Magmatic Resources Ltd (ASX:MAG) is keeping busy with exploration at three projects in the East Lachlan region within the prolific Lachlan Fold Belt of New South Wales.
Following the execution of the Myall Project Farm-in and Joint Venture Agreement with Fortescue (ASX:FMG), the company continues to ramp up activity at a number of high-priority targets at its wholly-owned Wellington North and Parkes projects.
Heading into the second half of the year, Magmatic has planned mapping, soil and rock chip sampling, an induced polarisation geophysical survey, and RC and diamond drilling across the three projects.
Wellington North
At the Wellington North Project, results have been received for 232 soil samples taken at the Boda Southwest prospect. These highlight encouraging copper-gold anomalism immediately adjacent to Alkane Resources’ Boda 4 Prospect.
The sampling program at Boda Southwest included up to 0.92 g/t gold, with mapping and further rock chip/soil sampling now planned to confirm potential drill targets
An aircore drilling program was completed at the Lady Ilse prospect, targeting untested basement rocks immediately north of a 700-metre gold-copper trend previously defined. A total of 64 aircore holes, for 598 metres of drilling, were completed with assay results expected in mid-July
The company has also received approvals for reverse circulation (RC) percussion drilling at Rose Hill. That program is expected to commence next week.
Rose Hill is on the western margin of the Wellington North Project area and hosts intrusion-related mineralisation including 71 metres at 0.43% copper, 0.30 g/t gold and 57ppm molybdenum from previous drilling.
Myall Project
At the Myall Project, a farm-in and joint venture with Fortescue, a core and drill chip resampling program is well underway. This program comprises up to 75 holes with a significant number already submitted for reanalysis.
The resampling program will provide expanded coverage of geochemical and hyperspectral data from historic holes drilled before 2004 and will assist with detailed design of an upcoming diamond program.
A diamond drilling program will comprise six holes of 400-500 metres depth in the greater Corvette/Kingwood region. Magmatic expects to complete drilling here by the end of the calendar year.
Parkes Project
At Parkes, land access/exploration approvals are being completed over multiple gold and copper target areas. On-ground activity is expected to commence later this month.
Subject to approvals, the forward program at Parkes will include soil geochemistry and IP geophysical surveys at Black Ridge (structurally controlled copper-gold), diamond drilling at Buryan (porphyry copper-gold) and RC drilling at McGregors (orogenic gold).
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