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Magmatic Resources starts drilling at East Lachlan province copper-gold porphyry target

The company is a NSW focused gold and copper explorer and the current diamond drill hole at Kingswood is designed to test the Northparkes porphyry lookalike target.

Magmatic Resources Ltd - Magmatic Resources starts drilling at East Lachlan province copper-gold porphyry target
Diamond rig set up at Magmatic Resources’ Kingswood target in Central West NSW.

Magmatic Resources Ltd (ASX:MAG) has started drilling at the Kingswood copper-gold porphyry target within its 100%-owned Myall Project in the East Lachlan province of NSW.

The company has mobilised a diamond drill to the Kingswood target where drilling will test the Northparkes porphyry lookalike target.

Myall is northwest of Alkane Resources Limited’s  (ASX:ALK) Tomingley project, which is north of the long-running Northparkes mine.

The current diamond hole at Kingswood is downdip from mineralisation in historic drilling that returned 70 metres at 0.54% copper and 0.15 g/t gold from 141 metres.

Existing mineralisation is associated with strongly developed potassic porphyry alteration and is interpreted to represent the top of a Northparkes E26 style copper-gold porphyry system.

Porphyry opportunity

Leveraging the ongoing encouraging work conducted by Magmatic’s exploration team, recent 3D modelling and comparisons with the Northparkes Porphyry Mining District highlight a priority copper-gold porphyry discovery opportunity at Kingswood.

This target shows the dimensions, alteration, host rocks and intrusive setting consistent with the nearby Northparkes E26 Porphyry Mine of China Molybdenum/Sumitomo.

Magmatic’s 100%-owned Myall Project (EL6913) covers 244 square kilometres of the northern portion of the Junee Narromine Belt, within the East Lachlan.

The area is considered highly prospective for Northparkes style copper-gold porphyry and epithermal gold mineralisation.

Boda South drilling

Magmatic has also scheduled drilling activities for the Boda South target within its Wellington North Project to the east of Myall in early February 2021.

This target is within the Northern Molong Volcanic Belt and near the Boda discovery of Alkane that has attracted strong attention to the belt.

The East Lachlan has an endowment of more than 80 million ounces of gold and 13 million tonnes of copper and is most famous for Newcrest Mining Ltd’s (ASX:NCM) world-class gold-copper porphyry cluster at Cadia Valley.

Quick facts: Magmatic Resources Ltd

Price: 0.155 AUD

ASX:MAG
Market: ASX
Market Cap: $27.19 m
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