Magnetic Resources NL (ASX:MAU) Commences Seabrook Uranium Drilling And Identifies New Uranium Anomalies At Lake Harvey

Perth, Mar 11, 2010 AEST (ABN Newswire) - Magnetic Resources NL (ASX:MAU) continues to advance exploration on several of its uranium projects in the southwest region of Western Australia. The Lake Harvey and Seabrook uranium prospects continue to show promise.

LAKE HARVEY (Magnetic 100%)
First pass soil sampling has been completed over several radiometric anomalies in the central portion of Magnetic's exploration licence using a 400m x 400m offset array. This sampling has identified extensive anomalous areas with a maximum value of 196ppm uranium (233ppm U3O8). The distribution of anomalous soil geochemistry confirms the patterns outlined by the radiometric data.

These anomalous geochemical responses define two zones totalling approximately 4km in length and up to 800m in width. It is not known at this stage if the geochemical anomalism extends at depth under the lake sediments.

Wide spaced shallow historical drilling carried out in the 1970's (to maximum depth of 12m) peripheral to the lake system did not return anomalous results, neither did the one hole which tested the radiometric anomaly in the southwest part of the soil sampling area. However the historical drilling did intersect strongly anomalous results on a small clay pan situated 1km to the north of the soil sampling area, where 2m @ 200pmm uranium was intersected from surface. This clay pan shows a strong radiometric response. Preparation and permitting of scout drilling to follow up these encouraging results is in hand.

SEABROOK (Magnetic 80%, earning up to 100%)

Extensive areas of anomalous uranium in soils and lake sediments have been identified by Magnetic's sampling of radiometric anomalies. The sampling has identified anomalous levels of uranium of up to 50ppm uranium from soil sampling and up to 249ppm uranium in hand auger samples from this lake and the associated palaeochannel system.

A 160-hole, 3,500m aircore drilling programme has commenced with the aim of testing the extent and tenor of uranium mineralisation and particularly its distribution at depth in the lake sediment in the areas of defined uranium anomalism. The drilling will also test the geometry and type of the basement to the lake and palaeodrainage channels in order to verify the mineralisation model being applied to this area.

Contact

George Sakalidis Managing Director Tel: +61-8-9226-1777 Mob: +61-411-640-337 Email: george@magres.com.au Roger Thomson Technical Director Tel: +61-8-9226-1777 Mob: +61-419-969-183 Email roger@magres.com.au