- 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.