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- Magmatic Resources (MAG) has intersected bornite-quartz-epidote porphyry veins at its Wellington North Project in New South Wales
- The company found the porphyry veins while diamond drilling at the project’s Rose Hill gold-copper target
- Magmatic Resources is encouraged by these findings, which may suggest the target’s proximity to a porphyry system core
- The company expects to start receiving assay results from its diamond drilling at Rose Hill in late May 2021
- Magmatic Resources is up 11.11 per cent and trading at 15 cents per share
Magmatic Resources (MAG) has intersected bornite-quartz-epidote porphyry veins at its Wellington North Project in New South Wales.
According to the company, the wholly owned Wellington North Project has great potential as a gold and copper target, thanks to its proximity to other successful projects owned by fellow ASX-listed miners.
Wellington North effectively surrounds Alkane Resources’ (ALK) recent Boda porphyry discovery and is located roughly 100 kilometres north of Newcrest Mining’s (NCM) world-class Cadia Valley porphyry gold-copper deposits.
Magmatic Resources has completed a round of diamond drilling at Rose Hill, a gold-copper target within the Wellington North Project. This drilling comprised an initial drillhole for 450.8 metres, which focussed on a major monzonite complex and a western target zone.
Within the western target zone, the company’s drilling intersected multiple bornite-quartz-epidote porphyry veins, associated with potassic-altered volcaniclastics. They were logged from 385 metres to 388.4 metres, as well as from 406 metres to 431 metres.
Zones of chalcopyrite, chalcopyrite-epidote and chalcocite were also logged within the monzonite intrusive complex. The zones were at varying levels of development.
Magmatic Resources has been reassured by these findings, as the favourable intrusive margin setting and potential inner propylitic alteration domain may suggest the Rose Hill target’s proximity to a porphyry system core.
The company expects to start receiving assay results from its diamond drilling at Rose Hill in late May 2021.
Magmatic Resources is up 11.11 per cent, trading at 15 cents per share at 10:56 am AEST.
