Magmatic Resources Limited’s (MAG) is an Australian focused mineral exploration company with six projects in two of Australia’s most prosperous mining jurisdictions.
East Lachlan, NSW:
The East Lachlan is Australia’s largest gold – copper porphyry region and 2nd largest gold region and is home to many major mines and deposits including:
- Australia’s largest gold mine Cadia Valley (52 Moz Au and 9.2Mt Cu endowment),
- Northparkes mine (3.7 Mt Cu and 4 Moz Au endowment),
- Cowal mine (7.8 Moz Au endowment).
MAG purchased four gold, copper, and base metals exploration projects in 2016 from Gold Fields (worlds seventh largest gold producer). Gold Fields maintain a 20% shareholding in MAG.
Gold Fields and MAG have spent in excess of $16m on exploration on these projects and past 10 months exploration results include the discovery of a new and expansion of two other large near surface gold targets:
- Boxdale-Carlisle Reefs 15km near surface Gold Trend, see ASX announcement 4 December 2017
- Lady Ilse Gold- Copper discovery: 10km target under thin cover, see ASX announcement 19 February 2018
- MacGregors 2km mineralised near surface gold trend, see ASX announcement 20 March 2018
With a liaison office in Tokyo Japan, MAG has a Joint Venture (JV) on our Parkes project with the Japanese government resources agency Japan Oil Gas Metals National Corporation (JOGMEC).
In March of 2018 MAG agreed to purchase the Mt Venn Copper, Nickel and Cobalt Project from Montezuma Mining Company Ltd. Mt Venn covers 60% of the Mt Venn Igneous Complex and is immediately along strike from the recent Cu-Ni-Co discovery of the same name by Great Boulder Resources. Magmatic also acquired the Yamarna Gold project 40km to the east in the underexplored Yamarna greenstone belt, only 15km northwest of the 5.8Moz Au Gruyere mine under construction (Gold Fields/ Gold Road JV).