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Magmatic Resources provides exploration update

Published by
Global Mining Review,


Magmatic Resources (MAG) has provided an update on exploration activity at its 100% owned Wellington North Project, located north of Australia’s largest gold producer at Cadia East and effectively surrounding Alkane’s recent Boda gold-copper discovery.

Highlights

  • 3D evaluation and compilation of previous exploration data at historic Bodangora Gold Field has defined compelling potential for discovery of new high grade gold deposits.
  • High grade gold mining occurred at the Bodangora Gold Field with recorded production of 230 000 oz at 26 g/t gold (Au) between 1869 – 1917.
  • The Mitchell’s Creek Gold Mine (190 000 oz production) which extended over 1 km strike length and was mined to only 300 m depth, remains open in multiple directions and offers down dip and down plunge drill targets.
  • The Dick’s Reward Gold Mine (40 000 oz production) was mined to only 150 m depth, remains open in multiple directions and offers down dip and down plunge drill targets.
  • Dicks Reward drill targets enhanced by newly reported underground channel sampling of remaining (unmined) material indicating high gold grades including:
    • 0.63 m at 31.3 g/t Au (Dicks Reward).
    • 0.50m at 52.8 g/t Au (Dicks Reward).
    • 0.50 m at 44.4 g/t Au (Dicks Reward).
    • 0.35 m at 67.8 g/t Au (Dicks Reward).
  • Drill programme being planned to test for extensions to the main zones of previous mining.
  • Recent drilling results from Lady Ilse target due in late August 2021.

Read the article online at: https://www.globalminingreview.com/exploration-development/20082021/magmatic-resources-provides-exploration-update/

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Australian mining news Gold mining news