THE DRILL SERGEANT: Magmatic Resources (ASX: MAG) announced results of recent rock chip sampling and mapping carried out at the company’s Bodangora gold target in the East Lachlan province in central New South Wales.
Magmatic Resources recovered 19 samples over the area, from which a best result of 92.8 grams per tonne gold, 74g/t silver, and 1.2 per cent copper was returned from a laminated, chalcopyrite-bearing quartz vein from mine spoil at Dicks Reward mine.
The company said it expected these distinct lode styles to be repeated under shallow cover at Bodangora South.
Magmatic has developed an exploration model which will target these lodes in Ordovician stratigraphy above the faulted Ordovician-Silurian contact.
The recently-gathered rock chips were collected along sub-cropping quartz reefs and from float along the interpreted continuation of the reefs under thin cover.
“This is a fantastic result and shows the high-grade nature of the veins at Bodangora,” Magmatic Resources managing director David Richardson said in the company’s announcement to the Australian Securities Exchange.
“These results confirm our exploration strategy at Wellington North of targeting this area for potential veins under shallow cover.
“If the area was in WA’s Yilgarn and was one to two kilometres along strike from a plus 230,000-ounce historic production centre, the area would have already been hammered with drill holes.
“We are of course very enthusiastic about the 92.8 grams per tonne gold hit in particular, which gives us great confidence for immediate follow up exploration.”