Magmatic Resources (ASX:MAG) has spent the majority of 2022 conducting drilling in search of gold and copper at its Myall and Wellington North projects located in Central Western New South Wales.
The Western Australia-based gold and copper explorer holds the Wellington North Project, the Parkes Project, and the Myall Project near the town of Narromine.
March 2022 quarter focused on Bodangora Gold Field
Magmatic’s exploration activities during the March quarter focused on the Bodangora Gold Field in the eastern portion of the Wellington North project area. Assays returned from diamond drilling at Mitchells Creek Mine included 0.57m at 14.3g/t Au, 22g/t Ag and 1.1% Cu, 0.40m at 4.3g/t Au and 2g/t Ag, and 0.65m at 1.5g/t Au, 6g/t Ag and 0.2% Cu.
A 279-hole geochemical aircore drill program totalling 2,908m was completed over the Bodangora region, with initial results highlighting significant gold anomalism between the historic workings.
A ground magnetic survey was completed over the broader Bodangora region, which identified a strong linear structure coincident with initial air-core gold data.
Planned high-resolution ground magnetic survey (GMAG) at the Parkes Project’s Stockmans target was also further delayed in the quarter due to heavy rainfall and contractor availability but recommenced in early April.
June 2022 quarter saw more drilling and more gold finds
During the June quarter, works focused on the Bodangora Gold Field in the eastern portion of the Wellington North Project area and on preparations for high impact drilling at the Kingswood prospect area within the Myall Project.
The company also recorded strong, shallow gold mineralisation on the northwestern side of the Dicks Reward historic workings at Wellington North with a 5-hole diamond drilling program.
Magmatic also undertook a 3,000m diamond drilling campaign at the Myall Project that targeted 4 priority areas in the greater Kingswood Prospect area
Magmatic also undertook a 3,000m diamond drilling campaign at the Myall Project that targeted 4 priority areas in the greater Kingswood Prospect area.
September 2022 quarter delivers strong drilling results
Magmatic reported exploration activities during the quarter focused on high-impact drilling at the Myall Project.
The 3,000m drilling program that started in the previous quarter was also expanded to 8,000m at the Corvette Prospect. Following this, the company found ‘exceptional’ copper-gold-molybdenum results that extended the known mineralisation in the Kingswood-Corvette corridor to 1.1km.
However, significant rainfall and localised flooding in mid-October resulted in a pause in drilling that lasted until 30 October.
In early November, Magmatic reported it had delivered its best ever copper intercept from a drillhole completed at Corvette, further highlighting the immense potential of the prospect.
The company also announced a share purchase plan (SPP) aiming to raise $4 million to expand and accelerate the exploration program at Myall in mid-November.
In late November the Magmatic announced it had found further ‘high-grade’ copper intercepts at Myall.
On 21 December, Magmatic reported new diamond drilling is aiming to expand the Corvette prospect. The company said improved weather and site access conditions prevailing over the past month has allowed it to complete 3 additional ‘high-impact’ drillholes at Corvette. These holes are 22MYDD419, 22MYDD420, and 22MYDD421.
Hole 22MYDD419 was collared northwest of Corvette and was completed to a depth of 885.9m, targeting potential large-scale extensions to mineralisation at both the Corvette and Kingswood prospects.
As 2022 comes to a close, the company states it is pressing on with the drilling program into 2023 at the Corvette Prospect.
The company has also extended the SPP with it now closing today (23 December) instead of 9 December as originally planned.
