adjacent Wallaby, Sunrise Dam and Jupiter major gold deposits. More results are pending for this area and further drilling is in progress to the SE where it remains open.

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Figure 3. Location Map showing Hawks Nest and Lady Julie Projects near major gold mines and processing plants

Level 1, 44A Kings Park Road, West Perth WA 6005 I PO Box 1388, West Perth WA 6872

Telephone [phone] I www.magres.com.au

ABN 34 121 370 232