Company
ASX:MAG
Magmatic Resources Ltd (ASX:MAG) is a gold-copper exploration company, focussed on the East Lachlan region in New South Wales. The province is home to Australia's largest gold mine.
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Adam McKinnon led the rapid expansion of Aurelia’s exploration programs and the discovery of the high-grade Federation zinc-lead-gold-copper-silver deposit, a proposed underground mine development.
A program of shallow diamond drilling of around 2,000 metres is designed to test priority high-grade mine extension targets, whilst providing structural information for tracking mineralised lodes.
The company can now focus its activities on its three 100%-owned advanced gold/copper projects in the East Lachlan - the Myall, Wellington North and Parkes projects.
East Lachlan is a world-class gold-copper province that hosts two of Australia’s largest gold-copper mines Magmatic is undertaking high impact drilling in Boda District north of Australia's largest gold producer - Cadia East Mine
3D evaluation and compilation of previous exploration data at the historic gold field in Central West NSW have defined compelling potential for the discovery of new high-grade gold deposits.
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.
Recent ground magnetic surveys have produced high-resolution imagery aiding interpretation of the Lady Ilse district and have identified porphyry target zones.
Magmatic has proposed to demerge its Moorefield Gold Project in the central Lachlan Fold Belt into its wholly-owned subsidiary.
The Wellington North project covers the northern extension of the Molong Volcanic Belt, which hosts Newcrest’s world-class Cadia Valley porphyry gold-copper deposit.
The Mt Venn project covers 60% of the Mt Venn Igneous Complex and is along strike from the recent discovery of the same name by Great Boulder Resources.
The company is exploring for gold in areas along the East Lachlan Fold Belt.
Magmatic has four advanced projects in the East Lachlan.
The company will receive cash and shares upfront plus potential milestone payments.
The first pass drill results confirm the historical gold rock chips.
