Magmatic Resources Completes Mt Venn Acquisition

THE BOURSE WHISPERER: Magmatic Resources (ASX: MAG) completed the acquisition of the Mt Venn copper-nickel-cobalt project, located east of Laverton In Western Australia from Montezuma Mining Company (ASX: MZM).

Magmatic Resources said the deal provides it with coverage over 60 per cent of the Mt Venn Igneous Complex in a proven mineralised district.

The company said the acquisition of exploration licence E38/2961, constituting the Mt Venn project, provides it with immediate access to a highly prospective geological setting, immediately along strike from the copper-nickel-cobalt discovery made by Great Boulder Resources immediately south of Magmatic’s project.

Magmatic has subsequently acquired and applied for two gold exploration licences constituting the Yamarna gold project, in the Yamarna greenstone only 40 kilometres northeast of the Mt Venn project belt.

The Yamarna greenstone belt hosts the six million ounce Gruyere gold mine currently under construction by joint venture partners Gold Fields and Gold Road Resources (ASX: GOR).

Magmatic’s tenements are only 15km from Gruyere.

“We are very pleased to complete this transaction and believe our Mt Venn copper-nickel-cobalt project represents potential near-term upside for our shareholders,” Magmatic Resources managing director David Richardson said in the company’s announcement to the Australian Securities Exchange.

“We intend to commence fieldwork at the property to build on the previous exploration datasets, as well as reprocessing EM and VTEM data to assist planning for our drilling program.”