Magmatic acquired new exploration ground over the Mt Venn intrusion in WA, prospective for Cu-Ni-Co mineralisation in March 2018 as well ground as in the under-explored Yamarna greenstone belt. The highly promising early stage Yamarna Gold Project compliments the Mt Venn copper-nickel-cobalt project acquired in March 2018, 40km west of the new project area, and diversifies Magmatic’s substantial portfolio of projects in the East Lachlan region of New South Wales, with strategic ground positions in a proven mineralised district of Western Australia and adds the in-demand commodities of cobalt and nickel to its pipeline of targets.
Mt Venn Copper-Nickel-Cobalt Project (100% MAG)
The Mt Venn Project includes one Exploration Licence (E38/2961), covering 60km2 and is located east of Laverton. The project covers 60% of the Mt Venn intrusion where Great Boulder Resources recently discovered Cu-Ni-Co mineralisation at their Mt Venn target. Intercepts included 48m at 0.75% Cu, 0.2% Ni and 0.07% Co and 61m at 0.51% Cu, 0.19% Ni and 0.06% Co (GBR ASX release 13/11/2017).
Rock chip sampling at the Mt Venn project by previous explorers was completed along 7km of strike length and identified copper-bearing gossans with assays up t0 24% Cu, 1.89% Ni and 0.18% Co. Detailed ground EM and heliborne VTEM surveys by previous explorers identified multiple conductors, which remain untested or with minimal follow-up.
Magmatic completed a reconnaissance field programme, completing initial soil and rock chip sampling, and confirmed EM anomalies are obscured by shallow cover. The undrilled EM conductors, including MVVA2, are immediately along strike from GBR’s recent Mt Venn copper-nickel-cobalt discovery. The basal contact, which is a key position for mineralisation for GBR, is untested at Magmatic’s MVVA2 anomaly. A nearby hole (along strike) returned 13.1m at 0.49% Cu.
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Yamarna Project: Gold (100% MAG)
Magmatic acquired three gold exploration tenements 150km northeast of Laverton in Western Australia: constituting the Yamarna Project (E38/2918 and applications E38/3312 and E38/3327). The total project area is 355km2 in the underexplored Yamarna greenstone belt, just 15km northwest of the Guyere (5.88Moz) gold mine under construction (Gold Fields/ Gold Road JV).
The Magmatic exploration team have identified a large scale regional structure transecting its new tenements, interpreted to be prospective for gold. Previous exploration is limited and includes minor shallow RAB and AC drilling, which Magmatic plans to assess with on -the ground work in the 2018 field season.
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