Magmatic Resources Defines Large Porphyry Target at Lady Ilse

THE DRILL SERGEANT: Magmatic Resources (ASX: MAG) has completed an advanced MIMDAS geophysical survey at the Lady Ilse prospect, located within the company’s 100 per cent-owned Wellington North project in Western Australia.

Magmatic Resources explained the geophysical survey was designed to assess for a potential porphyry system of similar style to Newcrest’s Cadia East project, located 100 kilometres to the south and Alkane’s Boda porphyry discovery six kilometres east.

The MIMDAS geophysics survey confirmed a large porphyry drill target downdip from the gold and porphyry pathfinder geochemical anomaly at Lady Ilse.

The company has interpreted the wide gold anomaly previously defined by shallow RC drilling to lie on the western edge of a much larger chargeability feature overlying a conductive porphyry target.

Magmatic believes the results highlight similarities between Lady Ilse and the nearby Boda discovery.

The company considers the results to have refined the location of upcoming diamond drilling and aided planning for anticipated further drilling.

“We are delighted with the MIMDAS results which are potentially defining a larger porphyry system than originally identified and greatly aids the positioning of our upcoming diamond drill program, and beyond.” Magmatic Resources managing director David Richardson said in the company’s announcement to the Australian Securities Exchange.