Magmatic Resources Limited’s (MAG) is an Australian focused mineral exploration company with four projects in the 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:
- Alkane’s recent Boda porphyry copper-gold discovery, (MAG’s Wellington North Project has multiple targets with similar characteristics and only 2km away nearly encircling the Boda tenement)
- Australia’s largest gold mine Cadia Valley (48.7 Moz Au and 6.5 Mt Cu endowment),
- Northparkes mine (3.4 Mt Cu and 3.8 Moz Au endowment),
- Cowal mine (11 Moz Au endowment).
MAG purchased four gold, copper, and base metals exploration projects in 2013 from Gold Fields (worlds seventh largest gold producer). Gold Fields maintain a 12.5% shareholding in MAG.
Gold Fields spent ~$14m on exploration and identified more than 60 targets. MAG have spent ~$5m on exploration including:
- Lady Ilse Gold- Copper discovery: 10km target under thin cover only 6km from Alkane’s Boda dicovery, see ASX announcement 19 February 2018 and 10 September 2019
- Boxdale-Carlisle Reefs 15km near surface Gold Trend, see ASX announcement 4 December 2017
- MacGregors 2km mineralised near surface gold trend, see ASX announcement 20 March 2018