Magmatic Resources has shuffled its Board and brought in experienced Geologist and executive, Peter Duerden to head up the company as it looks to evolve its exciting East Lachlan gold and porphyry copper-gold projects in NSW.
Current M.D, David Richardson, will move to the position of Executive Chairman and Non-Executive Director, Malcolm Norris, will step down as part of the board re-shuffle.
Mr Richardson said: “Peter is considered an expert on East Lachlan Porphyry Gold-Copper systems having previously been district manager, NSW, for Newcrest Mining and in charge of Alkane Resources’ North Molong Belt Alkalic Porphyry Gold-Copper exploration for 10 years.”
“Peter’s region defining work at Alkane contributed significantly to the recent Boda Porphyry Gold-Copper discovery …”
Duerden has more than 20 years of mineral exploration and development experience and has carved out a niche as a specialist Geologist in the East Lachlan mineral systems.
He was Managing Director of Sky Metals Ltd before joining Magmatic and holds a Masters of Economic Geology, is a Registered Professional Geoscientist (RPGeo) and a member of the Australian Institute of Geoscientists.
The latest move signals Magmatic’s intent to get serious about its NSW projects that have attracted some attention recently, particularly after Alkane’s impressive Boda discovery nearby.
The ASX-listed mineral explorer has 100% ownership of its East Lachlan project with its tenements, Parkes East and Alectown located in Australia’s largest porphyry copper-gold region, some 50km south of Alkane’s Tomingley gold mine.
Mr Duerden said: “I am excited to be joining Magmatic at this stage in its East Lachlan exploration strategy. The recent Boda porphyry gold-copper discovery only 2kms from the Company’s tenure in the northern Molong Belt has highlighted the excellent potential for new Tier 1 discoveries in the East Lachlan.”
Magmatic’s nearology to Boda is exciting for Magmatic market follows, particularly after Alkane recently revealed it could be onto the next Cadia when it returned an incredible drill hit of 502m at 0.48 g/t gold and 0.2% copper, from 211m downhole.
Within Magmatic’s East Lachlan project, are the Wellington North and Lady Ilse prospects that are located 2km and 6km respectively from Alkane’s Boda discovery.
Magmatic said the Wellington North and Lady Ilse prospects carry geological similarities to Boda. Wellington North hosts the historical Bodangora Mine where 230,000 ounces of gold were mined at an impressive average grade of 26 g/t gold.
Magmatic and previous landholder, Gold Fields, spent over $16 million on exploration at the East Lachlan Project and have identified other shiny targets such as the MacGregors prospect, which is a 2km mineralised near-surface gold trend.
Investors are still scrambling to get a piece of the East Lachlan pie following Alkane’s mind-blowing news. If new prospect’s in the region stack up anywhere close to Cadia’s endowment of 52 million ounces of gold and 9.2 million tonnes of copper, there will be plenty of excitement to share around between those holding quality ground in the region.
Interestingly, Magmatic is 14% held by mining heavy-weight, Gold Fields, providing a possible strategic partner for the small capped Perth based company if it can make a sizable discovery.
Source: Originally published by The West Australian.