Magmatic Resources (ASX:MAG)
Source: Magmatic Resources
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Magmatic Resources (MAG) strikes broad zones of gold anomalism at the Lady Ilse target at the Wellington North Project in NSW
  • Recent drilling returned assays including 90 metres at 0.13 grams per tonne (g/t) gold and 0.06 per cent copper from 348 metres, with the mineralised zones remaining open to the northwest
  • The company says its focus will now turn to the prospect’s open northern and north-western extents of the target zone
  • Magmatic Resources was down 14.3 per cent, trading at 12 cents at 1:10 pm AEST

Magmatic Resources (MAG) has hit broad zones of gold anomalism at the Lady Ilse target at the Wellington North Project in NSW.

The wholly-owned project covers the northern extension of the Molong Volcanic Belt.

Recent drilling at Lady Ilse returned broad zones of gold-copper, with recent assays including 90 metres at 0.13 grams per tonne (g/t) gold and 0.06 per cent copper from 348 metres.

The mineralised zones remain open to the northwest, supported by bedrock and regolith anomalism. The company says the porphyry bodies associated with the anomalism are considered encouraging for a large epithermal-porphyry system in the area.

The company says its future drilling activity at the Lady Ilse prospect will focus on the open northern and north-western extents of the target zone.

Meanwhile, Magmatic is continuing to focus on its Wellington North and Myall projects, with drilling progressing at Bodangora Gold Field. Follow up drill permits have also been received for Myall’s Kingswood Corridor, where the company says it will target copper mineralisation.

Magmatic Resources was down 14.3 per cent, trading at 12 cents at 1:10 pm AEST.

MAG by the numbers
More From The Market Herald

" Vanadium Resources (ASX:VR8) increases stake in Steelpoortdrift Project

Vanadium Resources (A:VR8) increased its interest to 73.95 per cent in the Tier 1 Steelpoortdrift Vanadium…
Iceni Gold (ASX:ICL) - Executive Chairman, Brian Rodan (left)

" Iceni Gold (ASX:ICL) identifies seven key high priority target areas at 14 Mile Well

Iceni Gold (ASX:ICL) identifies seven key high priority target areas at its tenement package around the…

" Resolute Mining (ASX:RSG) increases quarterly gold production

Resolute Mining (ASX:RSG) slightly increased gold production over the December 2021 quarter.

" Rumble Resources (ASX:RTR) granted to new tenements at Earaheedy project, WA

Rumble Resources (ASX:RTR) has been granted two new tenements in Wiluna, Western Australia, that extend the…