WELLINGTON NORTH PROJECT (GOLD-COPPER)
Magmatic Resources Ltd 100%
Magmatic’s 100%-owned Wellington North Project covers the northern extension of the Molong Volcanic Belt, located north of Australia’s largest gold producer at Cadia East (ASX:NCM) and effectively surrounding Alkane’s recent Boda gold-copper discovery (ASX:ALK).
The recent Boda gold-copper discovery by Alkane Resources Ltd (ASX ALK 9 September 2019) has highlighted the value of Magmatic’s dominant surrounding tenure position in the northern Molong Belt, in what is emerging as a significant discovery hotspot. The Boda discovery has highlighted the surface signature of epithermal-porphyry mineralisation in the area, as described in ASX ALK 15 August 2017 and has significantly upgraded Magmatic’s target portfolio for Boda-style gold-copper mineralisation (Lady Ilse District, Boda North, Boda South, Rose Hill, Ninety, Rockleigh, Mayhurst and Mayhurst East).
High grade epithermal gold targets are also being pursued, akin to the historic Bodangora Gold Field, located ~3km from the Boda Discovery with recorded production of 230,000 ounces @ 26g/t Au between 1869-1917 (ASX MAG 17 May 2017).
Bodangora Gold Field District
The Company has completed a 3D evaluation and review of the areas of historic gold production at the Bodangora Gold Field including compilation of historic underground channel sampling data from unmined material at the Dicks Reward Mine.
High grade gold mining occurred at the Bodangora Gold Field with recorded production of 230,000 ounces @ 26g/t Au between 1869-1917 (ASX MAG 17 May 2017).
The Mitchell’s Creek Gold Mine (190koz production) which extended over 1km strike length and was mined to only 300m depth, remains open in multiple directions and offers down dip and down plunge drill targets.
The Dick’s Reward Gold Mine (40koz production) was mined to only 150m depth, remains open in multiple directions and offers down dip and down plunge drill targets.
Dicks Reward drill targets enhanced by newly reported underground channel sampling of remaining (unmined) material indicating high gold grades including:
- 0.63m @ 31.3g/t Au (Dicks Reward)
- 0.50m @ 52.8g/t Au (Dicks Reward)
- 0.50m @ 44.4g/t Au (Dicks Reward)
- 0.35m @ 67.8g/t Au (Dicks Reward)*
Dicks Reward – Composite Long Section, looking northeast showing stoped/mined areas, channel sampling results and showing efective drilling down dip of main lode and limited drill testing at depth / along strike, main lode dipping ~25° NE
Mitchells Creek – Composite Long Section, looking west showing stoped/mined areas, efective drilling down dip o main lode, limited drill testing beneath workings, main lode dipping ~45° E