Magmatic Resources Ltd (ASX:MAG) is planning new drilling to target a priority gold-copper porphyry target zone at Lady Ilse project in the northern extension of Molong Volcanic Belt within the prolific Lachlan Fold Belt of New South Wales.
Lady Ilse, in Magmatic’s Wellington North Project, is about 110 kilometres north and along strike from Newcrest Mining Limited’s (ASX:NCM) world-class Cadia Valley porphyry gold-copper deposits and surrounding Alkane Resources Limited’s (ASX:ALK) recent Boda porphyry discovery.
The Molong Volcanic Belt has been attracting considerable attention following the Boda gold-copper porphyry discovery.
Ground magnetic surveys
Recent ground magnetic surveys have produced high-resolution imagery aiding interpretation of the Lady Ilse district.
These surveys identified porphyry target zones, outboard from a main intrusive complex, consistent with the setting of mineralisation at major East Lachlan porphyry systems, including the Cadia East and Ridgeway gold-copper porphyry deposits at Cadia Valley.
Recent diamond drilling activity at Lady Ilse includes two holes following an 11-hole reverse circulation (RC) drilling program for 1,815 metres.
The drilling was designed to test the along strike extents of the main Lady Ilse target zone and selected targets off trend.
Results are encouraging for follow-up work including diamond drilling into the newly prioritised porphyry target zone, highlighted by recent magnetic surveying and associated with gold and porphyry pathfinder anomalism.
Gold anomalism encountered during recent exploration includes 67 metres at 0.22 g/t gold and 54 metres at 0.18 g/t gold.
Grades and alteration are consistent with a proximal position to the significant Boda-style gold-copper porphyry system.
Wellington North Project
The Wellington North Project, which is within the northern extension of the Molong Volcanic Belt, comprises three exploration licences that essentially surround the Boda discover.
It covers 177 square kilometres and is highly prospective for gold-copper porphyry, gold epithermal and lode style gold mineralisation.
The Boda discovery by Alkane highlighted the value of Magmatic’s dominant surrounding and has significantly upgraded Magmatic’s target portfolio for Boda-style gold-copper porphyry mineralisation.