- Magmatic Resources (MAG) shares are trading in the green after wrapping up exploration activities at its Wellington North Project in New South Wales
- MAG says the project hosts “compelling potential for discovery of new high-grade deposits” at the Dicks Reward and Mitchell’s Creek Gold Mine
- Magmatic completed historic data reviews and a 3D evaluation of the area, which it says has given way to along strike targets
- Magmatic Resources shares are up 8.7 per cent to trade at 12.5 cents
Magmatic Resources (MAG) shares are trading in the green after wrapping up exploration activities at its wholly owned Wellington North Project in New South Wales.
The company believes the project bears “compelling potential for discovery of new high-grade deposits” after completing a 3D evaluation and a review of historic data from the area.
Magmatic reviewed areas of historic gold production at the Bodangora Gold Field, which included a compilation of historic underground channel sampling data from unmined material at Dicks Reward.
The company established that high-grade gold mining occurred at the Bodangora Gold Field and recorded production of 230,000 ounces at 26 grams of gold per tonne (g/t) between 1869 and 1917.
It also reported the Mitchell’s Creek Gold Mine, which extended over one-kilometre strike length, was mined to 300-metre depths.
The Mitchell’s Creek and Dicks Reward reviews have given way to a series of down-dip and plunge extension and along strike targets which Magmatic said it planned to drill test, but had not yet set a timeframe.
Magmatic Resources shares were up 8.7 per cent at 1:07 pm AEST to trade at 12.5 cents.