Magmatic Resources intensifies East Lachlan exploration

Proactive - Interviews for investors

Magmatic Resources Ltd (ASX:MAG) managing director Dr Adam McKinnnon joins Proactive’s Jonathan Jackson to provide an update on the company’s exploration activities in the East Lachlan region of New South Wales. Following the Myall Project Farm-in and Joint Venture Agreement with Fortescue, Magmatic has intensified exploration at its Wellington North and Parkes projects. Planned activities for the second half of 2024 include mapping, soil and rock chip sampling, geophysical surveys, and both RC and diamond drilling. At the Wellington North Project, 232 soil samples from the Boda Southwest prospect have shown promising copper-gold anomalies near Alkane Resources’ Boda 4 Prospect. The sampling included up to 0.92 g/t gold, with further sampling planned to confirm potential drill targets. An aircore drilling program at Lady Ilse was completed, comprising 64 holes totalling 598 metres, with assay results expected mid-July. Additionally, approvals for RC drilling at Rose Hill have been received, targeting mineralisation including 71 metres at 0.43% copper, 0.30 g/t gold and 57ppm molybdenum from previous drilling. For the Myall Project, a core and drill chip resampling program involving up to 75 holes is underway to expand geochemical and hyperspectral data coverage. This will aid in the detailed design of an upcoming diamond drilling program, which will consist of six holes, each 400-500 metres deep, in the greater Corvette/Kingwood region. The drilling is expected to be completed by the end of the year. At the Parkes Project, land access and exploration approvals are being completed for multiple gold and copper targets. Planned activities include soil geochemistry and IP geophysical surveys at Black Ridge, diamond drilling at Buryan and RC drilling at McGregors. On-ground activity is expected to commence this month, pending the necessary approvals. #ProactiveInvestors #MagmaticResources #ASX #ExplorationUpdate #MiningNews #EastLachlan #NSWMining #GoldExploration #CopperExploration #WellingtonNorth #MyallProject #ParkesProject #SoilSampling #GeophysicalSurvey #DiamondDrilling #RCPercussionDrilling #MineralExploration #GoldCopperTargets #LandAccess #ExplorationApprovals #DrillingResults #MiningProjects #invest #investing #investment #investor #stockmarket #stocks #stock #stockmarketnews