Hey mate,
Saw the announcement but too excited with the rest of the action + going through this morning's announcement and summarising it too.
Bit of a bizarre deal - as in
bizarre that JOGMEC would agree to it.
They
spent $2.7M out of the $3M required to gain a 51% interest in the Parks project.
Just needed another $300k spend to gain 51%.
The only thing I can think of is change of priorities/direction for/from JOGMEC (announcement does say that their priority is Copper but surely they wouldn't say no to Copper plus Gold?!).
Parks project is looking great per below extracts from today's announcement:
-
20km from China Molybdenum and Sumitomo’s Northparkes Copper-Gold Porphyry Mine- completed an Aeromagnetic Survey at the Parkes East tenement which
identified nine (9) new porphyry targets and
three (3) new orogenic gold targets-
JOGMEC’s priority at the JV was copper targets; and
-
Magmatic was unable to advance two significant gold targets MacGregors and Stockman’s during the JV, and
-
these targets have been significantly re-rated by Alkane’s success to the north along the Parkes Fault Zone
-
results of 135m at 0.29% Cu, 0.17 g/t Au, including 28m at 0.50% Cu. 0.28 g/t Au
- 22 holes have greater than 20m at 0.15% Cu
-
high-grade zone is of similar grade to the China Molybdenum Company Limited “CMOC” / Sumitomo Group “Sumitomo” Northparkes Copper-Gold mine (3.4Mt Cu and 3.8M oz Au)- completed a 930.05m diamond hole at Buryan in May
- Drillhole 19ATDD013
indicates a mineralised porphyry Copper Gold systemover an area of about 1,000m by 500m-
confirms a sizable porphyry Copper Gold system-
mineralisation is open in all directions and at depth- Magmatic plans
further geological analysis to identify the core of the system- Future work will focus on
identifying the core to this porphyry system,
wherehigher grades are expected-
pre-discovery intersection at Ridgeway was 118m at 0.10% Cu (NC371, from 396m) and then the extension of this hole intercepted 102m at 0.40% Cu and 0.13 g/t Au from 610m
- Initial drill logs for Northparkes describe ‘patches and disseminations of bornite and chalcocite’ in an odd fragmental rock’. Follow-up core drilling intersected 203m at 0.66% Cu and 0.77 g/t Au
- Magmatic believe that the
system at Buryan is a fertile porphyry Copper Gold system and
systematic exploration will identify the potassic-altered core associated with a porphyry Copper Gold mineralised system- this structure (Lachlan Transverse Zone)
interpreted to transect Northparkes, Buryan and Copper Hill-
Buryan (see photos) has indicators of being in a mineralised porphyry Copper Gold system- As shown in the cross section, 19ATDD013 appears to have confirmed mineralisation to be vertical which
leaves substantial space for a large porphyry Cu-Au depositParks is probably their 3rd or 4th best project in NSW (out of 4 projects) but
still looks great and better than a lot of the grounds held by juniors and recently pegged by the Majors.
Anyway, anyone flipping around these levels is about as savvy as the ones that flipped around the 4c-5c-6c level.
Will play out nicely and I'm holding mine to watch it play out.
Cheers,
GB.
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