- Magmatic Resources (MAG) confirms mineralisation extensions and a new zone at its Wellington North project in New South Wales
- Diamond drilling at the Mitchells Creek mine has returned gold mineralisation of variable tenor, with follow-up work planned to test extensions in the central area
- Aircore drilling has also been completed and, while assays are pending, results so far have defined a new 1000m by 250m anomalous gold zone
- A ground magnetic survey was also completed over the broader Bodangora region and has shown a strong linear structure coincident with the new gold zone
- Company shares were trading 11.3 per cent lower at 8.6 cents
Magmatic Resources (MAG) has confirmed mineralisation extensions and a new zone at its Wellington North project in the Bodangora Goldfield of New South Wales.
The latest results come from the final assays from the company’s initial eight hole diamond drilling program at the Mitchells Creek mine.
This work tested extensions to the high grade gold mineralisation historically produced at the mine, with new significant mineralisation intercepted including, 0.57 metres at 14.3 grams per tonne (g/t) gold, 22 g/t silver and 1.1 per cent copper from 265.6 metres downhole.
In six of the eight holes completed, the company notes gold mineralisation of variable tenor, with the central portion of the deposit appearing to be most prospective for direct extensions of the mineralisation.
The northernmost diamond drill hole returned 4.3 g/t which the company said also highlights the potential for the mineralisation to continue along strike.
The mineralised intercepts were also reportedly variably elevated in silver, copper and tellurium, which MAG believes indicates a potential distal relationship with Alkane Resources (ASX:ALK) nearby Boda porphyry discovery.
The next stage of diamond drilling is set to commence shortly at the Dick’s Reward workings to the west of the project area.
Magmatic is in the process of putting together a plan for further follow-up drilling to test both extensions to known mineralisation and/or potential high grade repeats, which is being informed by recently collected geochemistry, geophysics and drilling data.
The company also completed a 279 hole aircore drill geochemical sampling program, undertaken to assess the prospectivity of the broader Bodangora region which has not been subject to significant modern exploration.
While a large amount of the assays are pending, results received so far have reportedly defined a new 1000 metre by 250 metre northeast-southwest trending anomalous gold zone between and to the south of the historic Mitchells Creek and Dick’s Reward workings.
Magmatic also completed an ultra-detailed ground magnetic survey in the region which has shown strong linear structures corresponding to the newly identified anomalous gold trend.
It considers this significant, as both the geochemical and geophysical features are discordant with the known historic workings and previous geological interpretations, representing a strong target for additional mineralisation.
These are preliminary results and the survey data is currently being assessed by a geophysical consultant.
Company shares were trading 11.3 per cent lower at 8.6 cents at 11:17am AEDT.