Magnetic Resources NL : Homeward Bound South Shapes up with 20M AT 3G/T from 64M

For personal use only

ASX Release	ASX code: MAU	Level 1
29 November 2021		44A Kings Park Road
		PO Box 1388
		West Perth WA 6872
		Telephone [phone]
		www.magres.com.au
		ABN 34 121 370 232

HOMEWARD BOUND SOUTH SHAPES UP WITH 20M AT 3G/T FROM 64M

Magnetic Resources is pleased to announce that after its RC drilling programme completed for 14 holes for 1780m, a 1km prospective zone has been identified with the best intersection to date at Homeward Bound South of 20m at 2.98g/t from 64m in MHBSRC025.

The prospectivity of this shear zone (called the Federation shear zone) has increased as it is now recognised that the dip of the mineralised zone is close to 90 deg rather than 60 deg to the east and some of the previous drilling did not drill deep enough to intersect this prospective shear. As a result, 11 further holes are planned for 780m to help better define the gold rich prospective shear zone as shown in Figure 1. The shear zone shows up as a distinct aeromagnetic low zone interpreted to result from alteration within the shear zone.

Most of the intersections are within broad strong alteration zones, shown up in the logging of RC chips, that indicate some size potential from drilling. Some of the better intersections include:

MHBSRC025	20m at 2.98g/t from 60m including 8m at 2.53g/t from 64m (4m composite)
MHBSRC007	6m at 4.61g/t from 62m including 1m at 24.22g/t 66m (1m splits)
MHBSRC010	31m at 0.98g/t from 20m including 4m at 2.71g/t from 20m (1m splits)
ABR060	19m at 1.1g/t from 32m ending in mineralisation*
ABR066	25m at 1.3g/t from 12m ending in mineralisation *
ABR041	17m at 0.9g/t from 4m ending in mineralisation *
*Historical drilling

The Homeward Bound South Project is comprised of 7 tenements (13 sq km) shown on Figure

2. It is situated 50km west of the very promising HN9 and Lady Julie projects. A number of M&A situations have occurred within the region. St Barbara, who own the Sons of Gwalia Mine (>7.3Moz) at Leonora, having taken a 19.8% position in Kin Mining in July 2021. Kin Mining have a number of gold projects in the Cardinia area. In addition, Dacian Gold, who own the Jupiter Mine (1.3Moz) merged with NTM in March 2021 with numerous gold deposits north of Mertondale 5 (Figure 2).

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For personal use only

Figure 1 Homeward Bound South showing the wide Federation shear with thick gold RAB and RC intersections and planned RC holes in yellow on an aeromagnetic image.

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use only

Figure 2 Homeward Bound South tenement 50km west of the HN9 and Lady Julie projects and 40km east of Leonora.
personal		TABLE 1 Significant Drilling Intercepts Gold
	HoleId		Drillhole	Easting	Northing	From	To	Width	Gold	Tenement
			Type	MGA	MGA	metres	metres	metres	g/t
For	Magnetic Resources NL RC and RAB drillhole assays
MHBSRC007		RC	380250	6809060	25	68	43	0.98	P39/5455
				including	62	68	6	4.61	P39/5455
				including	66	67	1	24.22	P39/5455
MHBSRC009		RC	380210	6808860	14	23	9	0.76	P39/5455
				including	14	16	2	1.35	P39/5455
MHBSRC010		RC	389210	6808803	20	51	31	0.98	P39/5455
				including	20	24	4	2.71	P39/5455
	MHBSRC011		RC	380120	6808400	40	41	1	0.98	P39/5455
						64	66	2	1.56	P39/5455

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For personal use only

HoleId	Drillhole	Easting	Northing	From	To	Width	Gold	Tenement
	Type	MGA	MGA	metres	metres	metres	g/t
MHBSRC017	RC	380290	6808860	116	121	5	1.05	P39/5455
MHBSRC024	RC	380240	6808860	20	48	20	0.53	P39/5455
			including	20	24	4	1.32	P39/5455
MHBSRC025	RC	380240	6808800	60	80	20	2.98	P39/5455
			including	64	72	8	4.58	P39/5455
MHBSRB042	RAB	380130	6808800	20	24	4	2.53	P39/5455
MHBSRB066	RAB	379960	6808000	12	37	25	1.25	P39/5933
			including	12	24	12	2.21	P39/5033
Historical RC and RAB drillhole assays
HBC43	RC	380194	6808939	14	16	2	1.47	P39/5455
HBC44	RC	380187	6808909	8	9	1	1.19	P39/5455
				13	14	1	1.91	P39/5455
				18	20	2	1.37	P39/5455
HBC45	RC	380177	6808860	17	18	1	3.33	P39/5455
				19	20	1	1.33	P39/5455
ABR41	RAB	379937	6809758	4	21	17	0.86	P39/5455
ABR59	RAB	379887	6809558	3	5	2	1.61	P39/5455
				9	10	1	2.03	P39/5455
ABR60	RAB	379987	6809558	32	51	19	1.1	P39/5455
			including	32	33	1	10.51	P39/5455
			including	35	37	2	1.27	P39/5455
ABR67	RAB	379937	6809358	13	18	5	4.58	P39/5455
			including	13	14	1	11.4	P39/5455
			including	15	16	1	10.56	P39/5455
ABR112	RAB	379887	6809908	5	7	2	2.52	P39/5934
				17	18	1	1.41	P39/5934
				19	20	1	1.62	P39/5934
				25	26	1	1	P39/5934

Managing Director George Sakalidis commented: "Homeward Bound South shows excellent upside with the recent reinterpretation of the dip of the gold mineralised Federation shear and the strong intersection of 20m at 3g/t from 64m in MHBSRC025 within a 1km prospective zone. Also, this Project is strategically located and is 40km east of Leonora and 60km west of HN9 at Laverton and is in an area where there has been some recent M&A activity."

TABLE 2 Homeward Bound South RAB and RC drilling.

HoleID	Hole	Easting	Northing	RL	Depth	Azimuth	Dip	Tenement
	Type	MGAz51	MGAz51		Metres	Mag	Degrees
MHBSRB001	RAB	379800	6810070	423.28	22	270	-60	P39/5934
MHBSRB002	RAB	379840	6810070	422.63	25	270	-60	P39/5934
MHBSRB003	RAB	379880	6810070	421.98	20	270	-60	P39/5934

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	HoleID	Hole	Easting	Northing	RL	Depth	Azimuth	Dip	Tenement
		Type	MGAz51	MGAz51		Metres	Mag	Degrees
	MHBSRB004	RAB	379920	6810070	421.3	31	270	-60	P39/5934
	MHBSRB005	RAB	379860	6809910	420.86	16	270	-60	P39/5934
	MHBSRB006	RAB	379762	6809760	420.26	11	270	-60	P39/5934
only	MHBSRB007	RAB	379962	6809760	420.2	35	270	-60	P39/5934
MHBSRB008	RAB	380047	6809759	420.52	32	270	-60	P39/5934
MHBSRB009	RAB	379285	6809660	419.1	31	270	-60	P39/5934
	MHBSRB010	RAB	379320	6809660	419.37	36	270	-60	P39/5934
	MHBSRB011	RAB	379355	6809660	419.66	25	270	-60	P39/5934
	MHBSRB012	RAB	379390	6809660	420	44	270	-60	P39/5934
	MHBSRB013	RAB	379425	6809660	420.44	38	270	-60	P39/5934
	MHBSRB014	RAB	379460	6809660	420.97	45	270	-60	P39/5934
use	MHBSRB015	RAB	379495	6809660	421.46	44	270	-60	P39/5934
MHBSRB018	RAB	379600	6809660	421.47	28	270	-60	P39/5934
	MHBSRB019	RAB	379962	6809360	419.23	25	270	-60	P39/5455
	MHBSRB020	RAB	380300	6809200	419.6	40	270	-60	P39/5455
	MHBSRB021	RAB	380330	6809200	419.67	45	270	-60	P39/5455
	MHBSRB022	RAB	380360	6809200	419.72	45	270	-60	P39/5455
	MHBSRB023	RAB	380390	6809200	419.78	45	270	-60	P39/5455
personal	MHBSRB024	RAB	380420	6809200	419.85	44	270	-60	P39/5455
MHBSRB025	RAB	380450	6809200	419.93	20	270	-60	P39/5455
	MHBSRB026	RAB	380480	6809200	420.03	25	270	-60	P39/5455
	MHBSRB027	RAB	380510	6809200	420.13	21	270	-60	P39/5455
	MHBSRB028	RAB	380540	6809200	420.22	20	270	-60	P39/5455
	MHBSRB029	RAB	380570	6809200	420.31	16	270	-60	P39/5455
	MHBSRB030	RAB	380600	6809200	420.42	16	270	-60	P39/5455
	MHBSRB031	RAB	379960	6809190	419.19	19	270	-60	P39/5455
	MHBSRB032	RAB	380000	6809190	419.23	28	270	-60	P39/5455
	MHBSRB033	RAB	380040	6809190	419.21	20	270	-60	P39/5455
	MHBSRB034	RAB	380080	6809190	419.15	45	270	-60	P39/5455
	MHBSRB035	RAB	379700	6808800	425.54	40	270	-60	P39/5455
	MHBSRB037	RAB	379760	6808800	426.06	60	270	-60	P39/5455
	MHBSRB038	RAB	379790	6808800	426.09	60	270	-60	P39/5455
	MHBSRB039	RAB	379820	6808800	425.94	36	270	-60	P39/5455
For	MHBSRB040	RAB	379850	6808800	425.64	60	270	-60	P39/5455
MHBSRB041	RAB	380100	6808800	422.43	48	270	-60	P39/5455
	MHBSRB042	RAB	380130	6808800	422.38	53	270	-60	P39/5455
	MHBSRB043	RAB	380160	6808800	422.38	35	270	-60	P39/5455
	MHBSRB044	RAB	380190	6808800	422.4	16	270	-60	P39/5455
	MHBSRB045	RAB	380220	6808800	422.43	13	270	-60	P39/5455
	MHBSRB046	RAB	380250	6808800	422.45	31	270	-60	P39/5455
	MHBSRB047	RAB	380280	6808800	422.47	40	270	-60	P39/5455
	MHBSRB048	RAB	380310	6808800	422.47	19	270	-60	P39/5455
	MHBSRB049	RAB	380340	6808800	422.4	22	270	-60	P39/5455

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