MINERALISED MAGNETIC TARGET AT ICENI GOLD NORTH 1

Southern Geoscience Consultants are pleased to congratulate Iceni Gold Limited [ASX: ICL] on their recent update from the North 1 target area which was previously identified as a potential target by SGC. Petrophysics has provided confirmation of intersection with a modelled magnetic body at target Recon 1, with sulphides in drilling found to be associated with a magnetic halo forming an alteration shell around intrusive porphyries.

SGC Consultant Geophysicist Yvonne Wallace is managing future geophysical efforts on the tenure.

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Schematic section 6,811,200mN showing the 3D magnetic inversion model intersected by FMDD0042. The DD has downhole geology and corresponding Mag Sus readings to demonstrate the strong magnetic halo that has developed surrounding the central intrusive porphyries. The Mag Sus shows a marked kick up as the DD enters the modelled magnetic body. It is interpreted that the porphyries are the engine that drove the development of the magnetic shell and the associated mineralisation.