Magmatic Resources Ltd (ASX:MAG) managing director Adam McKinnon sits down with Proactive’s Jonathan Jackson to discuss the results of a 64-hole aircore geochemistry program north of the Lady Ilse Prospect in Central West NSW.
The results indicate significant gold and copper mineralisation, with one hole intersecting 6 metres at 0.80 g/t gold and 0.15% copper from 12 metres. The findings suggest potential for a Boda-style porphyry system at Lady Ilse, nearly doubling the near-surface gold and copper anomaly to more than 1,200 metres in length, with the trend open to the north. The technical team is modelling the new data to develop a follow-up program and evaluate further drill sites.
The aircore program, completed with 64 holes totalling 598 metres, was conducted to test basement geochemistry through shallow cover. Multiple holes showed encouraging gold-copper mineralisation, with several notable results including 17 metres at 0.37 g/t gold and 0.10% copper from 6 metres. These results significantly expand the Lady Ilse system.
The program's progress was hindered by inclement weather in mid-July, delaying the planned RC drilling at Rose Hill. This program, which includes 3-5 RC holes, aims to test the shallow copper-gold potential of the prospect.
Magmatic continues its exploration efforts at Wellington North, including targets at Boda Southwest and Lady Ilse.