MAG - Magmatic Resources

[Dona Ferentes]

yep. it's got prospects.

but ramping up what? now down again ..5.8c

an update on exploration activities underway across its three projects in the East Lachlan region of New South Wales. Following the execution of the Myall Project Farm-in and Joint Venture Agreement with Fortescue (ASX MAG 8 March 2024), Magmatic has continued to ramp up activity at a number of high priority targets at its wholly-owned
Wellington North and Parkes Projects. Exploration planned for the second half of 2024 across the three projects will include mapping, soil and rock chip sampling, an induced polarisation geophysical survey and RC and diamond drilling.

Wellington North Project
• Results for 232 soil samples taken at Boda Southwest prospect have been received, highlighting encouraging copper-gold anomalism immediately adjacent to Alkane Resources’ Boda Prospect
• The sampling program at Boda Southwest included up to 0.92g/t gold, with mapping and further rock chip/soil sampling now planned to confirm potential drill targets
• Air core drilling program completed at Lady Ilse, which targeting untested basement rocks immediately north of a 700-metre gold-copper trend previously defined at the prospect
• 64 air core totalling 598 metres holes were drilled, with assay results expected mid-July
• Approvals have now also been received for reverse circulation percussion drilling at Rose Hill, with the program expected to commence next week (subject to rainfall/ground conditions)
• Rose Hill sits on the western margin of the Wellington North Project area and hosts intrusion-related mineralisation including 71m at 0.43% Cu, 0.30g/t Au & 57ppm Mo from previous drilling

Myall Project (Farm-in and JV with Fortescue)
• Core and drill chip resampling program comprising up to 75 holes well underway with a significant number of holes already submitted for reanalysis
• Resampling program will provide expanded coverage of geochemical and hyperspectral data from historic holes drilled prior to 2004 and will assist with detailed design of an upcoming diamond program
• Diamond drilling program will comprise six holes of 400-500 metres depth in the greater Corvette/ Kingwood region, with drilling expected to be completed by the end of the calendar year

Parkes Project
• Land access/exploration approvals currently being completed over multiple gold and copper target areas at Parkes, with on-ground activity expected to commence this month
• Subject to approvals, forward program at Parkes to include soil geochemistry and IP geophysical surveys at Black Ridge (structurally controlled Cu-Au), diamond drilling at Buryan (porphyry Cu-Au) and RC drilling at McGregors
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[Dona Ferentes]

... now down again ..5.8c
.........an update on exploration activities underway across its three projects ...

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has it taken a day or so for market to assess the info ?

 

[Dona Ferentes]

and a retrace to 6.2c .... will this help me in July comp? probably not.

Significant expansion of gold-copper footprint at Lady Ilse
• Assay results now returned for 64-hole air core geochemistry program completed immediately to the north of the Lady Ilse Prospect
• Gold and copper mineralisation in multiple shallow holes highlights the potential for a Boda-style porphyry system at Lady Ilse, including 6m at 0.80g/t Au & 0.15% Cu from 12m in 24WNAC0820
• Latest results nearly double the contiguous, near-surface gold and copper anomalism to over 1,200 metres in length, with the trend completely open to the north
• Magmatic’s technical team are currently modelling the new multi-element data with existing geophysical datasets to develop a follow-up program and evaluate potential follow-up drill sites
• Inclement weather through mid-July has delayed the commencement of the planned Rose Hill RC drilling to the west, with the program still scheduled to commence as soon as ground conditions allow

 

[Dona Ferentes]

and a retrace to 6.2c .... will this help me in July comp? probably not.

now 6.0c - - missed it by one day. why didn't I tip it for August???

Significant expansion of gold-copper footprint at Lady Ilse

and on 01 Aug,

Sampling confirms copper potential over 6km trend at Black Ridge
• Reconnaissance mapping and sampling has recently recommenced over the Black Ridge copper trend on Magmatic’s 100%-owned Parkes Project
• The prospect is located 15 kilometres southeast of the Northparkes Copper Mine and comprises surface copper-gold-silver anomalism in a zone extending over six kilometres parallel to the Parkes Thrust
• The Black Ridge trend includes multiple small-scale historic workings with outcropping copper mineralisation coincident with a large-scale copper-in-soil anomaly defined by portable XRF sampling
• Strong results have been returned from recent rock chip sampling along the trend, including up to 6.5% copper from minor unnamed workings at the southern end of the trend
• The trend is almost entirely untested beyond the surface expression, with previous drilling comprising only three closely spaced RC holes at a single location
• Further work at the prospect will include mapping, soil sampling and rock chip sampling, with a 23 line-kilometre induced polarisation (IP) survey commencing in August to identify priority drill targets
• The Company is well placed to accelerate exploration efforts at Parkes with its Myall Project to the northnow fully funded through the Fortescue JV and $6.34M cash at hand at the end of the last quarter