Gold exploration continues
MINERAL exploration continues north of Wellington, with Perth-based company Magmatic Resources actively drilling for gold-copper targets in an area surrounding Alkane’s Boda discovery.
A company report highlights the value of Magmatic’s position in the northern Molong Volcanic Belt, in what is emerging as a significant discovery hotspot.
“The Boda discovery has highlighted the surface signature of mineralisation in the area and has significantly upgraded Magmatic’s target portfolio for Boda-style gold-copper mineralisation.”
Diamond drilling has commenced in the area, primarily in the Lady Ilse corridor, which represents one of a cluster of gold-copper targets at the Wellington North Project. Lady Ilse lies west of the historic Bodangora Mines.
“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.
Other drill sites in the project are Morley, Boda South, Rose Hill, Ninety, Roselawn, Rockleigh, Mayhurst and Mayhurst East.
The company is also advancing multiple gold-copper targets across its Myall and Parkes Projects. The report was prepared by Magmatic Resources Managing Director Peter Duerden who is a registered professional geoscientist.