Magmatic Resources Identifies 2km Mineralised Gold Trend

THE DRILL SERGEANT: Magmatic Resources (ASX: MAG) informed the market of completion of RC drilling at the MacGregors and MacGregors South targets at the company’s Parkes Joint Venture project in New South Wales.

Magmatic Resources said the drilling identified a two-kilometre mineralised gold trend at higher grades than previous exploration.

Three deep RC holes were undertaken at MacGregors to test mineralisation intersected in previous Gold Fields drilling, returning best intersections of:

10 metres at 1.25 grams per tonne gold from 146m within a broader zone of 19m at 0.8g/t gold;

15m at 0.74g/t gold from 108m within a broader zone of 30m at 0.57g/t gold; and

4m at 1.29g/t gold from 136m.

At MacGregors South 20 RC holes targeted an elongate NNE-trending arsenic and gold anomaly identified by previous auger drilling and a recent hand-portable pXRF program.

Magmatic explained the anomaly to be adjacent to a magnetic high zone within Forbes Group metasediments (slates and lithic sandstone) which it has interpreted to be a regional scale fault: the Parkes Fault Zone.

Best results included:

5m at 0.71g/t gold from surface.

2m at 1.47g/t gold from 30m.

“These results follow our successful drilling at the Lady Ilse 10 kilometre copper-gold trend and Boxdale-Carlisle Reefs 15 kilometre gold trend,” Magmatic Resources managing director David Richardson said in the company’s announcement to the Australian Securities Exchange.

“These results give Magmatic three significant gold projects, with follow up work programs planned for the next quarter.”

The Parkes JV is a Joint Venture with the Japanese government resource agency Japan Oil, Gas and Metals National Corporation (JOGMEC).

JOGMEC has agreed to expand its first-year exploration expenditure from $1 million to $1.35 million.

This enabled completion of the MacGregors – MacGregors South drill program and a diamond drilling program at Alectown, the assays for which are on their way.