Magmatic Resources Grows Lady Ilse Gold Target

THE DRILL SERGEANT: Magmatic Resources (ASX: MAG) informed of the receipt of the remaining three of four lines from a recent MIMDAS geophysical survey undertaken at the Lady Ilse prospect within the company’s 100 per cent-owned Wellington North project in New South Wales.

Magmatic Resources reported that its interpretation of the MIMDAS data indicates the Lady Ilse target has grown substantially in relation to the previous interpretation based on the first line, and remains open to the south.

“The results, in combination with the wide zone of gold and porphyry pathfinder anomalism (tellurium-bismuth-arsenic) associated with upper level pyrite-rich porphyry alteration suggest the potential for the preservation of a Cadia East-style porphyry system at Lady Ilse,” Magmatic Resources said in its ASX announcement.

Magmatic considers the Lady Ilse prospect exhibits the same characteristics as Alkane’s nearby Boda porphyry discovery at the equivalent stage of exploration.

The company believes the much wider zone of upper level pyrite-rich porphyry alteration defined at Lady Ilse represents a larger scale porphyry opportunity than Boda.