Magmatic Resources (ASX:MAG) - Executive Chairman, David Richardson
Executive Chairman, David Richardson
Source: OnMarket
The Market Herald - At The Bell

Join our daily newsletter At The Bell to receive exclusive market insights

  • Magmatic Resources (MAG) has received the maiden diamond drill hole results from the Lady Ilse District Gold-Copper Porphyry Target
  • This hole defined a zone of porphyry mineralisation at the edge of a large anomaly
  • The position of this hole on the edge of the anomaly suggests it has intersected the margin of a large gold-copper system
  • Results grading up to 6.14 grammes per tonne gold and 0.15 per cent copper were returned
  • These results provide Magmatic with increased confidence of a large gold-copper porphyry discovery
  • A 14-hole drilling program will begin next week and focus on testing the anomaly with results expected in early July
  • Magmatic has dropped 29.4 per cent in early trade and shares are selling for 24 cents each

Magmatic Resources (MAG) has received the maiden diamond drill hole results from the Lady Ilse District Gold-Copper Porphyry Target.

The Lady Ilse target is one of six zones of interest at Magmatic’s Wellington North Project in New South Wales.

Hole 20LIDD001 has defined a north-south trending zone of porphyry style mineralisation at the edge of a large 1.8 kilometre by 1 kilometre chargeability anomaly.

The position of this hole on the edge of the anomaly suggests it has intersected the margin of a large gold-copper system.

Results from hole 20LIDD001 include four metres at 1.11g/t gold from 948 metres, and 17 metres at 0.77g/t gold from 0.04 per cent copper from 803 metres including one metre at 6.14g/t gold and 0.15 per cent copper from 819 metres.

These results provide Magmatic with increased confidence of a large gold-copper porphyry discovery.

A 14-hole drilling program will begin next week and focus on testing the anomaly and interpreted core of Lady Ilse.

Results from this program are expected in early July.

“The early diamond hole, beneath limited reverse circulation drilling coverage, has provided evidence for a fertile porphyry system and, together with its position on the edge of a major chargeability anomaly, provides strong evidence that we’re on the margin of a significant gold-copper porphyry system,” Managing Director Peter Duerden said.

“It’s a very exciting time for the Magmatic team as we ramp up our drilling activity next week,” he added.

Magmatic has dropped 29.4 per cent in early trade and shares are selling for 24 cents each at 10:57 am AEST.

MAG by the numbers
More From The Market Herald