About Magmatic
Magmatic Resources Limited (Magmatic) is an Australian gold-copper exploration company listed on the ASX. The company has four (4) projects focused on Australia’s two most prolific gold regions – the East Lachlan region in New South Wales and the Northern Goldfields in Western Australia .
Potential Tier 1 Gold-Copper Projects in the East Lachlan
Magmatic’s three (3) projects in the region represent a dominant tenure position on the regions two volcanic belts, in close proximity and have targets with similar geology to the region’s major mines.
The East Lachlan has an endowment of more than 80Moz gold and 13Mt copper (Phillips 2017). In recent years the region has been a hotspot for M&A activity by the world’s leading mining companies.
In October 2023 Newmont acquired Newcrest Ltd, largely for its world class porphyry gold-copper mine Cadia Valley, 51Moz Gold and 9.9Mt copper (Newcrest, 2023) that is Australia’s second largest gold mine. In December 2023 Evolution Mining purchased 80% of the Northparkes porphyry copper-gold miner, 5.2Moz Gold and 4.4Mt copper (CMOC, 2023) from China Molybdenum – Sumitomo own 20%. Evolution Mining also have increased resources ~3 times to 11Moz gold (Evolution 2023) since purchasing the Cowal Mine from Barrick.
The recent Boda-Kaiser Discovery by Alkane Resources Ltd has highlighted the region’s potential for further Tier 1 discoveries. Since discovery in September 2019, Alkane have defined a 14.7Moz gold eq. resource (Alkane 2023).
Magmatic’s 100%-owned Wellington North Au-Cu project is located north of Newmont’s Cadia Valley Mines and effectively surrounding Alkane’s Boda-Kaiser discovery
The company’s Myall Cu-Au project is 60km north of Evolution’s Northparkes Cu-Au mine and in 2024 entered a Joint Venture with Fortescue (FMG). FMG can earn a 75% interest by spending $14m on exploration. Magmatic is operator for the first two stages of the agreement.
In 2023 the company announced its Initial Inferred Mineral Resource (MRE) of 110Mt at 0.33% CuEq for the Corvette and Kingswood deposits (ASX MAG 11 July 2023) containing 293kt copper, 237koz gold & 2.8Moz silver (354kt copper metal eq.)
Magmatic’s third project in the region is the Parkes Gold project. Situated ~40km south of Alkane’s 2.3Moz gold Tomingley Mine Operations (ALK, 2023), the project has multiple Tomingley style prospects.
Northern Goldfields Western Australia, the Weebo Gold Project
The Weebo Gold Project consists of 8 granted exploration licenses, and 1 granted prospecting license and totals 136km² of tenure, in the Tier One
Western Australian Goldfields mining jurisdiction. Weebo is located 30 km southeast of the BHP mining town of Leinster and covers approximately 50 strike kilometres of the strongly gold mineralised southern Yandal Greenstone Belt.
The Project sits strategically in the middle of five gold mines (Figure 1): Darlot (Vault Mine rals Ltd), Agnew Lawlers (Gold Fields Ltd), Bellevue (Bellevue Gold Ltd), Bronzewing (Northern Star Resources Ltd) and Thunderbox (Northern Star Resources Ltd).
Weebo offers a suite of exploration targets; from advanced drill defined mineralisation trends to recently located surface geochemical anomalies, as well as multiple conceptual gold targets.
Advanced drilled targets include two prospects with extensive mineralisation, including:
➢ The Ockerburry prospect that extends over 5 strike kilometres with intersections including 4m @ 29.9g/t gold from 8 meters and 16m @ 2.8g/t gold from 52 meters depth down hole
➢ The Scone Stone prospect defined over 800 metres strike with intersections including 6m @ 4.4g/t gold
from 54 metres and 29m @ 1.1g/t gold from 98 metres depth down hole