Magmatic Resources Ltd (ASX:MAG) remains focused on exploration projects in the East Lachlan Fold Belt in New South Wales – Australia’s premier porphyry address with a regional endowment greater than 66 million ounces of gold and 11 million tonnes of copper.
Magmatic has now revealed high-grade rock chips from the Wellington North Gold and Copper-Gold Project.
The mineralisation is associated with quartz veining in epidote altered volcanics
The Morley prospect yielded 7.7% copper and 113g/t silver, while over at the Rockleigh prospect a sample of 1g/t gold was identified.
Adding interest to the prospectivity of the prospects, no historical drill testing has been undertaken, only limited auger sampling.
Portfolio expansion
Magmatic recently expanded its portfolio into in Western Australia’s Yamarna Belt through strategic tenement acquisitions.
The belt is home to the 6 million gold ounce Gruyere mine which is currently under development.