Magmatic’s 100%-owned Wellington North Project covers the northern extension of the Molong Volcanic Belt, which is host to Newcrest’s world-class Cadia Valley porphyry Gold-Copper deposit (48.7Moz Au & 6.5Mt Cu) further to the south. The 177km2 project comprises three exploration licenses (EL6178, EL8357, EL7440) prospective for gold-copper porphyry and orogenic gold mineralisation.

The recent Boda Discovery by Alkane Resources Ltd has highlighted the regions potential for further Tier 1 discoveries.  In particular, this discovery demonstrates the potential of the northern Molong Belt for major gold-copper porphyry discoveries where the company holds an advanced target portfolio and dominant tenure position.

Northern Molong Belt an Emerging Hotspot for Porphyry Gold-Copper Discovery

Magmatic’s Wellington North Project covers a majority of the northern Molong Belt essentially surrounding  the Boda porphyry gold-copper discovery made by Alkane Resources in September 2019 (ASX ALK 9/9/2019: 502m at 0.48 g/t Au and 0.20% Cu from 211m down hole and open at the end of hole).

“Alkane has just made the best porphyry exploration discovery in the Lachlan Fold Belt outside the 3 major mines, in the last 20 or so years” (ASX AQX 19/9/2019) – John Holliday (led the Cadia-Ridgeway discovery team)

The Boda discovery has demonstrated the porphyry signature in the northern Molong Belt and has had an immediate impact on Magmatic’s exploration strategy at the Wellington North Project.  Several targets have been upgraded for Boda-style and Cadia East-style porphyry gold-copper mineralisation.

Ongoing exploration, including MIMDAS geophysics has upgraded the Lady Ilse Prospect for Cadia East-style porphyry gold-copper mineralisation and represents a compelling drill ready opportunity.

Imminent drilling of a Cadia East-style porphyry gold-copper system at Lady Ilse

Recent petrology and geochemical reprocessing have identified multiple alkalic intrusives similar to Alkanes Boda and Kaiser prospects in the Wellington North Project.

Wellington North project showing targets and location of Boda discovery.

Lady Ilse Prospect

Initial aircore drilling by Magmatic at Lady Ilse targeted a historic regional aircore hole, which intersected 3m at 0.6g/t Au, and a coincident aeromagnetic anomaly. Magmatic’s aircore programme delivered promising results with five holes ending in mineralisation, including an intersection of 20m at 0.66g/t Au.

Follow-up RC drilling successfully identified intrusion related gold-copper mineralisation under thin transported cover. Significant drill intercepts included 78m at 0.22g/t Au from 27m, 22m at 0.54g/t Au from 18m and 21m at 0.56g/t Au from 81m.

Reprocessing of previous close-spaced aeromagnetic data defined a circular feature (possibly intrusion-related) at Lady Ilse. Three-dimensional interpretation of the data has shown that the source of this feature is likely to be deeper than the previous RC drilling.

Lady Ilse exhibits several similarities with the adjoining Boda discovery:

    • wide zone of anomalous gold (~0.2g/t Au over ~200m) associated with pyrite stringers defined in shallow RC drilling (<150m depth), 78m at 0.22 g/t Au from 27m (LADY ILSE, CORC035), 72m @ 0.26g/t Au from 78m to EOH (BODA, RC95DB002, ALK ASX 9 September 2019)
    • upper level ‘phyllic’ pyritic porphyry alteration with a distinct Au-Bi-Te porphyry pathfinder geochemical signature (refer ALK ASX 15 August 2017)
    • wide zone of anomalous gold (>0.2g/t Au) associated with pyrite stringers defined in shallow RC drilling (<150m depth)
    • Boda and Cadia-equivalent stratigraphy, being the Bodangora Formation and Kaiser Volcanics in the Northern Molong Belt
    • Sits outboard of western margin of intrusive complex
    • upper level ‘phyllic’ pyritic porphyry alteration characteristic of an upper level East Lachlan Porphyry System (refer ALK ASX 15 August 2017)
    • MIMDAS geophysics defines conductive anomalies, beneath strongly chargeable and resistive zones, consistent with the distribution of alteration features at Cadia East

The shallowly drilled supergene gold anomaly at Lady Ilse indicates potential for a large open corridor of up to 10km in extent with significant untested porphyry gold-copper potential at depth.

Imminent drilling of a Cadia East-style porphyry gold-copper system at Lady Ilse

Lady Isle target showing previous shallow drilling

Rose Hill Prospect

Rose Hill is a high priority gold-copper porphyry target for Magmatic where previous drilling intersected 71m at 0.43% Cu and 0.3g/t Au from surface. This is representative of the reserve grade at Cadia East being the largest single alkalic porphyry Au-Cu deposit currently known globally (Fox et al 2015).

Bodangora Target

The Bodangora target covers the historic Bodangora gold mines, comprising two vein-hosted gold operations (Dicks Reward and Mitchells Creek) mined in the late 1800s to early 1900s. Previous production is reported at 226,000 ounces at an impressive grade of 26g/t Au.

Recent drilling by Magmatic confirmed additional gold mineralisation near the former mine workings. Significant intersections included 2m at 5.3g/t Au from 14m and 2m at 2.7g/t Au from 21m at Dicks Reward. The drilling also identified a new area of near surface gold mineralisation at Bodangora South, located 2.5km south of Dicks Reward, intersecting 3m at 1.3g/t Au from 18m.

Additionally, recent data reinterpretation has identified several alkalic intrusives that appear to be an extension of the Boda trend.

Fox, N., Cooke, D., Harris, A., Collett, D., Eastwood, G., 2015, Porphyry Au-Cu mineralisation controlled by reactivation of an arc-transverse volcanosedimentary subbasin, Geology, Geological Society of America