THE BOURSE WHISPERER: Magmatic Resources (ASX: MAG) picked up two highly prospective gold exploration licences, within the proven Yamarna greenstone belt northeast of Laverton in Western Australia.
Magmatic Resources’ Yamarna gold project consists of exploration licence E38/2918 where the company has a binding agreement to acquire Landslide Investments Pty Ltd, the holder of the tenement, and exploration licence application E38/3312.
The total 252 square kilometre Yamarna project area is situated just 15 kilometres northwest of the six million ounce Gruyere gold mine, currently under construction by major gold miner Gold Fields and its Joint Venture partner Gold Road Resources (ASX: GOR), which made the initial Gruyere discovery.
Gold Fields also owns 20 per cent of Magmatic Resources.
“The addition of the Yamarna gold project is in-line with the company’s acquisition and evaluation strategy being applied to its advanced exploration portfolio in New South Wales,” Magmatic Resources managing director David Richardson said in the company’s announcement to the Australian Securities Exchange.
“Both the Yamarna project and separate acquisition of the Mt Venn copper-nickel-cobalt project, just 40 kilometres to the west, are located in proven mineralised districts and are targeting gold and growth commodities.”