Magnetic Resources ASX:MAU Stock Report

Magnetic Resources NL Announces Thick 56M At 2.2G/T Gold Intersection At Lady Julie North 4

Magnetic Resources NL announced best thick intersection 56m at 2.2g/t au from 96m at Lady Julie North 4. The Lady Julie North 4 deposit has numerous thick new intersections and will be tested over an expanded 1km x 200m area and importantly is open down dip and at depth and to the SSE. The 41 RC holes for 4,563m and 5 AC for 219m drill programmes were completed at Lady Julie North 4 and 18 RC holes for 2,936m are planned here after some promising further RC results. The best intersection to date at Lady Julie North 4 is 56m at 2.23g/t Au from 96m and includes20m at 4.97g/t from 104m In MLJRC632 which is down dip from a previous intersection of 33m at0.85g/t from 95m in MLJRC463. This high-grade core zone is a promising thick zone and will be investigated with further infill holes to the north and importantly to the south where this mineralisation remains open. In addition, a strong pyrite chert alteration has been logged for the first time and correlates with his highest-grade part of the core zone that has 20m at 4.97g/t from104m in MLJRC632. The extent of this alteration within the surrounding holes will be examined when the RC chip logging has been completed. The Lady Julie North 4 deposit has numerous thick intersections including 37mat 2.41g/t from 60m in MLJRC442, 16m at 2.34g/t from 68m in MLJRC549, 18m at 1.76g/t from 68min MLJRC549, 20m at 1.92g/t from 120m in MLJRC628, 56m at 2.23g/t from 96m in MLJRC632. The Lady Julie 4 deposit is being investigated over an expanded 1kmx200m area and is open downdip and to the E and SSE, which augers well for the potential size and economics. The SSE direction is associated with a sinistral fault where the mineralisation is interpreted to be to the east of the main NS trend of the deposit. The Lady Julie North 4 deposit is only 2.5km North of the Lady Julie Central deposit which in turn is 2.5km NE of the HN9 deposit. These three areas are all shallow deposits and in some cases, starting from surface providing low strip ratios and potential for economic ore that is open-cuttable and are effectively part of one mining centre. Maiden Combined Resources of 13.1Mt @ 1.22g/t Au totaling 511,000oz of gold at a 0.5g/t for the Laverton Project was announced on 27 June 2022. The Lady Julie North 4 (Indicated and Inferred) Resource of 2.7Mt at 1.27g/t for 109,000oz and forms part of the Lady Julie Combined Resources (Indicated and Inferred) of 5.4Mt at 1.27g/t for 224,000oz. This long 1km x 200m target zone at Lady Julie 4 is being infill drilled with a programme of 18 RC holes for 2,936m with most of these holes looking to extend the down dip extent of the mineralisation at depth and to test the SSE extension and to fully define the thickened high-grade core. Note that most of the holes are aimed to test the exploration target (shown in brown)and other areas outside the Inferred and Indicated resource and if successful will increase the size of the Indicated and Inferred resource at Lady Julie North 4.Ten large structural targets have been located mainly to the NE and S of Lady Julie Central after using the results of a structural study, together with historical aero magnetics and gravity images, geochemical, drilling and geological mapping data. Particular attention is being paid to areas where NNW and NE-trending structures intersect known and interpreted porphyry intrusions mainly in the Lady Julie strip, in areas that have not been explored due to the thicker soil cover which obscure potential mineralization within the Lady Julie NS trending 6.5km x 1.5km strip. More than 80% of this strip is under cover and remains very prospective. Within the HN5, HN6, HN9 and Lady Julie areas there are many new shallow intersections with a total of 1,930 intersections (ranging from 1 to 32m) greater than 0.5g/t Au, which includes 858 greater than 1g/t Au, 311 greater than 2g/t Au, 166 greater than 3g/t Au and103 greater than 4g/t Au.At Hawks Nest 5, 6, 9 and Lady Julie extensive drilling programmes have been completed. It includes 1,713 RC holes totaling 122,189m (average 71m depth) 30,515 2-5m composites and 19,763 1m splits, 255 AC holes totaling 9,708m 2,440 2-6m composites and 169 1m splits and 7Diamond holes totaling 751m. This release is mainly reporting on 571 composite assays (2-4m) and 2,524 1m splits from 149 RC hol (MLJRC414-415,419,421,423-425,429-433,438-440,442,465,467-471,486-513,515,517-522,524-530,534,536,538-555,557-463,567,572-577,580-581,583-585,595598,607,610,612,616-621,623,627-628,632-636,639 & 640 and MHNRC1043,1051,1053,1065-68,1080,1112,1120,1124,1127-28,1153,1155-57 & 1163) totaling 3,095m. Assays are pending 3 Diamond holes for 302m. The nearby Sunrise Dam (16Moz), Wallaby (7moz) and Jupiter (1.3Moz) Gold Deposits have persistent internal shallow-dipping mineralised lodes that are often called shear zones or thrust zones, which are ubiquitous throughout these deposits and have been defined down to 1500m depth at the Wallaby deposit. In addition, many discoveries in recent times have been made by drilling below 100m because the historical drilling was far too shallow. At HN5, 6, 9 and Lady Julie the average hole depth is only 71m providing tremendous scope for upside potential. The multiple, thick intersections that are all open down dip to the east and the high-grade core are very at Lady Julie North 4. There are numerous thick intersections including 37mat 2.41g/t from 60m in MLJRC442, 16m at 2.34g/t from 68m in MLJRC549, 18m at 1.76g/t from68m in MLJRC549, 20m at 1.92g/t from 120m in MLJRC628, 56m at 2.23g/t from 96m inMLJRC632. Some new 1m split intersections of 6m at 20.3g/t from 43m including 2m at 54.4g/t from 45m in MLJRC539 at Lady Julie Central is very and will also be followed up. Ten targets are located mainly to the northeast and south of Lady Julie Central and the best targets that contain the mineralisation at HN9 and Lady Julie are where NNW and NE-trending structures intersect known and interpreted porphyry intrusions sometimes associated with mafic rocks. More than 80% of a 6.5kmx1.5km strip is under cover and remains very prospective.

Magnetic Resources NL announced that it expects to receive AUD 1.1025 million in funding

Magnetic Resources NL Announces Maiden Mineral Resource Estimate

Magnetic Resources NL announced Maiden Mineral Resource Estimates from its deposits in the Laverton and Homeward Bound area. The main deposits include HN9, Lady Julie Central, Lady Julie North 4, Mount Jumbo East and Homeward Bound South, which are all located in an area with well-endowed regional infrastructure including three processing plants within 35kms. The verification and reporting of Mineral Resources on behalf of the Company was completed by its JORC Competent Person, Mr. L Widenbar of Widenbar & Associates. The Mineral Resources Estimate has been prepared and reported in accordance with the 2012 Edition of the JORC Code. Total Mineral Resources reported for the Laverton and Homeward Bound South projects is 13.1Mt @ 1.22g/t Au at 0.5g/t cut-off totaling 511,000oz of gold, with 49% of the resources within 50m of the surface and a further 38% from 50 to 100m of the surface. Open-pit optimization studies show up to 87% of the contained gold is constrained using a gold price of up to AUD 2,600. Lady Julie North Central: The Lady Julie Central (Indicated and Inferred) Resource of 1.6 Mt at 1.48 g/t for 75,000 oz is 400m by 200m in area and is predominately an Indicated Category (90%). There are some thicker intersections including a number of intersections that start from surface. There is a significant Exploration Target starting at the north side of Lady Julie Central Resource that extends within a 1km distance and comprises most of the Exploration Target in the Lady Julie area of 1.6Mt to 2.2Mt at 0.9g/t to 1.2g/t Au for 67,000oz to 83,000oz. This Exploration Target is considered reasonable as it extends from known mineralisation at Lady Julie Central with a number of intersections within the 1km length to the north where there is an expectation of further intersections. In accordance with Clause 18 of JORC, the Exploration Targets and the potential quantity and grade is conceptual in nature, and there has been insufficient exploration to estimate a Mineral Resource increase and it is uncertain that further exploration will result in the estimation of an increased Mineral Resource. Lady Julie North 4 Resource: The Lady Julie 4 (Indicated and Inferred) Resource of 2.7 Mt at 1.27 g/t for 109,000 oz covers an 850m x150m area and is open down dip and to the E and SSE, which augers well for the potential size. The SSE direction is associated with a sinistral fault where the mineralisation is interpreted to be to the east of the main NS trend of the deposit. A more detailed map is within ASX release of 30 May 2022. This resource is partly in the Indicated Category (28%) and is being infill drilled with a programme of 17 RC holes for 2,796m with most of these holes aiming to extend the mineralisation at depth and to test the SSE extension. Hawks Nest 9 Resource: The HN9 (Indicated and Inferred) Resource of 3.2 Mt at 1.28 g/t for 130,000 oz is contained within three main zones within a 2km x 250m wide area and is largely within the Indicated Category (63%). There are a number of zones that remain open to the NE and at depth especially in the central thickened zone, at the southern end of the HN9 deposit, which trends to the NE. This depth extent of HN9 is supported by the deep-seated thrust zones identified by the shallow 2D seismic completed in early 2021. Technical Summary of the Mineral Resource Estimate: Drilling at the various deposits has been by a variety of methods, and the drill holes used in the modelling of each deposit are summarised. In general, all holes are used to assist in geological interpretation, while DDH (Diamond), RC (Reverse Circulation) and RAB (Rotary Air Blast) are used for grade estimation.

Magnetic Resources NL Announces Second Parallel Mineralized Structure At Lady Julie Central

Magnetic Resources NL announced the Lady Julie Central thick high-grade mineralised structure predominantly trends to the NW. A second parallel NW mineralised structure is interpreted only 100m to the south and is being further investigated with three deeper RC holes after intersecting 24m at 2.0g/t from 152m in MLJRC552. In addition, further infill drilling at Lady Julie Central has intersected some very high-grade and some high-grade thicker intersections some of which start from surface. The Lady Julie Central and Lady Julie WMC mineralisation can be unusually thick with associated higher grades, 41m at 2.6g/t from 31m in MLJRC162, 36m at 2.3g/t from 68m in MLJRC352, 52m at 1.5g/t from 15m in MLJRC342 and 52m at 1.1g/t from 68m in MLJRC448, which augers well for the potential economics considering a lot of these intersections also start from surface, 25m at 4.4g/t from 0m in MLJRC348, 22m at 4.1g/t from 0m in MLJRC457, 40m at 1.7g/t from 0m in MLJRC482, 20m at 3.6g/t from 0m in MLJRC545 and 39m at 1.6g/t from 7m in MLJRC295. The highest-grade and thickest zones trend NNW within an overall NS trend. This 1km long target zone is being infill drilled to get it to an Indicated Category. There are at least two separate stacked lodes present in this current drilling area. Assays are pending for 32 RC holes totaling 3127m and 3 diamond holes for 302m at Lady Julie Central and Lady Julie WMC and Lady Julie 4 and 89 AC holes for 3264m targeting the seismic thrust zones and the ten new structural targets.

Less than half of directors are independent

Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Non-Executive Independent Chairman Eric Lim was the last independent director to join the board, commencing their role in 2011. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model.