We report on the loading and trapping of ultracold atoms in a one dimensional permanent magnetic lattice of period 10 micron produced on an atom chip. The grooved structure which generates the magnetic lattice potential is fabricated on a silicon substrate and coated with a perpendicularly magnetized multilayered TbGdFeCo/Cr film of effective thickness 960 nm. Ultracold atoms are evaporatively cooled in a Z-wire magnetic trap and then adiabatically transferred to the magnetic lattice potential by applying an appropriate bias field. Under our experimental conditions trap frequencies of up to 90 kHz in the magnetic lattice are measured and the atoms are trapped at a distance of less than 5 micron from the surface with a measured lifetime of about 450 ms. These results are important in the context of studies of quantum coherence of neutral atoms in periodic magnetic potentials on an atom chip.