Iceni Gold (ICL) has acquired petrophysics for one of its recently completed diamond drill holes at the North 1 target area, within its 14 Mile Well project in WA.

The FMDD0042 hole, which was the longest of three diamond drill holes at North 1, was selected for petrophysics to confirm if drilling intersected the magnetic body and what was the geological cause of the modelled anomaly.

Based on petrophysical measurements taken down-hole, the company determined that the diamond drilling successfully intersected the modelled magnetic body at the Recon 1 target.

It came after Iceni recorded a strong magnetic response at a depth of 120 metres, which was attributed to elevated concentrations of the alteration minerals pyrrhotite and magnetite.

The company said these minerals were associated with chlorite and carbonate alteration, which is known to form the magnetic shell around the Wallaby deposit.

All of the core from the diamond drill program has been sampled and dispatched for assaying.

Results are expected in the fourth quarter.

Shares were trading 0.52 per cent lower at 9.5 cents each at 3:04 pm AEST.