Magmatic Resources Ltd (ASX:MAG) has confirmed high-grade gold mineralisation in drilling at its Wellington North gold and copper project.
The reverse circulation (RC) and aircore drilling program complemented previous results and identified a new area of near-surface mineralisation.
Assay results from the program included 2 metres at 5.3 g/t gold from 14 metres and 2 metres at 2.7 g/t from 21 metres.
The new area of mineralisation was identified under cover at the Bodangora South prospect, intersecting 3 metres at 1.3 g/t from 18 metres.
Magmatic managing director David Richardson said the company was very encouraged by the results and intended them follow them up.
He said: “We are pleased with our strategy of focusing on advancing our near-surface gold targets, which continue to illustrate the potential of our projects in the East Lachlan region.”
The drilling program consisted of 12 holes for 484 metres and was designed to test continuity and grade of the mineralisation identified in previous drilling.
Along with the high-grade assays, the drilling confirmed the mineralisation is continuous at the Dicks Reward prospect.
Magmatic will now focus on mapping and sampling of the surface veins, including further targeted drilling.
READ: Magmatic Resources reveleas high-grade copper in Australia’s premier porphyry address
The Wellington North project is 12 kilometres north of Wellington in NSW and contains the historical Bodangora gold mines.
These two high-grade operations were mined in the early 1900s with 230,000 ounces of total gold production grading at 26 g/t.
Wellington North is in the northern part of the Molong Volcanic Belt, which also hosts the Cadia Valley porphyry copper-gold deposit owned by Newcrest Mining Ltd (ASX:NCM), the Cowal mine owned by Evolution Mining Ltd (ASX:EVO) and the Northparkes mine majority owned by China Molybdenum.