Magmatic Resources’ (ASX: MAG) has completed its first diamond drill hole at the Lady Ilse District within the Wellington North Project in NSW, Australia, with assays due in late May 2020.
The company said the drillhole has confirmed a subvertical, north-south trending zone of porphyry-style mineralisation, down dip from gold and porphyry pathfinder anomalism and broadly coincident with MIMDAS conductivity and chargeability anomalism.
Interpreted porphyry related alteration was encountered throughout most of the hole with the main zone of mineralisation from 470m downhole and located at the western margin and outboard from a monzonite intrusive complex.
The diamond drill hole has demonstrated a near vertical geometry, resulting in the intersection point of the target zone being deeper downhole than anticipated.
The target zone remains open in all directions and is therefore expected to also be present at shallower levels. Follow up drilling will test along strike at Lady Ilse and other priority Lady Ilse District targets.
The company believes that the identification of porphyry-style mineralisation coincident with the MIMDAS conductivity and chargeability, currently defined over a >1.8 x 1km area, significantly upgrades the potential of the area to host a large porphyry system comparable to the Cadia East Deposit.
Magmatic’s 100%-owned Wellington North Project covers the northern extension of the Molong Volcanic Belt, located ~110km north and along strike from Newcrest’s world-class Cadia Valley porphyry gold-copper deposits and surrounding Alkane Resources’ recent Boda Discovery.
The project comprises three exploration licences that essentially encircle the Boda discovery, covering 177km2 and is considered highly prospective for gold-copper porphyry, gold epithermal and lode style gold mineralisation.
The recent Boda porphyry discovery by Alkane Resources Ltd has highlighted the value of Magmatic’s dominant surrounding tenure position in the northern Molong Belt, in what is emerging as a significant gold porphyry discovery hotspot.
The Boda discovery has highlighted the surface signature of porphyry mineralisation in the area and has significantly upgraded Magmatic’s Lady Ilse District (Lady Ilse, Lady Ilse South and Lady Ilse North), Rose Hill, Ninety and Mayhurst targets for Boda-style and Cadia East-style porphyry gold-copper mineralisation e.g. Lady Ilse, Rose Hill, Ninety and Mayhurst.
The company considers that the scale of the chargeability and conductivity defined by the MIMDAS geophysics at the Lady Ilse District highlight the potential for preservation of a Cadia East scale gold-copper porphyry system.