Magmatic Resources Ltd (ASX:MAG) has identified a coherent northeast-southwest striking zone of anomalous gold, interpreted from explorational geochemical air core drilling over the Bodangora Goldfields within the Wellington North Project in New South Wales.
No modern exploration has been done over this area, which is situated between the historic Mitchells Creek and Dick’s Reward workings and remains open to the south.
A ground magnetic survey completed over the broader Bodangora region confirmed a strong linear structure coincident with the identified aircore gold zone.
Mitchells Creek extensional exploration
Magmatic also undertook diamond drilling at Mitchells Creek Mine, searching for extensional mineralisation from the old mine workings. Results of note include:
➢ 0.57 metres at 14.3g/t gold, 22g/t silver and 1.1% copper;
➢ 0.40 metres at 4.3g/t gold and 2g/t silver; and
➢ 0.65 metres at 1.5g/t gold, 6g/t silver and 0.2% copper
The company believes theses results confirm the Mitchells Creek mineralised structure continues into the central portion of the mine, which historically produced some 190,000 ounces of gold at an estimated 26 g/t.
Magmatic will begin the next stage of diamond drilling at the Dick’s Reward historic mine soon, but is still awaiting assays from aircore drilling to the north and west of the Dick’s Reward workings.
About Magmatic Resources
Magmatic Resources is a New South Wales-focused gold and copper explorer that listed on the ASX in May 2017. In 2014, it acquired an advanced gold-copper target portfolio in the East Lachlan section of Lachlan Fold Belt from Gold Fields Ltd.
The East Lachlan has an endowment of more than 80 million ounces of gold and 13 million tonnes of copper, including the gold-copper porphyry cluster at Cadia Valley District, where Cadia East Mine represents Australia’s largest gold mine and one of the world’s most profitable gold producers.
Magmatic’s three Wellington North tenements effectively surround the recent Boda gold-copper discovery by Alkane Resources Ltd while the company also holds a strategic position in the Parkes Fault Zone, with its Myall and Parkes projects, immediately north and south of Alkane’s Tomingley Gold Operations.