Laverton Project Resource Grows to 2.14Moz with 149m at 1.24g/t Gold Intersected

Significant Drilling Success at Lady Julie North 4

Magnetic Resources NL has announced a major update on its drilling campaign at the Lady Julie North 4 (LJN4) gold deposit, part of the broader Laverton Project in Western Australia. The company reported a very thick intersection of 149.4 metres grading 1.24 grams per tonne gold starting from 145.6 metres depth, located within the planned open pit area. This intersection includes higher-grade zones, such as 28.4 metres at 2.67g/t, underscoring the deposit's robust gold content.

The LJN4 deposit now features four high-grade core zones (HGC1 to HGC4), each with distinct geological characteristics. The newly identified HGC4 is interpreted to be approximately 100 metres by 500 metres in size and remains open at depth, suggesting significant upside potential. Drilling within HGC4 has intersected thick alteration zones indicative of strong mineralisation, with assays pending for several recent holes.

Expanding Resource and Underground Potential

Beyond the open pit resource, recent drilling has extended mineralisation well below the surface, highlighting the potential for underground mining operations. The LJN4 main lode extends from 400 metres down to 1,000 metres vertically, a depth range that was previously untested. This deep mineralisation is not yet included in the current resource estimate, indicating room for further resource growth.

As of the latest update, the Laverton Project's combined indicated and inferred mineral resource stands at 35.7 million tonnes at 1.86g/t gold, totaling 2.14 million ounces at a 0.5g/t cutoff. This represents a significant 22% increase in the Lady Julie gold project resource, reflecting the success of the ongoing drilling program.

Geological Setting and Structural Controls

The gold mineralisation at LJN4 is hosted within a complex geological framework involving ultramafic rocks, massive carbonate, and chert intruded by felsic porphyries. A key structural feature is the Chatterbox Shear Zone, a major east-dipping fault corridor extending over 22 kilometres through the project area. This shear zone is closely associated with gold mineralisation at multiple deposits, including LJN4, Mt Jumbo, and others further north.

The company’s petrological studies suggest that intense carbonate and silica alteration associated with the shear zone plays a critical role in the formation of the gold deposits. The presence of multiple mineralisation styles, including silica-pyrite breccia and silicified ultramafic zones, adds to the complexity and potential of the deposit.

Ongoing Drilling and Future Outlook

Magnetic Resources is actively advancing its drilling program with numerous diamond and reverse circulation holes planned or underway. The focus remains on infill drilling to upgrade resource classification and step-out drilling to test the extensions of the high-grade cores, particularly HGC4. Assay results from recent holes are eagerly awaited and expected to further define the deposit’s size and grade continuity.

Managing Director George Sakalidis highlighted the strong gold price environment and the project's potential for large-scale, shallow open-cuttable deposits complemented by promising underground targets. He noted that the LJN4 deposit continues to surprise with its size and grade, reinforcing the company’s confidence in the Laverton Project’s development prospects.