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Magmatic Resources (ASX:MAG) - Executive Chairman, David Richardson
Executive Chairman, David Richardson
Sourced: Proactive Investors Australia
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  • Magmatic Resources (MAG) says a diamond drill rig has mobilised to the Lady Ilse District in New South Wales
  • Lady Ilse is part of the Wellington North Project, which covers 177 square kilometres and hosts three exploration licences,
  • All three licenses are prospective for gold-copper porphyry and orogenic gold mineralisation.
  • Magmatic has also been managing the potential impact of COVID-19 and has developed systems and policies to ensure the health and safety of its staff
  • These measures include health screening, increased hygiene practices, restrictions on non-essential travel, and encouraging remote working
  • Company shares are up a strong 18.8 per cent and currently trading for 23.8 cents

Magmatic Resources (MAG) has announced that a diamond drill rig has mobilised to the Lady Ilse District.

The Lady Ilse District is part of the Wellington North Project, which is located along the Molong Volcanic Belt in New South Wales.

The project covers 177 square kilometres and hosts three exploration licences, which are prospective for gold-copper porphyry and orogenic gold mineralisation.

The recent Boda porphyry discovery by Alkane Resources (ALK) has highlighted the value of Magmatic’s surrounding in the northern Molong Belt, in what is emerging as a significant gold porphyry discovery hotspot.

Boda has returned significant intercepts such as 12 metres at 3.28g/t gold and 0.67 per cent copper from 419 metres.

The Lady Ilse gold-copper porphyry targets exhibit the same characteristics as the Boda discovery.

Now that the diamond drill rig has moved to Lady Ilse, an initial core will test a high priority gold-copper porphyry target.

COVID-19

Magmatic has also been proactively managing the potential impact of COVID-19 and has developed systems and policies to ensure the health and safety of its staff.

The company has implemented a range of measures to minimise the risk of infection and rate of transmission.

This includes health screening, increased hygiene practices, restrictions on non-essential travel, and encouraging remote working arrangements where possible.

Magmatic will continue to monitor requirements and act accordingly.

Company shares are up a strong 18.8 per cent today and trading for 23.8 cents apiece at 1:45 pm AEDT.

MAG by the numbers
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