Fortescue has pumped more money into its decade-long search for copper and gold in NSW by taking a 19.9 per cent stake in ASX-listed minnow Magmatic Resources. Pre-revenue Magmatic has been drilling for copper, gold and silver near Narromine, a geological district made famous by big copper and gold mines such as Newmont’s Cadia and Evolution Mining’s Northparkes operation. Fortescue has been trying to find the extension of Cadia’s rich gold and copper geology for the best part of a decade, after previously helping to fund exploration in the district through a privately held explorer called Gold and Copper Resources Pty Ltd.
HGO Price at posting:
6.0¢ Sentiment: Hold Disclosure: Held
