The BX048CS is magnetized through the 1/2" direction. In other words, the north and south poles are located on the long, 1" x 1/4" faces.
Unlike most of our Countersunk Magnets, the holes are not
parallel to the magnetization direction. The hole is, "through the side." The north and south poles of this magnet are not on the faces with the holes.
Update 8/3/2021: There is a "dimple" on the north pole of the magnet.