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Magmatic Resources Ltd.
Summary
| Project: | Wellington | |
|---|---|---|
| Deposit: | lady Isle | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 11/13/2017 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 13-11-2017: Magmatic Resources Ltd. announces an Exploration/Drilling Update report for its lady Isle deposit at the Wellington project. Drilling results incl. 20m @ 0.66g/t Au, 429ppm Cu from 6m. Magmatic Resources Limited (ASX: MAG) is pleased to announ | |
| Resources: | x | |
| CP/QP: | [Overall Report]: Gordon Barnes (Internal) | |
| ABSTRACT: | Magmatic Resources Limited (ASX: MAG) is pleased to announce very encouraging results from its first aircore drilling program at the 100% owned Lady Ilse porphyry-epithermal copper-gold target. The best result from shallow aircore drilling is 2m at 1.61g/t Au from 24m at end of hole. Encouragingly, the best gold intercepts also have elevated copper. The Lady Ilse porphyry-epithermal target was identified based on integration of exploration data from previous explorers. This aircore drilling program by Magmatic was designed to test a coincident magnetic and gold geochemical anomaly (in soils and limited previous aircore drilling which intersected 3m @ 0.62g/t Au in hole ACWN011; Figure 1). Thirty aircore holes were drilled for 392m over four 200m spaced lines with holes 50m apart. The gold anomaly which has been defined is up to 150m wide and 300m long and is open to the east (Figure 1). Rock types include weathered diorite, trachyandesite, and volcaniclastic rocks. ‘We have identified a gold anomaly up to 150m wide and 300m long that is open to the east and at depth with five of the holes ending in gold mineralisation with elevated copper assays. We are also encouraged by its coincidence with a large magnetic anomaly that measures 700m x 300m and will immediately be following up these exciting results with further RC drilling to extend the anomaly, as well as to test the depth extent of the mineralisation. | |
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