Magmatic project NSW

Magmatic Resources intercepts ‘high-grade’ gold mineralisation at Dicks Reward, NSW

Magmatic Resources (ASX:MAG) reports positive results from its recent drilling works including intersecting ‘strong, shallow’ gold mineralisation on the north-western side of the Dicks Reward historic workings.

The company has been undertaking ongoing New South Wales exploration works at its 100% owned Wellington North Project, located immediately adjacent to Alkane Resources’ (ASX:ALK) 10.1Moz Boda discovery, and at the Myall Project, north of the Northparkes Cu-Au Mining District (CMOC/Sumitomo).

Magmatic is particularly encouraged by the results in hole 22BNDD023 (1.7m at 12.9g/t Au), which indicates that ‘high-grade’ mineralisation remains open to the northwest of the Dicks Reward workings.

Further supporting the potential along strike, recent air core geochemical drilling highlights a shallow, single point gold anomaly in a similar position around 80m west of hole 22BNDD023.

Magmatic Resources is continuing with intensive exploration at the historic Bodangora Goldfield

Magmatic Resources is continuing with intensive exploration at the historic Bodangora Goldfield, which has produced an estimated 230,000 ounces of gold between 1869 and 1917, with production from multiple workings including the Mitchell’s Creek Mine in the east and the Dicks Reward Mine in the west.

Mining was typically from narrow, ‘high-grade’ quartz veins that averaged 23g/t gold.

Magmatic has completed five diamond holes totalling 714m at the Dicks Reward workings, targeting extensions along strike to the northwest and southeast of the historic workings.

Significant intercepts include:

  • (22BNDD023) 1.7m at 12.9g/t Au & 8g/t Ag from 65.5m
  • (22BNDD024) 1.0m at 0.5g/t Au from 58.0m
    • 35 metres at 10.7g/t Au from 78.8m
  • (22BNDD025) 1.0m at 1.4g/t Au from 62.0m
    • 3 metres at 1.3g/t Au from 66.8m

The company is currently reviewing the geological data collected from the most recent diamond drilling and the air core geochemical survey completed earlier in the year.

Meanwhile, permits have been received for a drilling program at the Myall Copper-Gold Project, which covers the northern extension of the Junee-Narromine Volcanic Belt, located some 50km north and along strike from China Molybdenum/Sumitomo’s Northparkes copper-gold mine.

Myall is considered highly prospective for Northparkes-style copper-gold porphyry mineralisation, with multiple strong copper-gold intercepts already drilled at. 70m @ 0.54% Cu, 0.15g/t Au.

Magmatic is a New South Wales-focused gold and copper explorer which in 2014 completed the acquisition of an advanced gold-copper portfolio in the East Lachlan from Gold Fields (NYSE: GFI).

Gold Fields had completed a major phase of target generation across four main projects (Wellington North, Parkes, Myall, Moorefield), identifying over 60 targets.

Images: Magmatic Resources Limited
Author Image
Written By Adam Orlando Editor-in-Chief Adam Orlando has more than 20 years’ experience in the media having held senior roles at various publications, including as Asia-Pacific Sector Head (Mining) at global newswire Acuris (formerly Mergermarket). Orlando has worked in newsrooms around the world including Hong Kong, Singapore, London, and Sydney.