Magmatic Resources Ltd (ASX:MAG) has defined strong potential for the discovery of new high-grade gold deposits at the historical 230,000-ounce Bodangora Gold Field in the northern part of the Molong Volcanic Belt in Central West NSW.
This has been confirmed after a 3D evaluation and review, including the compilation of historic sampling data from unmined material at Dick Reward.
Bodangora is within the company’s 100%-owned Wellington North Project to the north of Australia’s largest gold producer at Newcrest Mining Ltd’s Cadia East Mine and in close proximity to Alkane Resources Limited’s Boda gold‐copper discovery.
The evaluation and review identified strong exploration potential at Dicks Reward and Mitchells Creek historic mines, identifying down dip/plunge extension and along strike targets.
Dicks Reward historic mine
3D evaluation at Dicks Reward includes the capture of detailed underground channel geochemical data, which were not previously reported.
The channel sampling data demonstrate the high-grade nature of the Dicks Reward mineralisation, and alongside structural trends evident from high-resolution magnetic imagery along with strike exploration potential towards the northwest.
This mine was mined to only 150 metres depth, remains open in multiple directions and offers down dip and down plunge drill targets.
The drill target at Dick’s Reward was enhanced by newly reported underground channel sampling of remaining material indicating high gold grades including:
- 0.63 metres at 31.3 g/t gold;
- 0.50 metres at 52.8 g/t;
- 0.50 metres at 44.4 g/t; and
- 0.35 metres at 67.8 g/t.
Drilling is being planned to test for extensions to the main zones of previous mining and the recent drilling results from the Lady Ilse target are due in late August 2021.
Wellington North Project
The Bodangora tenement includes the historic Bodangora Gold Field, where high-grade gold mining occurred with recorded production of 230,000 ounces at 26 g/t gold between 1869 and 1917.
Magmatic’s three Wellington North tenements effectively surround the recent Boda gold‐copper discovery by Alkane Resources with the Lady Ilse target about 8 kilometres and Bodangora Gold Field target around 4 kilometres southwest.
The Wellington North target portfolio comprises both Boda‐style gold‐copper and Bodangora‐style high-grade gold targets.
Mining at Mitchell’s Creek
The Mitchell’s Creek Gold Mine, which was mined to only 300 metres depth, remains open in multiple directions and offers down dip and down plunge drill targets.
The review captured and located the historic Mitchells Creek workings enabling detailed 3D evaluation concerning the existing drilling.
So far, very limited drill testing has occurred with down dip/plunge extension and along strike drill targets identified.
The follow-up work undertaken by the company alongside the drilling activity will include a structural‐geological interpretation of the district, utilising available high-resolution magnetic imagery and surface geochemical sampling.