- Magmatic Resources (MAG) has announced exploration at its Wellington North Project has highlighted further priority gold‐copper porphyry targets
- These targets were identified along strike from Alkane Resources’ Boda gold‐copper porphyry discovery
- Magmatic considers the close proximity of its targets to Alkane’s prospective Boda discovery to be highly encouraging
- The company has now commenced an IP geophysical survey at Boda North before potential drilling
- Shares in Magmatic are up 1.89 per cent and trading for 27 cents each
Magmatic Resources (MAG) has announced exploration at its Wellington North Project has highlighted further priority gold‐copper porphyry targets.
The gold-copper porphyry targets were identified along strike from Alkane Resources’ Boda gold‐copper porphyry discovery.
Magmatic’s wholly‐owned Wellington North Project includes three exploration licences and covers the northern extension of the Molong Volcanic Belt. This is located roughly 110 kilometres north and along strike from Newcrest’s world‐class Cadia Valley porphyry gold‐copper deposits and surrounding Alkane Resources’ recent Boda Discovery.
Magmatic’s Boda North and Boda South targets are both situated less than five kilometres from the Boda discovery in New South Wales.
Reprocessing and analysis of aeromagnetic datasets show the interpreted northern and southern extensions of the prospective Boda porphyry belt onto Magmatic’s landholding.
Boda North represents the interpreted northern strike continuation of the Boda gold‐ copper porphyry belt, whereas the Boda South target represents the interpreted southern strike continuation of the Boda gold‐copper porphyry belt.
Alkane made the Boda discovery in September 2019 and has since highlighted the value of Magmatic’s surrounding tenure position in the northern Molong Belt.
Magmatic is applying the ‘Cadia East Exploration Model’ and descriptions from Alkane’s Boda porphyry discovery to advance its Wellington North Project.
The company has commenced an induced polarisation (IP) geophysical survey at Boda North before it kickstarts drill testing.
Shares in Magmatic are up a slight 1.89 per cent and are for 27 cents each at 12:35 pm AEST.