Magnetic Resources Extends Lady Julie North 4 Gold Zone Beyond 1,000m Depth

Expanding Depth and Scale at Lady Julie North 4

Magnetic Resources NL has announced compelling new drilling results from its flagship Lady Julie North 4 (LJN4) gold deposit, part of the broader Laverton Project in Western Australia. The company’s recent diamond drilling campaign has successfully extended the northern zone of LJN4 to at least 1,000 metres down dip, with mineralisation remaining open for further expansion both to the north and at depth.

The northern ultramafic zone, a key host to gold mineralisation, now measures approximately 400 metres in strike and plunges southeast over 1,000 metres, forming part of a larger mineralised corridor measuring 300 metres by 1,000 metres. This zone starts at a shallow depth of just 30 metres, enhancing its potential for economic extraction.

Robust Drilling Intersections Highlight Resource Growth

Recent diamond drillholes have returned multiple significant gold intersections, including standout results such as 38 metres at 1.73 g/t Au, 19 metres at 2.85 g/t Au, and 26 metres at 2.20 g/t Au, among others. These thick and consistent intercepts underpin the growing confidence in the continuity and grade of the mineralised zones.

The central core of the northern zone, characterised by silicified and fuchsite-altered ultramafic rocks, has notably increased in down plunge extent from 100 metres to 250 metres. This core zone exhibits gram thickness values ranging from 40 to 167 gm, with some intersections exceeding 6 g/t Au over substantial widths, reinforcing the prospect of a high-grade underground resource.

Feasibility Study Targets Both Open Pit and Underground Mining

In light of these encouraging results, Magnetic Resources has commenced a feasibility study that, for the first time, integrates both open pit and underground mining scenarios for LJN4. The study aims to evaluate the economic viability of mining the shallow, open-cuttable deposits alongside the deeper, high-grade underground zones identified below the current pit design.

The underground mineralisation is particularly promising, featuring a high-grade zone averaging 3 g/t Au or more over a 150-200 metre strike length and 10-15 metres in width. This could significantly enhance the project’s overall production profile and extend mine life.

Broader Laverton Project Resource Update

Alongside the LJN4 developments, the Laverton Project’s total mineral resource has been updated to 33.1 million tonnes at 1.81 g/t Au, equating to 1.93 million ounces of gold at a 0.5 g/t cutoff. This resource encompasses several deposits including Lady Julie Central, HN9, Mt Jumbo, and Homeward Bound South, all of which contribute to a substantial and strategically located gold inventory.

Magnetic Resources continues to advance metallurgical testing and drilling programs across the project area, with additional diamond and reverse circulation (RC) drilling planned to further delineate and expand the resource base. The company is also progressing mining lease applications and early works at related deposits such as Blue Cap, positioning itself for potential near-term development.

Structural Controls and Regional Context

The mineralisation at Lady Julie North 4 is structurally controlled by the Chatterbox Shear Zone, a significant north-northeast trending, east-dipping fault corridor extending over 22 kilometres within Magnetic’s tenements. This shear zone is associated with gold mineralisation at multiple locations, including the nearby Mt Jumbo deposit and extends towards world-class deposits such as Wallaby.

The complex interplay of ultramafic, carbonate, and felsic porphyry units, combined with intense alteration and brecciation, creates a favourable geological setting for gold mineralisation. Ongoing petrological studies aim to refine the understanding of these controls to better target future drilling.

Outlook and Next Steps

With gold prices at record levels, Magnetic Resources is well positioned to capitalise on its expanding resource base and advancing project studies. The ongoing feasibility study at Lady Julie North 4 will be a critical milestone, potentially unlocking both open pit and underground mining opportunities and enhancing the project’s economic profile.

Investors and analysts will be watching closely for forthcoming assay results from pending drillholes and updates on the feasibility study, which together will shape the next phase of development and valuation for the Laverton Project.