Magnetic Resources Extends Lady Julie North 4 Gold Deposit with Multiple High-Grade Intersections

New High-Grade Zones Bolster Lady Julie North 4 Deposit

Magnetic Resources NL (ASX:MAU) has bolstered the case for its Lady Julie North 4 (LJN4) gold deposit in Western Australia's Laverton Project with fresh diamond drilling results revealing multiple thick, high-grade gold intersections. The latest assays from holes MLJDD092, MLJDD103, and MLJDD109 confirm continuity across four distinct high-grade cores, with some intervals hitting grades as high as 5.48 grams per tonne (g/t) over 10 metres.

Drilling Highlights and Depth Extensions

Among the standout results, diamond hole MLJDD109 intersected 15 metres at 3.86 g/t from 200 metres, including a richer 10-metre section at 5.48 g/t. This intercept sits 100 metres up dip from previous hole MLJDD088, which returned 17 metres at 1.67 g/t and 14 metres at 2.02 g/t in the same high-grade core zone (HGC4). Meanwhile, MLJDD092 pushed the boundaries deeper, intersecting 16 metres at 2.0 g/t from 640 metres, with sub-intervals up to 3.2 g/t, extending the HGC3 zone by at least 125 metres down dip. These results reinforce the deposit's strong underground potential, with mineralisation now confirmed from near surface down to depths approaching 1,000 metres.

Resource Growth and Geological Setting

The Lady Julie Gold Project's combined Mineral Resource estimate, announced in January 2026, stands at 39.1 million tonnes at 1.78 g/t gold for 2.24 million ounces (Moz) using a 0.4 g/t cutoff. LJN4 alone accounts for over 2 million ounces, with both open pit and underground components. The deposit is structurally controlled by the Chatterbox Shear Zone, a major east-dipping fault corridor that runs through the project area and is associated with significant gold mineralisation at nearby deposits such as Beasley Creek and Apollo. Magnetic's recent drilling has identified four mineralisation styles at LJN4, including silica-pyrite breccia zones and silicified ultramafic sequences, which contribute to the deposit's complexity and grade variability.

Ongoing Drilling and Development Plans

Further drilling is planned to infill and extend the high-grade cores, with holes MLJDD110 and MLJDD112 targeting the promising HGC4 zone, and MLJDD082 planned within HGC3. Results from a deep step-out hole MLJDD102, located 300 metres down dip from the main silica-pyrite breccia zone, are awaited and could further expand the resource base. The deposit's open nature at depth and along strike offers substantial upside potential, especially given the average historical drill depth of just 89 metres in the broader Laverton area, suggesting significant untested mineralisation remains.

Strategic Corporate Developments

Magnetic's Board continues to back the Genesis Minerals acquisition scheme, recommending shareholders vote in favour absent a superior proposal. This follows recent regulatory milestones, including the submission of an updated Mining Proposal and ongoing permitting progress for the Lady Julie Gold Project. The acquisition, valued at approximately A$639 million, promises to unlock synergies and extend mine life, with an underground production target now estimated at around 13 million tonnes at 2 g/t gold. The scheme meeting is set for 3 June 2026, with the Board's unanimous support underscored in recent communications.

These drilling results come on the heels of a series of resource upgrades and positive feasibility studies that have steadily enhanced the project's profile. The deposit's complex geology, marked by multiple mineralisation styles and structural controls, continues to challenge and reward Magnetic's exploration strategy, as evidenced by the latest intersections and planned drill campaigns.

With the Australian gold price near record highs, the Laverton Project's growing resource and robust grades position Magnetic well for advancing development plans. However, pending assay results and further technical studies will be critical to refining the resource model and assessing the economics of deeper underground mining.

Investors should note the ongoing Magnetic Shareholders Set to Vote on the Genesis Scheme, a pivotal corporate event that could reshape the company's trajectory. Meanwhile, the company's recent Permitting for Lady Julie Gold Project signals steady progress toward operational readiness.