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Magmatic Resources Confirms High-grade Gold Target at Bodangora

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THE DRILL SERGEANT: Magmatic Resources (ASX: MAG) announced results of recent rock chip sampling and mapping carried out at the company’s Bodangora gold target in the East Lachlan province in central New South Wales.

Magmatic Resources recovered 19 samples over the area, from which a best result of 92.8 grams per tonne gold, 74g/t silver, and 1.2 per cent copper was returned from a laminated, chalcopyrite-bearing quartz vein from mine spoil at Dicks Reward mine.

The company said it expected these distinct lode styles to be repeated under shallow cover at Bodangora South.

Magmatic has developed an exploration model which will target these lodes in Ordovician stratigraphy above the faulted Ordovician-Silurian contact.

The recently-gathered rock chips were collected along sub-cropping quartz reefs and from float along the interpreted continuation of the reefs under thin cover.

“This is a fantastic result and shows the high-grade nature of the veins at Bodangora,” Magmatic Resources managing director David Richardson said in the company’s announcement to the Australian Securities Exchange.

“These results confirm our exploration strategy at Wellington North of targeting this area for potential veins under shallow cover.

“If the area was in WA’s Yilgarn and was one to two kilometres along strike from a plus 230,000-ounce historic production centre, the area would have already been hammered with drill holes.

“We are of course very enthusiastic about the 92.8 grams per tonne gold hit in particular, which gives us great confidence for immediate follow up exploration.”

 

Email: info@magmaticresources.com

Website: www.magmaticresources.com

 

Magmatic Resources Completes Mt Venn Acquisition

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THE BOURSE WHISPERER: Magmatic Resources (ASX: MAG) completed the acquisition of the Mt Venn copper-nickel-cobalt project, located east of Laverton In Western Australia from Montezuma Mining Company (ASX: MZM).

Magmatic Resources said the deal provides it with coverage over 60 per cent of the Mt Venn Igneous Complex in a proven mineralised district.

The company said the acquisition of exploration licence E38/2961, constituting the Mt Venn project, provides it with immediate access to a highly prospective geological setting, immediately along strike from the copper-nickel-cobalt discovery made by Great Boulder Resources immediately south of Magmatic’s project.

Magmatic has subsequently acquired and applied for two gold exploration licences constituting the Yamarna gold project, in the Yamarna greenstone only 40 kilometres northeast of the Mt Venn project belt.

The Yamarna greenstone belt hosts the six million ounce Gruyere gold mine currently under construction by joint venture partners Gold Fields and Gold Road Resources (ASX: GOR).

Magmatic’s tenements are only 15km from Gruyere.

“We are very pleased to complete this transaction and believe our Mt Venn copper-nickel-cobalt project represents potential near-term upside for our shareholders,” Magmatic Resources managing director David Richardson said in the company’s announcement to the Australian Securities Exchange.

“We intend to commence fieldwork at the property to build on the previous exploration datasets, as well as reprocessing EM and VTEM data to assist planning for our drilling program.”

 

Email: info@magmaticresources.com

Website: www.magmaticresources.com

 

Magmatic Resources Makes Yamarna Move

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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.”

 

Email: info@magmaticresources.com

Website: www.magmaticresources.com

 

Magmatic Resources Acquires Mt Venn Copper-Nickel-Cobalt Project

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THE BOURSE WHISPERER: Magmatic Resources (ASX: MAG) has entered into a binding agreement with Montezuma Mining Company (ASX: MZM) to acquire a key landholding at the Mt Venn Intrusion, east of Laverton in WA

Magmatic Resources will assume 100 per cent-ownership of E38/2961, an acquisition the company said represents the commencement of a clear and defined strategy to build a portfolio of Australian based assets that complement its East Lachlan tenements, with a focus on gold and base metals.

Magmatic’s Mt Venn project sits immediately along strike from the recent Mt Venn discovery by Great Boulder Resources (ASX: GBR) that yielded wide zones of primary copper-nickel-cobalt sulphide mineralisation.

The company indicated that E38/2961 accounts for over 60 per cent of the Mt Venn Intrusion currently being explored by Great Boulder Resources.

Previous exploration at E38/2961 highlighted numerous copper–nickel–cobalt prospects.

Sampling of Mt Venn gossan outcrop by previous explorers returned best grades of 24 per cent copper, 13.2 per cent copper, 8.3 per cent copper, and 6.7 per cent copper.

Detailed ground EM and heliborne VTEM surveys by previous explorers also identified multiple conductors, some of which remain untested, or with minimal follow-up and sit along seven kilometres of prospective strike.

Magmatic believes that E38/2961 represents a decisive, near-term exploration opportunity where it intends to commence fieldwork to build on the previous exploration datasets.

Magmatic plans to complete initial fieldwork, reprocess EM and VTEM data, and then complete an RC drilling program.

“We are all very excited about the Mt Venn copper – nickel – cobalt project acquisition,” Magmatic Resources managing director David Richardson said in the company’s announcement to the Australian Securities Exchange.

“The project complements our existing portfolio of gold and base metals project in the East Lachlan.

“The opportunity to explore the Mt Venn Intrusion, especially having secured over 60 per cent of the complex, gives Magmatic immediate access to what is considered one of the best areas in Australia to explore for copper, nickel and cobalt.

“The work that Great Boulder Resources have already done on the southern section of the Mt Venn Intrusion has yielded outstanding results that we are keen to add to.”

 

Website: www.magmaticresources.com.au