Magmatic Resources (ASX:MAG) sees strong potential at Lady Ilse

• Explorer, Magmatic Resources (MAG) has received the remaining three of four lines from a MIMDAS geophysical survey at the Lady Ilse Prospect
• It believes the results suggest the potential for preservation of a Cadia East-style porphyry system at Lady Ilse
• The prospect shows the same characteristics as Alkanes Boda porphyry discovery, at the equivalent stage of exploration
• Magmatic Resources is down 1.32 per cent on the market today, trading at 37.5 cents per share

Explorer, Magmatic Resources (MAG) has received the remaining three of four lines from a MIMDAS geophysical survey at the Lady Ilse Prospect.

The Lady Ilse Prospect is located with the Wellington North Project along the Molong Volcanic Belt in New South Wales.

The survey’s data indicates that the Lady Ilse target has grown significantly relative to the previous first-line and remains open to the south.

MIMDAS (MIM Distributed Acquisition System) is an advanced electrical geophysical technique which collects multiple geophysical datasets.

Electrical geophysics (chargeability) is an excellent method for detecting upper-level porphyry pyriterich ‘phyllic’ alteration zones.

Magmatic Resources is a New South Wales gold and copper explorer.

It believes the results suggest the potential for preservation of a Cadia East-style porphyry system at Lady Ilse.

The prospect shows the same characteristics as Alkanes Boda porphyry discovery, at the equivalent stage of exploration.

“MAG considers the significantly wider zone of upper-level pyrite-rich porphyry alteration defined at Lady Ilse to represent a larger scale porphyry opportunity than Boda,” the company told the market.

Magmatic Resources is down 1.32 per cent on the market today, trading at 37.5 cents per share at 12:52 pm AEST.