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- Magmatic Resources (MAG) has begun diamond drilling at the Rose Hill Gold-Copper Target in New South Wales
- Rose Hill is considered an advanced discovery opportunity as it lies adjacent to a significant drill intercept which returned up to 0.30g/t gold and 0.42 per cent copper
- This intercept is similar to the resource grade seen at Newcrest Mining’s (NCM) Cadia East Mine
- Additionally, previous work at Rose Hill also identified a priority target which is supported by gold-copper anomalism and favourable geology
- This drilling program will test beneath existing drill intercepts as well as the priority target
- Magmatic is up 6.52 per cent on the market and shares are trading at 12.3 cents
Magmatic Resources (MAG) has begun diamond drilling at the Rose Hill Gold-Copper Target.
Rose Hill is part of Magmatic’s 100-per-cent-owned Wellington North Project which covers the northern extension of the Molong Volcanic belt in NSW.
The 177 square kilometre project consists of three exploration licences and is highly prospective for gold-copper porphyry, gold epithermal and lode-style gold mineralisation.
Rose Hill is considered an advanced discovery opportunity as it lies adjacent to a significant drill intercept of 71 metres at 0.30g/t gold, 0.42 per cent copper and 57 parts per million molybdenum.
This intercept is similar to the resource grade seen at Newcrest Mining’s (NCM) Cadia East Mine.
Additionally, previous work at Rose Hill also identified a priority target to the west of historical drilling.
This target is supported by gold–copper anomalism and favourable geology.
This drilling program will test beneath existing drill intercepts as well as the priority target.
Magmatic is up 6.52 per cent on the market and shares are trading at 12.3 cents at 1:06 pm AEDT.
