Magmatic Resources (ASX: MAG) has announced an encouraging update from the IP geophysical survey at Boda North target area within its Wellington North Project in NSW.
The company reported that the IP geophysics has identified a large anomaly beneath shallow transported cover at the Boda North Target, 5 kilometres along strike from the Boda Discovery within the Boda Porphyry Belt.
MAG said that the anomaly is over 800m x 500m and remains open to the north.
The company said that shallow drilling is planned to assess the feature for the Boda ‘fertile-pyrite’ gold geochemical signature prior to potential deeper drill testing.
Magmatic said that IP surveying will also be utilised in the Boda South target area, being the identified southern continuation of the Boda Porphyry Belt
The company announced that it is expecting the results from the first diamond drill hole at the Lady Ilse Au-Cu porphyry target soon.
Wellington North project
Magmatic’s 100%-owned Wellington North Project covers the northern extension of the Molong Volcanic Belt in NSW. The 177km2 project comprises three exploration licenses (EL6178, EL8357, EL7440) prospective for gold-copper porphyry and orogenic gold mineralisation.
Significant targets within the Wellington North project include Boda North, Lady Ilse prospect, Rose Hill prospect, and the Bodangora target.
The Boda North target area within the Wellington project represents the northern extension of the Boda Porphyry Belt, located 5 kilometres along strike from the Boda Porphyry Discovery. The target at Boda North is considered to be a Boda-style gold copper porphyry-epithermal system.
Near Alkane Resources’ discovery
The recent Boda gold-copper porphyry discovery by Alkane Resources Ltd has highlighted the value of Magmatic’s dominant surrounding tenure position in the northern Molong Belt.
The Boda discovery has highlighted the surface signature of porphyry mineralisation in the area and has significantly upgraded Magmatic’s target portfolio for Boda-style and Cadia East-style gold-copper porphyry mineralisation (Lady Ilse District, Boda North, Boda South, Rose Hill, Ninety, Rockleigh, Mayhurst and Mayhurst East).
The Company announced that it is applying the ‘Cadia East Exploration Model’ and descriptions from Alkane’s nearby Boda porphyry discovery to advance its Wellington North target portfolio with the scale of IP chargeability.
Ongoing exploration, including MIMDAS geophysics has upgraded the Lady Ilse Prospect for Cadia East-style porphyry gold-copper mineralisation and represents a compelling drill ready opportunity.
IP geophysical survey at Boda North
To rapidly assess the area’s potential for Boda-style Au-Cu porphyry mineralisation, MAG said that an Induced Polarisation (IP) geophysical surveying was utilised to identify chargeable features, which were an important exploration criteria during the Boda Porphyry Discovery.
The ground geophysical survey was planned by Magmatic Resources exploration staff in consultation with geophysical contractor, Fender Geophysics. Fender completed the initial processing of the data with 2D and 3D inversions produced by Alterrex Pty Ltd.
Fender Geophysics had conducted the survey utilising a pole-dipole electrode configuration with electrodes spaced at 100m along 400m and 200m spaced lines.
Survey identifies large anomaly
MAG reported that the survey’s results identified a large anomaly at the Boda North gold-copper porphyry target.
The company said that the survey results indicate a strong chargeability feature, beneath shallow transported cover, currently defined over >800m x 500m and open to the north.
The company announced that the exploration activity at Boda North will now seek to assess the prospectively of the anomaly (gold + pathfinder elements) via shallow drilling, prior to potential deeper drill testing.
The Company announced that its northern Molong Belt exploration strategy can be summarized as identifying pyriterich alteration zones (MIMDAS, IP Geophysics), defining a fertile pyrite-porphyry geochemical signature (gold + pathfinder elements in shallow drilling, surface geochemistry), and testing for porphyry mineralisation (RC + diamond drilling).
The company said that the ongoing results from the nearby Lady Ilse District demonstrate the effectiveness of the exploration strategy, where porphyry-style mineralisation and alteration has recently been identified beneath a fertile pyrite zone associated with a large open chargeability anomaly.
Lady Ilse exhibits several similarities with the adjoining Boda discovery. The shallowly drilled supergene gold anomaly at Lady Ilse indicates potential for a large open corridor of up to 10km in extent with significant untested porphyry gold-copper potential at depth.
MAG said that IP surveying will also be utilised in the Boda South target area, being the identified southern continuation of the Boda Porphyry Belt.
The company announced that the results from the first diamond drill hole at the Lady Ilse Au-Cu porphyry target are expected within the next week.