Magmatic Resources Ltd (ASX:MAG) has identified a copper trend stretching six kilometres long through early-stage exploration in New South Wales proximal to the Northparkes Copper Mine.
Samples yielding up to 6.5% have been found through rock chip sampling at the Black Ridge trend – a prospect where many small-scale historic workings can be found, in addition to copper outcrops coincident with a significant copper-in-soil anomaly which has been picked up through portable XRF sampling.
Magmatic has returned to the prospect for further work, planning to roll out a 23-kilometre IP (induced polarisation) survey to commence in August, alongside mapping, soil sampling and rock chip sampling – with all of this contributing to the identification of drill targets.
To date, the trend has been almost completely untested beyond the surface, with the exception of three reverse circulation (RC) drill holes in one location. This is particularly exciting, given its setting along the Lachlan Fold Belt, which is prospective for gold and copper, indicated by the presence of the Northparkes mine, which is estimated to hold 2.6 million ounces of gold and 2.3 million tonnes of copper.
Managing Director Dr Adam McKinnon said he was pleased to exploration recommence at the Parkes project – of which the prospect is a part.
“The Black Ridge prospect is one of the many targets at Parkes that has the potential to develop into a major new discovery,” he said.
“Located only 15 kilometres southeast of the Northparkes Mine, in rocks that are clearly fertile, I’m actually a little surprised how under-explored the region has been.”
“Black Ridge combines kilometre-scale copper-in-soil anomalism, fantastic results from recent rock chip sampling and historic workings with outcropping mineralisation: with further work at the prospect to include a major IP geophysical survey, I am excited to see what the area may produce.”
Magmatic has been trading at 6 cents.