The Weebo Gold Project
The Weebo Gold Project consists of eight granted exploration licenses, and one 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: Darlot (Vault Minerals Ltd), Agnew Lawlers (Gold Fields Ltd), Bellevue (Bellevue Gold Ltd), Bronzewing (Northern Star Resources Ltd) and Thunderbox (Northern Star Resources Ltd).
Since announcing the acquisition of Weebo in June 2025, Magmatic has completed its maiden drilling program, comprising approximately 3,192 metres in total, including 743 metres of RC drilling at the Scone Stone prospect and 2,446 metres of air-core drilling at the Ockerburry prospect. Results from this program highlighted strong potential for extensive shallow gold mineralisation, with follow-up RC drilling planned at both prospects.
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 the Ockerburry and Scone Stone prospects:
➢ 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
Project Summary
ADVANCED DRILL PROSPECTS
• The Ockerburry prospect has a drill-defined mineralised structure over at least 5 kilometres. Mineralisation is related to a sheared contact between metasediments to the east and mafic schists to the west.
At least half of the mineralised structure, particularly in the south has only been tested by wide spaced lines of shallow air core drill methods. Better grades within the broad low-grade halo appear to relate to cross faulting.
Significant results include (see Table 2 for all Significant Results (ASX MM1 3 Sept 2021 and 22 Dec 2021):
➢ 4m @ 29.9g/t Au from 8m
➢ 23m @ 1.0g/t Au from 63m
➢ 16m @ 2.8g/t Au from 52m
➢ 2m @ 18.4g/t Au from 8m
• The Scone Stone prospect is an 800-metre long, drill-defined north-east mineralised trend. Mineralisation appears to be related to a ‘quartz-feldspar’ unit of likely intrusive origin, located between an ultramafic to the west and a mafic unit to the east.
A review of drilling suggests that mineralisation may be parallel to the east dipping drilling and there remains considerable scope to define further mineralisation. Significant drill intersections include (ASX MM1 22 December 2021 and 19 July 2022):
➢ 6m @ 4.4g/t Au from 54m
➢ 3m @ 6.7g/t Au from 43m
➢ 29m @ 1.1g/t Au from 98m
➢ 3m @ 15.6g/t Au from 69m
➢ 9m @ 4.6g/t Au from 64m
• Targets within the Otto prospect area are 5.5km north along strike of Northern Star’s Otto Bore mine. There are highly anomalous results from very limited wide-spaced drilling which has tested an anomaly interpreted from aero-magnetics.
Further systematic first-pass drilling appears warranted to define geology and the tenor of gold mineralisation. Significant results include (ASX MM1 3 September 2021 and 19 July 2022):
➢ 6m @ 2.4g/t Au from 162m
➢ 15m @ 0.7g/t Au from 129m
➢ 8m @ 0.6g/t Au from 94m
➢ 8m @ 0.3g/t Au from 12m
SURFACE GEOCHEMICAL ANOMALY TARGETS
Previous operators reviewed historical surface soil sampling and defined numerous technical problems with the results due to erratic regolith types. In more recent times a total of 4363 samples have been taken using auger drill methods.
An initial review of this work shows a number of encouraging targets have emerged from this work;
• The Sholls Find PL 36/1878 has minor historical workings, and no reported RC or diamond drilling. Auger drill sampling shows a very strong 500m long gold zone around the historical workings , and is open-ended to the south. Heritage clearance has been completed for anticipated drilling (ASX MM1 3 September 2021).
• The Wheel of Fortune EL 36/798 covers 2 blocks measuring 3.7km long and 1.6 km wide. There are 5 prospects with historical workings and Auger sampling has confirmed these as anomalies and generated additional targets.
This area has had Heritage clearance and is a drill priority (ASX MM1 3 September 2021).
• The Sir Samuel target was auger drilled over two large areas and generated 6 anomalies that trend NNE for 500 to 2.3km in length. Wide spaced (800m x 100m) RAB and air-core drilling has confirmed some of these trend, particularly in the south (ASX MM1 3 September 2021).
• A number of other areas have shown encouraging results from limited auger surveys and require infill and extension auger sampling.
CONCEPTUAL TARGETS
The Company has inherited a large amount of historical data including various geophysical surveys and subsequent interpretations, mostly from the early 2000’s. Since this time new deposits have been discovered and developed in the region and technical data from these is likely to refine and improve definition of conceptual targets. The Company will reanalyse all datasets to define new targets, particularly under areas of transported cover.