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Magmatic Resources Ltd.
Summary
| Project: | Parkes | |
|---|---|---|
| Deposit: | Buryan | |
| Location: | Australia | |
| Commodities: | Gold-Copper | |
| Date: | 1/29/2019 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 29-1-2019: Magmatic Resources Ltd. announces an Exploration/Drilling Update report for its Buryan deposit at the Parkes project. Drilling results incl. 16m @ 0.09g/t Au, 0.11% Cu from 14m. our Parkes JOGMEC JV. The results confirm previous results and min | |
| Resources: | x | |
| CP/QP: | [Overall Report]: Steven Oxenburgh (Internal) | |
| ABSTRACT: | our Parkes JOGMEC JV. The results confirm previous results and mineralisation style and confirm potential for a significant porphyry Copper Gold discovery. Managing Director David Richardson said: “JOGMEC, our joint venture partners, have been very supportive in drilling the Buryan target and on the ground the results have supported our targeting concept. Our geologists have been working closely with JOGMEC to ensure best targets are identified and tested. This latest drill program at the Parkes JV has confirmed previous results and related work has opened up this prospect. Magmatic is very encouraged by these results and has begun planning further drilling programs. This work comes after our recent (ASX: 14/12/2018) purchase of the NSRs for Alectown and all our other East Lachlan projects.” The diamond hole (18ATDD012, 718m) at Buryan (Alectown EL7424) was designed to test an interpreted subtle magnetic high north of previous drilling and returned a best result of 16m at 0.11% Cu, 0.09g/t Au, and included significant alteration consistent with a porphyry mineralised system as shown in photos. Future work will include further drilling with a ~1000m deep diamond hole planned beneath previously intersected mineralisation of 135m at 0.29% Cu, 0.17 g/t Au (RCDAT054, from 254m) including 28m at 0.50% Cu, 0.28 g/t Au (from 289m). | |
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