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Magmatic Resources Ltd.
Summary
| Project: | Moorefield | |
|---|---|---|
| Deposit: | Carlisle Reefs | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 7/4/2017 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 4-7-2017: Magmatic Resources Ltd. announces an Exploration/Drilling Update report for its Carlisle Reefs deposit at the Moorefield project. Drilling results incl. 30m @ 1.79g/t Au from 80m. Magmatic Resources Limited (ASX: MAG) is pleased to announce dril | |
| Resources: | x | |
| CP/QP: | [Overall Report]: Gordon Barnes (Internal) | |
| ABSTRACT: | Magmatic Resources Limited (ASX: MAG) is pleased to announce drill results from the first drill program at the Carlisle Reefs gold prospect within its 100% owned Moorefield project in central NSW. Carlisle Reefs is an historic goldfield dating from the 1930’s which contains nearly 100 historic gold workings over an 800m x 800m area, including shafts, adits and drives (Figure 1) and had never been drilled. The holes tested beneath surface and underground workings where significant rock chips including >1000g/t Au have previously indicated the presence of high-grade gold1 . A total of 15 RC drill holes (2,222m) were completed (Figure 1 & Table 2). The holes tested beneath historic workings where rock chips have previously indicated the presence of high grade gold, and were coincident with surface geochemical anomalies and interpreted favourable structural positions. The holes successfully tested the targeted areas and intersected gold-bearing horizons with internal high-grade shoots (Table 1) that are hosted by a strongly sheared and folded metasedimentary rock package. The mineralisation occurs as quartz-sulphide veins and disseminated sulphide (arsenopyrite and pyrite) in the host sequence. The gold mineralisation at Carlisle Reefs is interpreted as an orogenic gold system and the mineralisation extends from near surface to 100m vertical and remains open down dip and along strike. The favourable structural positions are thought to be zones of dilation and fracturing in fold structures. Further drilling is required to clarify the geometry of the mineralised zones. Follow-up drilling is a priority and a drill rig will be mobilised to site as soon as possible. The recent drilling was part funded by a NSW government New Frontiers Drill Grant. In addition to follow up drilling at Carlisle Reefs, Magmatic has 6 other separate exploration programs planned in the next 12 months across its 4 projects. | |
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