Magnetic Resources NL announced an Updated 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 update follows extensive infill and down-dip drilling at the Lady Julie Central and Lady Julie N4 deposits. The verification and reporting of Mineral Resources on behalf of the Company was completed by its JORC Competent Person, Mr. M Edwards of Blue Cap Mining. The Mineral Resources Estimate has been prepared and reported in accordance with the 2012 Edition of the JORC Code. The Lady Julie Central (Indicated and Inferred) Resource of 1.36Mt at 1.67g/t Au for 73,100oz is 350m by 200m in area (Figure 2). The Indicated Category covers 48% of the tonnage total. There are some thicker intersections including a number of intersections that start from surface (Figure 3 a, b and c). The long section (Figure 4) shows a thickened near surface zone starting from surface on the northern
end which gently plunges to the south-east forming two distinct zones. The potential to expand the resource at Lady July Central is considered strong on the basis of mineralized but isolated intersections to north and south ¡ along strike. The Lady Julie N4 (Indicated and Inferred) Resource of 3.3 Mt at 1.93 g/t for 204,900 oz covers 750m x150m in area (Figure 5) and is open down dip and to the east, which augers well for the potential size. The recent drilling results have increased both the quantity and the grade of the resource, and has permitted better definition of the nested, shallow-dipping lode structure. This resource is partly in the Indicated Category (28%) and is being infill drilled with a programme of 13 RC holes for 2,532m with most of these holes aiming to extend the mineralisation at depth (Figures 6 & 6 a and b). The long section (Figure 7) mainly shows a flat plunging thickened mineralised lodes that are shallowing to the north. The potential to expand the resource at LJN4 is considered strong on the basis of mineralized occurrences within the 12km long Chatterbox shear extending southwards from the LJN4 Deposit. A number of anomalous gold areas are being followed up in the current RC drilling programme which started on the 25 January 2022, with the aim of locating further satellite deposits. 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 below. 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. Historical drilling generally used RAB and Air Core (AC) drilling for initial exploration with most follow up and infill work being carried out using RC. Magnetic has used RC for its recent drilling programs at HN9 and Lady Julie. Bulk 1 metre samples were obtained from the drilling, from which composite 4m samples were prepared by spear sampling of the bulk 1m samples. 3kg of the composite sample was pulverized to produce a 50g charge for fire assay for gold. The assay results of the composite samples are used to determine which 1m samples from the rig's cyclone and splitter are selected for fire assay using the same method. One metre RC samples are assayed using a 50g charge and a fire assay method with an AAS finish which is regarded as appropriate. The technique provides an estimate of the total gold content.
Industry standard standards and duplicates are used by the NATA registered laboratory conducting the analyses. Primary data is entered into an in-house database and checked by Magnetic's database manager. The data is subsequently exported to Micromine format files and imported into Micromine 2022 software for further validation, statistical analysis and resource estimation. There are two major mineralisation styles in the Laverton-Leonora deposits: quartz veining and stock working in the porphyries, and shear-hosted quartz veins on porphyry amphibolite contacts. Mineralised domains at HN9, LJC and LJN4 were digitized using mineralized trends. Drill data was flagged inside domain boundaries and composited to 1m intervals. Geostatistical analysis completed to determine top-cut of grades. A Dynamic Anisotropy Modelling methodology was adopted with inverse distance square for estimation.