Magmatic Resources Ltd (ASX:MAG) has reported a boost to the copper gold footprint of its Lady Ilse prospect in New South Wales, based on a recent drilling program to the north, which showed potential for a Boda-style porphyry system there.
The 64-hole air core drilling work picked up gold and copper in numerous shallow holes, yielding intercepts such as 17 metres at 0.37 grams per tonne gold and 0.10% copper from 6 metres to end of hole, including 6 metres at 0.80 grams per tonne gold & 0.15% copper from 12 metres.
The latter result held particular significance, as they represented the best copper and second-best gold interval returned from nearly 150 air core holes drilled in the Lady Ilse region.
These figures almost double the contiguous, close to surface gold and copper anomalism at the prospect to more than 1,200 metres in length, and the trend is completely open to the north.
Inspired by this new information, Magmatic’s technical team is now modelling the multi-element data with existing geophysical datasets, which will guide the company to develop a follow-up program and evaluate potential follow-up drill sites.
Also at its Wellington North project, Magmatic reported it had delayed a planned reverse circulation drilling program at Rose Hill to the west, due to inclement weather.
Magmatic has been trading at 6.2 cents.