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Magmatic Resources reveals high-grade copper in Australia’s premier porphyry address

Published: 10:12 04 Jun 2018 AEST

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The rock chips extend the company's target base

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.

Magmatic Resources restarts exploration at Wellington North

Magmatic Resources Ltd (ASX:MAG) managing director joins Proactive’s Jonathan Jackson to talk about the restart of exploration at the company’s Wellington North project in Central West NSW, adjacent to significant gold-copper deposits. McKinnon emphasised the project's role in Magmatic’s...

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