- Magmatic Resources (MAG) has commenced drilling at the Lady Ilse gold-copper porphyry target within the Wellington North Project in New South Wales
- Wellington North is situated north of the Molong Volcanic Belt — along strike Newcrest’s Cadia Valley deposits and Alkane Resources’ recent Boda discovery
- The 14-hole reverse circulation and diamond drilling program is testing zones of strong chargeability, conductivity anomalism and the interpreted core of Lady Ilse
- Earlier this month, Magmatic upgraded the prospectivity of the nearby Boda North target for Boda-style gold-copper porphyry mineralisation
- Once this drilling is complete, an immediate four-hole drilling program will begin at Boda North
- Magmatic is up eight per cent and shares are trading for 27 cents each
Magmatic Resources (MAG) has commenced drilling at the Lady Ilse gold-copper porphyry target within the Wellington North Project.
The Wellington North Project covers the northern extension of the Molong Volcanic Belt, located 110 kilometres north and along strike from Newcrest’s world-class Cadia Valley porphyry gold-copper deposits and surrounding Alkane Resources’ recent Boda porphyry discovery.
The 14-hole reverse circulation (RC) and diamond drilling program is testing zones of strong chargeability, conductivity anomalism and the interpreted core of the Lady Ilse porphyry system.
A recent maiden diamond drill hole at Lady Ilse defined a vertical, north-south trending zone of porphyry-style mineralisation, beneath a fertile pyrite zone and at the edge of a large chargeability anomaly.
The same hole also returned results grading up to 6.14 grams per tonne gold and 0.15 per cent copper.
This drill hole’s position on the edge of a large chargeability anomaly, along with results similar to the first diamond drill hole at the Boda porphyry discovery, suggest an interpreted core of a major porphyry system.
On June 1, the company upgraded the prospectivity of the nearby Boda North target for Boda-style gold-copper porphyry mineralisation.
The geophysical results, along with reprocessed historical IP data, defined a large zone of strong IP chargeability and conductivity anomalism, approximately 5 kilometres along strike from Boda.
Once maiden drilling at Lady Ilse is completed, Magmatic will immediately follow-up with a four-hole RC drilling program at Boda North.
This will test strong chargeability, conductivity anomalism in the northern extents of the Boda Porphyry Belt, along strike from Alkane’s Boda discovery.
Magmatic is up eight per cent and shares are trading for 27 cents each at 12:27 pm AEST.