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Magmatic Resources (ASX:MAG) - CEO, David Richardson - The Market Herald
CEO, David Richardson
Source: Magmatic Resources
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  • Magmatic Resources (MAG) has begun an aircore and hammer drilling program at its fully-owned Wellington North Project in NSW
  • Drilling will be undertaken across the Boda South, Rockleigh and Lady Isle target areas to test anomalies and outline targets for follow-up drilling programs
  • Diamond drilling has also been planned at the Rose Hill target to test beneath existing intercepts and extend the mineralisation west
  • Work is scheduled to begin in mid-March, the same time aircore and hammer drilling is expected to wrap up
  • Magmatic has ended the day 6.9 per cent in the green with shares trading at 15.5 cents

Magmatic Resources (MAG) has begun an aircore and hammer drilling program at its fully-owned Wellington North Project.

Wellington North covers the northern extension of the Molong Volcanic belt in New South Wales.

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.

Aircore and hammer drilling will be undertaken across the Boda South, Rockleigh and Lady Ilse target areas.

Boda South

The Boda South target lies roughly four kilometres along strike from Alkane Resources' (ALK) Boda discovery.

Additionally, the target covers the southern portion of Boda gold-copper porphyry belt and the historical Bodangora Gold Mining District.

Magmatic's drilling program will test areas of rock chip gold anomalies.

Rockleigh

Rockleigh shows encouraging indicators of a large gold-copper porphyry system, characterised by a gold augur soil anomaly.

Drilling will test areas of rock chip gold anomalism.

Lady Isle

Previous drilling at Lady Isle has revealed best mineralisation lies on the southern boundary of a major monzonite intrusive complex.

This complex is characterised by gold and porphyry anomalism where up to 0.44g/t gold has been identified.

Magmatic's upcoming drilling program will test areas to better define anomalous mineralisation and help in follow-up drilling activities.

Rose Hill

Magmatic has also planned diamond drilling at the Rose Hill target to test beneath existing intercepts and extend the mineralisation west.

Rose Hill is characterised by existing gold, copper and molybdenum mineralisation intercepts with a previous result of 71 metres at 0.3g/t gold, 0.42 per cent copper and 57 parts per million molybdenum returned.

Work is scheduled to begin in mid-March — the same time aircore and hammer drilling is expected to wrap up.

Magmatic has ended the day 6.9 per cent in the green with shares trading at 15.5 cents in a $25.43 million market cap.

MAG by the numbers
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