Magmatic Resources Limited (Magmatic) is an ASX listing mining exploration company.
Counter Cyclical Acquisition of Advanced Target Portfolio
In 2014, Magmatic completed a counter cyclical acquisition of an advanced gold-copper target portfolio in the East Lachlan Gold-Copper Province in New South Wales, Australia.
The acquisition formed a part of a global divestment by Gold Fields Limited and followed a major phase of target generation across four main projects (Wellington North, Parkes, Myall, Moorefield).
The East Lachlan has an endowment of more than 80 million ounces of gold and 13 million tonnes of copper (Phillips 2017). It is most famous for Newcrest’s world class porphyry gold-copper cluster at Cadia Valley, where the Cadia East Mine currently represents Australia’s largest gold mine and one of the world’s most profitable gold producers (A$1.4B free cash FY19, Newcrest 2019). In addition, the Northparkes porphyry cluster (3.8Moz Au, 3.4Mt Cu – China Molybdenum/Sumitomo, CMOC 2018) and Cowal Deposit (>11Moz Au – Evolution Mining, Evolution 2018) also represent significant long-life mining operations.
The recent Boda Discovery by Alkane Resources Ltd has highlighted the region’s potential for further Tier 1 discoveries. In particular, this discovery demonstrates the potential of the northern Molong Belt for major porphyry gold-copper discoveries where the company holds an advanced target portfolio and dominant tenure position.
Northern Molong Belt an Emerging Hotspot for Gold-Copper Porphyry Discovery
Magmatic’s Wellington North Project covers a majority of the northern Molong Belt essentially surrounding the Boda porphyry gold-copper discovery made by Alkane Resources in September 2019 (ASX ALK 9/9/2019: 502m at 0.48 g/t Au and 0.20% Cu from 211m down hole and open at the end of hole).
“Alkane has just made the best porphyry exploration discovery in the Lachlan Fold Belt outside the 3 major mines, in the last 20 or so years.” (ASX AQX 19/9/2019) – John Holliday (led the Cadia-Ridgeway discovery team)
The Boda discovery has also highlighted the porphyry exploration signature in the northern Molong Belt and has had an immediate impact on the ranking of Magmatic’s exploration targets in the Wellington North Project. Several targets have been upgraded for Boda-style and Cadia East-style porphyry gold-copper mineralisation, with ongoing exploration, including MIMDAS geophysics, upgrading the prospectivity of the Lady Ilse Prospect for Cadia East-style porphyry gold-copper mineralisation.
Forthcoming drilling of a Cadia East-style gold-copper porphyry system at Lady Ilse
In December 2019, Magmatic confirmed the appointment of New South Wales porphyry specialist Mr Peter Duerden as Managing Director effective from Monday, 3 February 2020. Magmatic’s former Managing Director, Mr David Richardson, who transitioned to Executive Chairman upon Mr Duerden’s appointment, said “Peter is a leading expert on East Lachlan porphyry gold-copper systems. He led Alkane Resources’ North Molong Belt gold-copper porphyry exploration for 10 years and his work contributed significantly to Alkane’s recent Boda gold-copper porphyry discovery. In addition, Peter served as district geologist for Newcrest at Cadia Valley which provides him a unique insight for assessing the companys assets in the northern Molong Belt and wider East Lachlan.”
CMOC 2019., China Molybdenum Company Limited, http://www.cmocinternational.com/australia/
Evolution., 2018, https://evolutionmining.com.au/reservesresources/
Phillips, G N (Ed), 2017. Australian Ore Deposits (The Australasian Institute of Mining and Metallurgy:
Meet the team
David has over 30 years international experience in corporate strategy, international project development, strategic partnering, and finance, including 15 years in Asia with companies such as Pacific Dunlop and Amcor. Most recently he spent 10 years in venture capital in Japan and Australia, before founding Magmatic Resources in 2014.
Peter has 20 years experience in the mining and exploration industry working across a wide range of commodities and deposit styles with particular expertise in NSW mineral systems. Before joining Magmatic, Peter was involved in the startup of Sky Metals Limited and the development of their successful NSW gold strategy and has held senior management positions with Newcrest Mining and Alkane Resources. Mr Duerden holds a Masters of Economic Geology and is a Registered Professional Geoscientist (RPGeo) and member of the AIG.
David has a track record of building companies by focussing on exploration success. He was part of the Board and Management team which led to the A$1.2 billion hostile takeover of Summit Resources Limited by Paladin Energy Limited and the friendly takeover of Fusion Resources Limited, once again, by Paladin. His 30 years’ mining experience includes executive roles with Western Mining and BHP. Prior to this David was a solicitor with the Mining Sections at Clayton Utz. David is a Director of Summit Resources Ltd, and MD of Riva Resources Ltd.
David is a geologist with more than 25 years’ experience in the multi commodity mining and mineral exploration industry in Australia, Indonesia and Africa. With a particular focus on gold, David has extensive experience in open pit and underground mining operations, green and brownfields exploration as well as new mine development in Western Australia, Indonesia and West Africa. This has included senior management positions at Gindalbie Gold, (Minjar, Western Australia), Bogosu Gold (Ghana), Rawas Gold Project (Indonesia), Atlas Gold (Western Australia) and Non-Executive Director roles at Northern Star Resources and Shaw River Resources. David is currently the Non-Executive Chairman of Battery Mineral Limited.
David was Chancellor of Murdoch University from 2013 to 2019. In 2011, David was awarded the Governor’s Award for Giving. During 2014, David was named the Western Australian of the Year and Western Australian Business Leader of the Year. He was awarded an Eisenhower Fellowship in 2013 and remains active in the not for profit sector. In January 2018, David was awarded the prestigious Member of the General Division of the Order of Australia Award for service to mining, community and education.
Tony has over 30 years’ experience in dealing with listed companies, ASX, ASIC and corporate transactions including 14 years with the ASX in Perth where he acted as ASX liaison with the JORC committee, four years as Chairman of an ASX listed mining explorer and as a director of a London AIM listed explorer. Tony is also currently Company Secretary of Battery Minerals Mining Ltd and Legend Mining Limited, and is a Director of XCD Energy Limited. Tony is a member of the Australian Institute of Company Directors, a Fellow of the Governance Institute of Australia, the Institute of Chartered Secretaries and the Institute of Chartered Accountants in Australia. He is currently a non-executive director of the Women’s and Infants Research Foundation.
Steven has more than 30 years’ minerals exploration and evaluation experience. Most recently he was Exploration Manager at Millennium Minerals Ltd, with a $22M exploration budget and led resource definition and project generation. Previously at Gold Fields, Steven was responsible for the divestment of the East Lachlan projects to Magmatic. Recent exploration success includes extending Millennium’s mine life, and discovery of Invincible South (2015), a 300koz Au resource estimate which remains open at depth.
David Richardson Executive Chairman
Peter Duerden Managing Director
David Berrie Non-Executive Director
David Flanagan Non-Executive Director
Tony Walsh Company Secretary
Mike Franklin Chief Financial Officer
Steven Oxenburgh Exploration Manager
Investor & Media Relations
+61 8 6314 6300
Suite 8, 1297 Hay Street,
West Perth WA 6005
Telephone: +61 8 9322 6009
PO Box 785,
West Perth WA 6872
ABN: 32 615 598 322
ACN: 615 598 322
ASX Code: MAG
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The Board believes that high standards of corporate governance are an essential prerequisite for creating sustainable value for shareholders. The Corporate Governance Statement sets out the Company’s main corporate governance policies and practices. All these practices, unless otherwise stated, were in place for the entire year ended 30 June 2019. The policies and practices are reported against the 3rd Edition of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations. Where the Company’s compliance with the Principles and Recommendations is reflected in a separate document or policy, a reference to the location of that document or policy is included in the Statement.