The necessary approvals are in and Magmatic Resources Ltd (ASX:MAG) is on the brink of drilling at the Lady Ilse gold-copper prospect, part of its 100%-owned Wellington North Project in Central West NSW.
The project, which is on the northern extension of the Molong Volcanic Belt, is strategically positioned north of Newmont's Cadia, Australia's largest gold producer, and adjacent to Alkane Resources' Boda-Kaiser porphyry gold-copper discovery.
Lady Ilse is considered highly prospective for Boda-style mineralisation.
Promising results bode well
Previous drilling has returned promising results, including intersections of 45 metres at 0.44 g/t gold, 41 metres at 0.25 g/t gold and 0.11% copper and 13 metres at 0.72 g/t gold and 0.36% copper.
The new drilling program will consist of 70 to 80 aircore drill holes targeting untested basement rocks immediately north of a 700-metre gold-copper trend previously identified at the prospect.
A rig has been secured and site setup has commenced, with drilling expected to begin within the coming week.
The aircore results will guide potential follow-up reverse circulation (RC) or diamond drilling at Lady Ilse.
Adjacent to Boda-Kaiser
Magmatic’s Wellington North Project covers a considerable area adjacent to the Boda and Kaiser deposits, which are among the most important recent gold-copper discoveries in eastern Australia, hosting 14.7 million gold-equivalent ounces.
Drilling at multiple locations within Wellington North has intersected encouraging Boda-style porphyry mineralisation, notably at Lady Ilse, which lies some six kilometres west of Boda.
The upcoming drilling will test the basement for extensions to the gold-copper system and cross several untested intrusive features identified through magnetics data.
This program is expected to take one to two weeks, weather permitting.
Magmatic has also completed a close-spaced soil geochemistry program at the Boda Southwest Prospect, within one kilometre of Alkane Resources’ Boda 4 prospect area.
Around 200 samples have been collected, with analyses for gold and other porphyry pathfinder elements pending.
Final approvals for Rose Hill
Magmatic also anticipates final approvals for RC drilling at the Rose Hill prospect, where a program of three to five RC holes is planned to test shallow copper-gold potential.
Rose Hill, on the western margin of the Wellington North Project area, hosts significant intrusion-related mineralisation, including 71 metres at 0.43% copper, 0.30 g/t gold and 57 parts per million (ppm) molybdenum from surface.
Magmatic Resources managing director Dr Adam McKinnon said: “Having secured full funding for our Myall Copper-Gold Project through a recently announced farm-in and joint venture agreement with FMG Resources, the company is committed to using its available funds to ramp up exploration on its other 100%-owned projects.
“Magmatic has always viewed Wellington North as one of the most prospective areas in the East Lachlan region, with enormous potential for further Boda-scale gold-copper discoveries.
“I am very much looking forward to seeing the potential of the project area unlocked as systematic exploration efforts continue to increase at multiple prospects throughout the second half of 2024.”