Magmatic Resources Ltd ( ASX:MAG ) Magmatic Resources to restart...

Magmatic Resources Ltd
(
ASX:MAG
)
Magmatic Resources to restart gold-copper exploration at Wellington North

Last updated: 19:30 18 Mar 2024 EDT, First published: 19:27 18 Mar 2024 EDT

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Magmatic Resources Ltd (ASX:MAG) is going to be back on the ground shortly at the wholly-owned Wellington North project in Central West NSW, immediately adjacent to some large and growing porphyry gold-copper deposits.

The Wellington North Project includes the historical Bodangora Gold Field, where 230,000 ounces at around 26 g/t gold were produced between 1869 and 1917.

https://cdn.*.com/CKEditor/2024/78/wellington%20north.PNG


Prolific neighbours

Wellington North covers the northern extension of the Molong Volcanic Belt, north of Australia’s largest gold producer at Cadia (Newmont) and immediately adjacent to Alkane Resources’ 15.7-million-ounce gold-equivalent Boda-Kaiser porphyry gold-copper deposits.

Magmatic has identified three key target areas for immediate follow-up - Boda Southwest, Lady Ilse North and Rose Hill - each with confirmed nearby porphyry gold-copper mineralisation but limited drilling history.

Boda Southwest is noted for its continuation of the magnetic high associated with Alkane’s Boda mineral resource, suggesting a rich potential for further discoveries.

Lady Ilse North and Rose Hill are also slated for exploration, with Rose Hill already demonstrating significant mineralisation.

Previous drilling at Rose Hill has uncovered results including 71 metres at 0.43% copper, 0.30 g/t gold and 57 parts per million (ppm) molybdenum from surface.

Over at Lady Ilse North, past drilling has yielded intervals including 41 metres at 0.25 g/t gold and 0.11% copper, 44 metres at 0.44 g/t gold and 13 metres at 0.72 g/t gold and 0.36% copper.

The thorough exploration strategy will include soil geochemistry, aircore drilling and reverse circulation percussion drilling.
Preparations for landholder and regulatory approvals are underway, with field activities expected to commence soon, particularly at Boda Southwest.

This renewed exploration effort at Wellington North coincides with ongoing work at the Myall Project, supported by a recent agreement with FMG Resources, marking a strategic advancement in Magmatic's exploration endeavours.

Similar geological setting

Managing director Adam McKinnon said: “We are very excited to be getting back on the ground at our Wellington North project.

“Exploration has been limited at the project over the last couple of years with the company’s focus squarely on the Corvette and Kingswood discoveries at Myall.

“During that time our neighbour Alkane Resources has significantly advanced their Boda-Kaiser discoveries, adding millions of gold-equivalent ounces to its resources base.

“Our first target area will be Boda Southwest, a sparsely tested area just over two kilometres from Alkane’s Boda mineral resource, to be followed by work at Lady Ilse North and at Rose Hill.

“Given the similar geological setting, exceptionally close proximity and the dozens of prospective targets identified, we believe the Wellington North Project has enormous potential to deliver further Boda-scale discoveries.”