@valvesound
i'll certainly be lying in the ditch after celebrating this annoucement
MAG
7 FEBRUARY 2020
LADY ILSE GOLD-COPPER PORPHYRY
TARGET GROWS SIGNIFICANTLY
• Last three of four MIMDAS lines received and interpreted
• Very large porphyry drill target positioned downdip from the gold and porphyry
pathfinder geochemical anomaly defined in shallow drilling
Magmatic Resources (‘MAG’ or ‘The Company’
is pleased to advise that it has received the remaining
three of four lines from a MIMDAS geophysical survey at the Lady Ilse Prospect within the Wellington
North Project (100% MAG).
The interpretation of the MIMDAS data indicates that the Lady Ilse target has grown significantly
relative to the previous interpretation based on the first line (ASX MAG 29 January 2020), and remains
open to the south (Figure 1).
The results, in combination with the wide zone of gold and porphyry pathfinder anomalism (Te-Bi-As)
associated with upper level pyrite-rich porphyry alteration suggest the potential for the preservation
of a Cadia East-style porphyry system at Lady Ilse.
The Lady Ilse Prospect exhibits the same characteristics as Alkane’s Boda porphyry discovery at the
equivalent stage of exploration (ALK ASX 15 August 2017, ALK ASX 9 September 2019), including a
wide zone of gold and porphyry pathfinder geochemical anomalism associated with upper level pyriterich
porphyry alteration and a setting at the western margin of an intrusive complex.
MAG considers the significantly wider zone of upper level pyrite-rich porphyry alteration defined at
Lady Ilse (Figure 1) to represent a larger scale porphyry opportunity than Boda (Figure 1 & 3).
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