MAG - Magmatic Resources

Magmatic Resources Limited is a mineral exploration company specifically formed to purchase four Gold, Copper/Gold porphyry, and base metals exploration projects in East Lachlan, NSW from Gold Fields.

It is anticipated that MAG will list on the ASX during March 2017.

https://magmaticresources.com

MAG has really taken off in the last couple of months. It is re-focusing on its East Lachlan assets and has recently raised $2.2 million via the issue of 27.5 million new fully paid ordinary shares at 8c per share.

They intend to immediately commence planning a high impact drilling programme starting at the Lady Ilse prospect which is adjacent to Alkane Resources recent Boda and Kaiser discoveries.

I haven't read too deeply into the most recent announcements but those who managed to get in on the placement are in the money already with MAG currently trading at 13c.

Will be looking a little deeper into this one.

Bump
Report on drilling due in about 4 weeks.

Hey mate I took a punt on this one today. I saw the uptick in the chart and think it will keep moving in that direction until the results come back. The hard bit will be whether to sell before or after the results are announced.

just posted this on new thread AGC

AGC’s projects are contributed by Magmatic Resources (MAG) and New South Resources (NSR) at a valuation of $10.0 million. There will be an 80% in-specie distribution of AGC shares to MAG and NSR shareholders, with the remaining 20% held by MAG and NSR

Looked up NSR, there is a website which seems to be inactive since 2018 and no ASX listing. Privately held?

MAG has been spinning the wheels for a while. Now in a Trading Halt, with a report it is looking to raise $2-3 million (even though it was "well funded to execute its current exploration programs with $4.268M cash at hand at the end of the September quarter and an additional $0.217M received from the conversion of options subsequent to the end of the quarter")

- Exploration activities during the Sept quarter focused on high impact drilling at the Myall Project near the central-western New South Wales town of Narromine
- A total of 2,900 metres has been drilled to date at the Corvette Prospect at Myall, with planned drilling expanded from the initial 3,000 metre program to 8,000 metres during the quarter

Recent continuing rainfall has likely slowed things down.

Another one in the copper-gold hunt in Lachlan fold belt with its Myall project near Narromine in central NSW.

Raised $3million from sophs at 11c and hoping for a million more in a SPP. But the SP is underwater and has been extended till early in tne new year.

MAG finished off its 2022 drilling program reporting a third successive 400m-plus copper-gold intersection at the Corvette prospect within the broader Myall project area. Grades were typical of the large-scale copper-gold porphyries elsewhere in the region.. More assay results are due late in January.

Trading around 9c for a market cap under $30 million.

Dona Ferentes said:

Raised $3million from sophs at 11c and hoping for a million more in a SPP. But the SP is underwater and has been extended till early in tne new year. ...Trading around 9c for a market cap under $30 million.

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Some true believers out there, it would seem.. MAG "received valid applications for 2,800,000 shares under the SPP, raising a total of $280,000 (before costs)". These were priced at 10c, which was the same as the revised placement price.

. ... has been a bit of buying today, nudging up to 9.6c.

Dona Ferentes said:

Some true believers out there, it would seem... ... has been a bit of buying today, nudging up to 9.6c.

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I love it; this minnow suddenly lifts when a buyer moves in. Some 500k of MAG through and now 10.0c. Coming up, quarterly + some results?

And by EoD, about 4 million went through. MAG got as high as 13c, closed at 12.5c though not much conviction. Up 30% for the day....no speeding tix however.

...And a humble elevation in the Jan competition.

Dona Ferentes said:

MAG got as high as 13c, closed at 12.5c ... Up 30% for the day....no speeding ticket

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Here it is; 6:15pm

1. No. The Company is not aware of any information concerning it that has not been announced, which, if known, could be an explanation for recent trading in the securities of the Company.
2. Not applicable.
3. No, the Company does not have any other explanation for the price change and volume traded in the securities. The Company does note however that:
- On 20 Dec 2022, the Company provided an update on drilling activities at the Myall Project in NSW, with several additional holes drilled and assay results pending at the Corvette Prospect. Assay results for these latest drill holes remain pending, with Company expecting the full results within the next 2-3 weeks.
- On 4 Jan 2023 the Company lodged an Appendix 2A for the recent Share Purchase Plan shares and noted there was potential to place the SPP shortfall. The Company has since received a firm commitment to take up the entire SPP shortfall of $720,000 and is currently waiting for funds to clear, upon which the SPP shortfall shares will be issued.
4. The Company is and remains in compliance with the Listing Rules and, in particular, Listing Rule 3.1.

(expecting the full results within the next 2-3 weeks .... before end Jan, thx)

Commenting on the rapidly expanding footprint at the Corvette Prospect, Magmatic Resources’ Managing Director Dr. Adam McKinnon said:

“What an incredible way to begin 2023, with our first hole for the year intersecting visible sulphide mineralisation over an interval approaching one kilometre in length. Representing our biggest step-out on the Corvette trend to date, what we’ve observed in this hole is a clear indication of the potentially massive scale of the Corvette system.”

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Commenting of the frothy announcement, Dona Ferentes said

"Will the early pop, looking to open at 12c, be sustained, and my tip emerge to gain a place in the Jan competition ?"

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• The Company ended the quarter with $4.695M cash at hand, which included the receipt of $1.000M from the proceeds of a Share Purchase Plan and SPP shortfall placement at the beginning of the quarter
• Porphyry copper deposits provide 60 to 70% of global copper supply and are typically low grade (0.24 –0.75% copper and 0.0 – 0.5g/t gold) and large tonnage, ranging from from 100 million to several billion metric tonnes (Singer et al., 2008).
• Magmatic’s two porphyry projects, Myall and Wellington North, are located near Australia’s two largest porphyry mines, being the Northparkes and Cadia Valley Mines, respectively.

As per the Quarterly, hoping for a fertile porphyry cluster at Myall. Last trade 12.5c

Making MAG stumble again



.... down 30 per cent

Dona Ferentes said:

Some true believers out there, it would seem. ".. under the SPP, raising a total of $280,000 ". ..priced at 10c, which was the same as the revised placement price.
... has been ... nudging up to 9.6c.

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and a year later... not much to show for their efforts .... there's $840k in the kitty but more than that was spent in the last Q.

and

Magmatic Resources shares surged 76 per cent after Fortescue Metals took a 19.9 per cent stake in the New South Wales copper-gold explorer
.... now about 50 per cent up
.


Fortescue to farm-in to the Myall Project and make cornerstone 19.9% investment into Magmatic Resources
- Farm-in and Joint Venture Agreement executed with FMG Resources Pty Ltd at the Myall Project
- Fortescue to spend up to $14M over six years to earn up to 75% joint venture interest in the project
- Magmatic Resources, via its wholly owned subsidiary Modeling Resources Pty Ltd, to be the operator during the initial Farm-in period of up to four years
-Fortescue will also subscribe for 75,946,151 shares in Magmatic Resources to hold a 19.9% stake
- The placement at a price of $0.04884 per share will raise approximately $3.71M and represents a 10% premium to MAG’s 30-day volume-weighted average price at 31 January 2024
- Recent exploration at Myall has concentrated on the Corvette and Kingswood Prospects, with an initial Mineral Resource Estimate of 110Mt at 0.33% CuEq containing 293kt Cu, 237koz Au & 2.8Moz Ag released in July 2023
- MAG considers Myall to have Tier 1 potential and partnering with Fortescue enables significant advancement of both the CKP and other high-potential targets within the project area
- Fortescue’s strategic investment will also allow MAG to further advance its two other projects in parallel with Myall, including Wellington North, which surrounds Alkane’s Resources ~15.7Moz gold-equivalent Boda-Kaiser deposits

Dona Ferentes said:

Magmatic Resources shares surged 76 per cent after Fortescue Metals took a 19.9 per cent stake in the New South Wales copper-gold explorer

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Gold-copper exploration commences at Lady Ilse
• Approvals now received for drilling on the Lady Ilse gold-copper prospect at the Wellington North Project
• Lady Ilse is considered highly prospective for Boda-style mineralisation, with previous drilling intersecting 45m at 0.44g/t Au, 41m at 0.25g/t Au & 0.11% Cu and 13m at 0.72g/t Au & 0.36% Cu
• The program will comprise 70-80 air core drill holes targeting untested basement rocks immediately north of a 700-metre gold-copper trend previously defined at the prospect
• A rig has been secured, site set-up has commenced, and drilling is expected to begin within the coming week
• Air core results will be used to target follow-up RC and/or diamond drilling at Lady Ilse


.
Commenting on the commencement of exploration at Lady Ilse, MD Dr. Adam McKinnon said:
“Having secured full funding for our Myall copper-gold project through a recently announced Farm-in and Joint Venture Agreement with FMG Resources, the Company is committed to using its available funds to ramp up exploration on its other 100%-owned projects. Magmatic has always viewed Wellington North as one of the most prospective areas in the East Lachlan region, with enormous potential for further Boda-scale gold-copper discoveries. I am very much looking forward to seeing the potential of the project area unlocked as systematic exploration efforts continue to increase at multiple prospects throughout the second half of 2024.”

MAG announced a joint venture with Fortescue (ASX: FMG) for the Myall copper-gold prospect in central western NSW.

Myall is in the same area as Alkane’s Kaiser and Boda finds, which are huge, with hundreds of millions of tonnes in mineral resource estimates (MRE) for copper and gold.

The two prospects are also near existing mines at Cowal, Northparkes (both Evolution), Tomingley (Alkane), and Cadia (Newmont/Newcrest).

The region where Myall is located is predominantly a porphyry copper/gold-rich area.

Magmatic’s Myall is smaller at the moment (a couple of hundred million tonnes of MRE) but with prospects for an upgrade with extra drilling, which needs money. Fortescue will contribute $14 million over the next six years to earn a 75% stake.

The two companies have formed a committee to oversee and direct the exploration work of the Myall prospect in a two-phase program for 2024-25, with phase one expected to be completed by the end of this calendar year.

Phase 1 will see up to 75 holes drilled at the Corvette, Kingswood, and Monaro prospects at Myall. Historic core and drill chips will be re-assayed to check work previously done in the area.

Existing geophysical datasets will be reprocessed and integrated with the updated geochemical datasets, and a detailed study of the immediate Corvette/Kingswood area will be undertaken to identify potential areas of higher-grade copper-gold mineralisation.

Phase 2 will involve six diamond drill holes, each 400–500 metres deep, to test multiple prospect areas. Final targets and drill hole designs will be agreed upon following the integration of results from the Phase 1 work.

Fortescue can earn an initial 51% interest in Myall by committing $6 million to exploration over four years and an additional 24% by committing another $8 million over an additional two years.

Fortescue holds a 19.9% stake in Magmatic to protect its partner.

Late last month, Magmatic announced the start of a drilling campaign at the Lady Ilse gold-copper prospect at the company’s Wellington North Project, which is in the same area as the Myall prospects.

"Lady Ilse is considered highly prospective for Boda-style mineralisation (Alkane’s nearby prospect), with previous drilling intersecting 45 metres at 0.44 grams of gold per tonne, 41 metres at 0.25 grams of gold per tonne and 0.11% copper, and 13 metres at 0.72 grams of gold per tonne and 0.36% copper."

The company says it will drill between 70 to 80 air core drill holes north of the previously identified 750-metre gold-copper trend. This campaign is expected to take up to two weeks, after which Magmatic will decide whether to move to reverse circulation or diamond drilling follow-up.

From a week or so ago .... Initial work program approved for newly formed Myall JV with Fortescue
• Exploration Committee formed to direct exploration following the execution of the Myall Farm-in and Joint Venture Agreement between Magmatic and FMG Resources Pty Ltd
• The Committee has agreed to a two-phase work program for Myall for the 2024/2025 Financial Year:
Phase 1:
o Historic core and drill chips re-assay programme to provide expanded coverage of multi-element geochemical and hyperspectral data not previously collected
o Resampling to include up to 75 holes focussed on Corvette/Kingswood in the west and at the Monaro Prospect in the east
o Existing geophysical datasets will be reprocessed and integrated with the updated geochemical datasets
o A detailed study of the immediate Corvette/Kingswood area will also be undertaken to identify potential vectors towards higher-grade copper-gold mineralisation
Phase 2:
o Six diamond holes, each 400-500 metres in depth, in the greater Corvette/Kingswood region in the western portion of the project area
o Diamond holes are expected to test multiple prospect areas, with final targets and drill hole designs to be agreed following the integration of results from the Phase 1 work
• Work on Phase 1 has commenced, with most on-ground exploration activities expected to be completed by the end of the calendar year, subject to access and weather conditions
• Magmatic Resources’ technical team will undertake the program as the operator and will be entitled to a 10% operator’s fee
• The Myall program will occur in parallel with exploration at Magmatic’s other projects, with planned air core drilling commencing last week at the Lady Ilse Prospect on the Wellington North Project


.
Will this be the July tip?

Dona Ferentes said:

Will this be the July tip?

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yep. it's got prospects.