This paper explores the possibility of creating a cylindrical electromagnetic cloaking scheme using resonant magnetic dipole excitation. Split-ring resonators are arranged around the cylindrical metal target to generate strong subwavelength resonant magnetic dipole moments to cancel far-field scattered power from the target. We used the multipole scattering theory to identify the actual reason behind scattering cancellation. The scattering from resonant circulating magnetic dipoles interferes destructively with that from the non-resonant electric dipole moments of the target resulting in a significant reduction in the Scattering Cross Section. The results are verified using full-wave simulation software and subsequently validated with backscattering measurements inside an anechoic chamber.