Magmatic Resources (ASX:MAG) - Executive Chairman, David Richardson
Executive Chairman, David Richardson
Sourced: OnMarket
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  • Gold explorer Magmatic Resources (MAG) has completed its first diamond drill hole at the Lady Ilse gold-copper target in New South Wales
  • Based on this hole, there are indications of a Cadia East-style porphyry system
  • The company’s tenements in the region are comprised of three exploration licences that essentially encircle Alkane Resources’ recent Boda discovery
  • Boda is located 110 kilometres along strike from Cadia East and hosts evidence of extensive gold-copper porphyry
  • While Lady Ilse assays are still pending, visual analysis of core samples shows a range of mineralisation styles associated with gold-copper porphyry
  • Magmatic will conduct follow up drilling to test along strike at Lady Ilse and other priority Lady Ilse district targets
  • Magmatic Resources is up 2.22 per cent with shares trading for 23 cents each

Gold explorer Magmatic Resources (MAG) has completed its first diamond drill hole at the Lady Ilse gold-copper target in New South Wales.

The hole was completed to a depth of 1014.8 metres, and intersected a north-south trending zone of porphyry-style mineralisation. Assays results are due in late May.

Who is Lady Ilse?

The Lady Ilse target is one of six zones of interest at the company’s wholly-owned Wellington North project.

The sites were investigated using MIMDAS – a hardware system designed to collect electromagnetic and induced polarisation data, among others. The geophysical anomalies detected indicate porphyry-style mineralisation possibly similar to Newcrest’s nearby Cadia East project – Australia’s largest gold mine.

A lady in waiting

The company’s tenements in the region are comprised of three exploration licences that essentially encircle Alkane Resources’ recent Boda discovery. The area is around 110 kilometres along strike from East Cadia, and is considered highly prospective for gold-copper porphyry, gold epithermal and lode style gold mineralisation.

Magmatic believes the discovery at Boda, coupled with MIMDAS survey results, highlights the potential for a Cadia East-style gold-copper system.

While assay results are still pending, visual analysis of core samples indicate a range of mineralisation styles associated with gold-copper porphyry. The target zone also remains open in all directions, so Magmatic will conduct follow up drilling to test along strike at Lady Ilse and other priority Lady Ilse district targets.

With any luck the company could be sitting on a gold mine.

Magmatic Resources is up 2.22 per cent with shares trading for 23 cents each at 1:20 pm AEST.

MAG by the numbers
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