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Magmatic Resources Grows Lady Ilse Gold Target

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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.

 

Email: info@magmaticresources.com

Web: www.magmaticresources.com

 

Magmatic Resources Identifies 2km Mineralised Gold Trend

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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:

PERC021
10 metres at 1.25 grams per tonne gold from 146m within a broader zone of 19m at 0.8g/t gold;

PERC022
15m at 0.74g/t gold from 108m within a broader zone of 30m at 0.57g/t gold; and

PERC023
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:

PERC013
5m at 0.71g/t gold from surface.

PERC014
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.

 

 

Website: www.magmaticresources.com