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Magmatic Resources Ltd.
Summary
| Project: | Wellington | |
|---|---|---|
| Deposit: | Lady Isle | |
| Location: | Australia | |
| Commodities: | Copper-Gold | |
| Date: | 6/3/2020 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resource Definition | |
| Report details: | 3-6-2020: Magmatic Resources Ltd. announces an Exploration/Drilling Update report for its Lady Isle deposit at the Wellington project. Drilling results incl. 50m @ 0.27g/t Au from 691m. Magmatic Resources (‘MAG’ or ‘The Company’) is pleased to announce th | |
| Resources: | x | |
| CP/QP: | [Overall Report]: Peter Duerden (Internal) | |
| ABSTRACT: | Magmatic Resources (‘MAG’ or ‘The Company’) is pleased to announce the results of the maiden diamond drillhole and the resumption of drilling activity at the Lady Ilse District Gold‐Copper Porphyry Target. The drill holes position on the edge of a large chargeability anomaly, along with results similar to the first diamond hole at the nearby Boda Porphyry Discovery (see ASX ALK 15 August 2017), suggest a distal position and a robust southerly vector towards the interpreted core of a major porphyry system (Figure 1). The drillhole (20LIDD001) defined a vertical, north‐south trending zone of porphyry‐style mineralisation, beneath a fertile pyrite zone and at the edge of a large chargeability anomaly (Figure 1,2). The results provide the Company with increased confidence of a large gold‐copper porphyry discovery opportunity at Lady Ilse with an accelerated 14‐hole drill program commencing next week, focused on testing the chargeability anomaly and interpreted core of the Lady Ilse porphyry system (Figure 1). This drilling activity will utilise a high capacity multipurpose RC + diamond drill rig, capable of rapid deep RC drilling with the flexibility of diamond core tails. Initial results are expected in early July | |
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