- Phase three drilling totalling 6,745m underway
- AC rig is on site with RC rig due to commence before quarter end.
- 5,000m of AC drilling to test extension of gold anomalies and down-dip of mineralisation
- Advanced Wheel of Fortune prospect to be tested by RC drilling
Magmatic Resources (ASX:MAG) is spinning the bit again with a significant AC and RC drilling program underway at the Weebo gold project in the Eastern Goldfields region of WA.
Listen to the HotCopper podcast for in-depth discussions and insights on all the biggest headlines from throughout the week. On Spotify, Apple, and more
The phase three campaign will total 6,745m or aircore (AC) and reverse circulation (RC) drilling.
MD, David Richardson, said this phase of the program will feature 1,745m of RC drilling, focusing on a range of targets after phases one and two indicated gold prospectivity in a number of locations.
“We’re advancing a pipeline of exploration prospects at our Weebo project in an under-explored terrain adjacent to multi-million ounce gold mines,” Mr Richardson said.
“As we advance early-stage targets with AC drilling, we have over the past 12 months defined several shallow supergene gold bodies over significant strike lengths.
“These results are sufficiently encouraging for us to explore with RC drilling for their controlling structures immediately below in bedrock.
“The exploration results to date show all the hallmarks that our Weebo Project could host a significant gold discovery.”
Amongst the areas to be tested by RC drilling is Ockerburry 3, a 600m long NE striking, drill defined and geology modelled supergene gold body.
A 200m RC drill hole is designed to test under supergene gold mineralisation, coincident with anomalous arsenic and lead, for high-grade cross structures hosting mineralised shoots.
Two RC drill holes for 440m will test bedrock mineralisation below a prominent 1,000m long supergene anomaly.
Drilling will also examine Scone Stone, an 800m long NE striking drill defined and geology modelled supergene gold mineralised body.
Two RC drill holes for 400m are designed as step outs laterally and at depth to test the Scone Stone quartz-feldspar porphyry hosted mineralisation.
Otto 2 is situated in a graben structure with about 90m of Permian glacial cover. Historic explorers targeted an aeromagnetic anomaly under the cover.
Magmatic has also designed two RC drill holes for 405m to confirm historic drilling and determine the dip of the structure hosting the above significant intercept at Otto 2, an early-stage exploration target. Ongoing step out drilling will be guided by results from these drill holes.
Other early-stage prospects to be examined are Westgold, Wheel of Fortune 1 and Wheel of Fortune 4.
MAG is steady at 2.9¢. Mkt cap $14.56M.
Join the discussion: See what HotCopper users are saying about Magmatic Resources and be part of the conversations that move the markets.
The material provided in this article is for information only and should not be treated as investment advice. Viewers are encouraged to conduct their own research and consult with a certified financial advisor before making any investment decisions. For full disclaimer information, please click here.