Magnetic Resources NL : High grade intersections and vertical shoots at Lady Julie

ASX code: MAU ASX Release

10 January 2022

THICK HIGH-GRADE INTERSECTIONS AND VERY HIGH-GRADE VERTICAL SHOOTS AT LADY JULIE

only	• Multiple both thick and high-grade zones starting from surface are found at Lady
Julie after our most recent infill and extension drill programme (Figures 1-2). These
promising anomalous gold zones are still open to the SE as shown up by
MLJRC448 with an intersection of 88m at 1.3g/t from 68m. This promising southern
use	part of the Lady Julie North 1 target zone area is being tested in detail over a 1km
length with 33 RC holes planned for 3518m averaging 107m per hole. Highlights of
recent drill programmes completed include:
HoleID	East	North	From	To	Width	Gold
	MGAz51	MGAz51	m	m	m	g/t
personal	MLJRC458	431800	6823915	21	57	36	1.48
		including	53	57	4	7.38
	MLJRC457	431770	6823915	0	61	61	1.73
			including	0	22	22	4.14
			including	0	10	10	7.96
	MLJRC455	431804	6823890	33	45	12	4.53
	MLJRC454	431833	6823882	36	108	72	0.86
	MLJRC453	431804	6823881	20	36	16	5.59
	MLJRC451	431883	6823870	24	52	28	1.90
	MLJRC448	431926	6823860	68	156	88	1.33
			including	92	128	36	2.04
	MLJRC406	431956	6823820	116	150	34	1.80	*
			including	116	118	2	11.3	*
			including	148	150	2	15.16	*
	MLJRC405	431912	6823820	95	118	23	1.24	*
For	MLJRC404	431955	6823842	142	160	18	4.74	*
MLJRC369	431372	6821486	18	25	7	3.71	*
*Previously drilled with new 1m splits

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

• only • use •

personal•

• For

The Lady Julie 1 mineralisation (Figure 2) can be unusually thick with associated higher grades, 41m at 2.6g/t from 31m in MLJRC162, 52m at 1.7g/t from 52m in MLJRC352, 52m at 1.5g/t from 15m and 88m at 1.3g/t from 68m, which augers well for the potential economics considering a lot of the intersections also start from surface, 25m at 4.4g/t from 0m in MLJRC348, 22m at 4.1g/t from 0m in MLJRC457. This 1km long zone is being infill drilled to get it to an Indicated Category (Figure 1). There are at least 2 separate stacked lodes present in this current drilling area, which dip 20 to 45 deg to the east.

The gold mineralisation at Lady Julie 1 can occur within the porphyry or along the porphyry/mafic and porphyry/ultramafic unit contacts. Locally there is a strong concentration within the ultramafic as well, where there is higher grade mineralisation. Also, the alteration is usually a strong pervasive silicification alteration and numerous quartz veins as well.

Thickened porphyry zones (up to 70m) are common on the eastern part of the Lady Julie North1 strongly mineralised zones, on the edge of a major 6km long NS thrust zone. These porphyries are also steeper dipping in this area and may represent conduits for deeper mineralisation to come closer to the surface. These underlying intrusions are also targets for deeper mineralisation similar to the deeper intrusions at depth at the world class Sunrise Dam gold mine.

The next drill programme of 33 RC holes for 3578m will be testing between 100 to 250m depth looking for further enriched zones, defining the different stacked zones and vertical mineralised shoots. This programme will also assist in the location of deeper holes into the underlying porphyry and porphyry contact positions.

Infill RC drilling within the very high-grade intersection zones have shown that they are associated with pervasive vertical zones (shoots) with grades greater than 10g/t as shown in Table 1. Some of these intersections include 2m at 21.4g/t from 43m in MLJRC292 and 2m at 21.0g/t from 3m in MLJRC457 and 1m at 59.5g/t from 22m in MLJRC348 and 4m at 15.1g/t form 32m in MLJRC453. Further infill RC and diamond drilling is designed to define the true extent and distribution of these enriched high-grade shoots that lie within the promising thicker intersections (Figure 1).

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. The southern 1km part of the Lady Julie North1 area highlighting significant thick intersections from the latest drill programme (yellow large rectangular label) and previous drilling (white label) 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

Table 1. Lady Julie North1 Gold > 10g/t

HoleID	Easting	Northing	From	To	Width	Gold
	MGAz51	MGAz51	metres	metres	metres	ppm
MLJRC073	431940	6823058	15	16	1	18.18
MLJRC162	431845	6823860	54	55	1	16.32
			64	65	1	11.40
			66	67	1	10.17
MLJRC292	431820	6823880	43	45	2	21.35
MLJRC295	431823	6823860	25	26	1	15.15
MLJRC296	431820	6823842	56	57	1	12.92
MLJRC298	431880	6823842	58	59	1	21.37
MLJRC341	431775	6823925	19	20	1	13.28
MLJRC342	431800	6823925	61	62	1	30.65
MLJRC346	431781	6823900	1	2	1	10.64
MLJRC348	431791	6823880	17	18	1	11.50
			22	23	1	59.48
MLJRC352	431910	6823842	87	88	1	14.32
MLJRC400	431746	6823900	47	48	1	15.11	*
MLJRC404	431955	6823842	144	146	2	14.63	*
MLJRC406	431956	6823820	117	118	1	19.91	*
			148	150	2	15.16	*
MLJRC453	431804	6823881	32	36	4	15.12	*
MLJRC455	431804	6823890	40	41	1	22.08	*
			41	42	1	11.84	*
MLJRC457	431770	6823915	3	5	2	20.95	*
MLJRC458	431800	6823915	55	56	1	20.84	*

* New 1m or 4m assay

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

onlyuse

personalFor 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), assays pending in blue and planned RC holes 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