The company has signed a tribute agreement with Brian Roberts.
As per the agreement, a 500 tonne sample can be dozed and metal detected at any one time with the approval from Magnetic.
Further tonnes up to 4000 tonnes have already been requested by the prospector for dozing and detecting after this initial success.
Magnetic will receive 15% of the gross sale value of all minerals including gold extracted, mined, produced or won from the tenement.
Brian Roberts will be responsible for the rehabilitation of the land.
Further soil sampling will be carried out to encompass this gold nugget area prior to any deeper rotary air blast or reverse circulation drilling.
This complements the tribute agreement Magnetic has signed with a local pastoralist at the Mertondale area where the company is currently laterite sampling a 3.3 square kilometre area.
Magnetic’s Mt Jumbo and Hawks Nest tenements are located just 10 kilometres and 20 kilometres north of the famed Wallaby deposit (> 7.1 million gold ounces mined + resource).