- Magmatic Resources (MAG) starts a diamond drilling program at its Wellington North Project in New South Wales
- Drilling is initially testing the Lady Ilse prospect for gold and copper targets that show similarities to Alkane Resources’ (ALK) Boda discovery
- Drilling will then move to the Rose Hill area to test multiple targets and characterise the geological setting, alteration and mineralisation styles
- This program is expected to wrap up in mid-July
- Company shares were down 3.45 per cent to trade at 14 cents
Magmatic Resources (MAG) has started a diamond drilling program at its Wellington North Project in New South Wales.
The wholly-owned project covers the northern extension of the Molong Volcanic Belt which is located north of Newcrest Mining’s (NCM) Cadia East mine and effectively surrounding Alkane Resources’ (ALK) Boda gold-copper discovery.
As announced earlier this month, the company is testing multiple gold and copper targets at the Lady Ilse and Rose Hill areas. This aligns with Magmatic’s overall exploration strategy to drill test gold and copper targets near Alkane’s Boda discovery.
Drilling has started at Lady Ilse to test northwest-trending high-grade gold and copper targets that show similarities to zones at Boda.
Diamond drilling in this area will include testing beneath a previously drilled hole which returned 13 metres at 0.72g/t gold and 0.36 per cent copper. The company is testing beneath this hole as Alkane recently reported a similar intercept.
Additionally, it will drill test southerly extensions of the broader Lady Ilse mineralised corridor that spans more than one kilometre.
Then, Magmatic Resources will move to the Rose Hill area to test multiple targets and characterise the geological setting, alteration and mineralisation styles.
Diamond drilling is expected to be completed in mid-July.
Company shares were down 3.45 per cent to trade at 14 cents at 2:13 pm AEST.