Magmatic Resources Limited
Magmatic Resources Limited
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Australian explorer Magmatic Resources has made an impressive start to its drilling campaign on the Corvette prospect at its Myall licence in NSW, delivering the highest-grade, broadest and deepest mineralised interval.
MD Dr Adam McKinnon says the first hole confirmed over 700m of porphyry-associated copper-gold-molybdenum mineralisation and extended Corvette's footprint at least 350m to Each hole drilled to date has returned strong assay results from immediately below the cover sequence.
Australian explorer Magmatic Resources has made an impressive start to its drilling campaign on the Corvette prospect at its Myall licence in NSW, delivering the highest-grade, broadest and deepest mineralised interval. Ross Louthean reports
A series of prospective gold and polymetallic projects in the Lachlan Fold Belt in the central west of NSW are set to be the base for the IPO of Australian Gold and Copper, a wholly owned subsidiary of listed explorer Magmatic Resources.
Magmatic proposes to demerge the two exploration licences comprising its 100%-owned Moorefield project into AGC, joining two highly prospective gold/polymetallic projects being acquired from privateer New South Resources.
A split with former JV partner Japan Oils and Gas Metals National Corporation at its Parkes project has strengthened Australian explorer Magmatic Resources’ renewed focus on the East Lachlan region of central NSW.
MD David Richardson says JOGMEC spent $A2.7M at Parkes under an earn-in agreement signed in March 2017, but its main interest in copper targets left Magmatic unable to advance two significant gold targets.
Increased Australian market interest in the East Lachlan region of NSW after Alkane Resources’ recent significant discoveries at the Boda prospect has prompted a change of strategy by explorer Magmatic Resources.
Four months after outlining plans for the demerger of its four East Lachlan projects, Magmatic says it has listened to feedback from shareholders and chosen to re-focus all its efforts unlocking their potential.
Magmatic Resources is building on its diversification strategy with the acquisition of two gold exploration tenements in the under-explored but highly promising Yamarna greenstone belt in Western Australia.
The company is planning its 2018 field season at Yamarna around the results of previous limited exploration that include shallow RAB and AC drilling.
Magmatic Resources has extended its diversification strategy by acquiring two gold exploration tenements in Western Australia 15km from the 5.88Moz Gruyere gold project being constructed by its 20% shareholder Gold Fields in JV with Gold Road.
New ASX listing MAG has begun exploration on its Parkes copper/gold porphyry project in NSW after reaching agreement with JV partner JOGMEC on the first year, $A1M program. Drilling is due to begin in Oct-Nov.
Japan Oil, Gas and Metals National Corporation, the independent state-owned unit charged with securing stable resource supplies for Japan, is earning up to 51% by funding $3M of exploration over 3 years. The Parkes JV is just JOGMEC's fifth in Australia.