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 tp 24% Cu, 1.89% Ni and 0.18% Co (MAG ASX release 14/03/2018). Detailed ground EM and heliborne VTEM surveys by previous explorers identified multiple conductors, which remain untested or with minimal follow-up.
Magmatic intends to commence field work at its Mt Venn project as soon as practicable with field reconnaissance, reprocessing of EM and VTEM data and an RC drill program scheduled this year.
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Yamarna Project: Gold (100% MAG)
Magmatic acquired two gold exploration tenements 150km northeast of Laverton in Western Australia: constituting the Yamarna Project (E38/2918 and application E38/3312). The total project area is 252km2 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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