Magmatic Resources (ASX:MAG) - CEO, David Richardson
CEO, David Richardson
Source: Magmatic Resources
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  • Magmatic Resources (MAG) is down nearly 35 per cent despite announcing it would be starting drilling at the Wellington North Project in NSW
  • Diamond drilling will begin next week to test multiple gold-copper targets at the Lady Isle and Rose Hill areas
  • Drilling at the Lady Isle District will test high-grade gold-copper targets that show similar geometry to zones at Alkane’s (ALK) nearby Boda Discovery
  • The focus will then move to Rose Hill to test multiple targets and characterise the geological setting, alteration and mineralisation styles
  • Shares in Magmatic are still down 34.8 per cent and are trading at 15 cents at 11:37 am AEST

Magmatic Resources (MAG) was down nearly 35 per cent today despite announcing it would be starting drilling at the Wellington North Project in NSW.

The 177-square-kilometre project consists of three exploration licences and is highly prospective for gold-copper porphyry, gold epithermal and lode-style gold mineralisation.

Diamond drilling will begin next week to test multiple gold-copper targets at the Lady Isle District and Rose Hill areas.

Lady Isle District

Drilling at the Lady Isle District will test high-grade gold-copper targets that show similar geometry to zones at Alkane’s (ALK) nearby Boda Discovery.

Magmatic will test beneath gold-copper anomalism where a result of 13 metres at 0.72g/t gold and 0.35 per cent copper from 184 metres.

The anomalism at Lady Isle remains open to the south and a northeast diamond hole will test the northwest-trending target zone and southerly extensions.

Rose Hill

Rose Hill hosts encouraging intersections of a gold-copper-molybdenum porphyry system centred around historic copper workings.

Recent diamond drilling was planned to test multiple targets and characterise the geological setting, alteration and mineralisation styles.

This work intersected up to 1.94 per cent copper, 0.29g/t gold and 1130 parts per million (ppm) molybdenum.

Shares in Magmatic were still down 34.8 per cent and trading at 15 cents at 11:37 am AEST.

MAG by the numbers
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