Diamond drilling completed at Rose Hill comprising an initial drillhole for 450.8m
Drilling targeted major monzonite complex and a western target zone
Multiple bornite-quartz-epidote porphyry veins associated with potassic-altered volcaniclastics identified within western target zone
Assay results expected late-May 2021
Magmatic Resources (‘MAG’, the ‘Company’) is pleased to provide an update on exploration activity at its 100% owned Wellington North Project, located north of Australia’s largest gold producer at Cadia East (ASX:NCM, Newcrest 2020) and effectively surrounding Alkane’s recent Boda gold-copper porphyry discovery (ASX:ALK).
Bornite-quartz-epidote porphyry veins identified within western target zone
Multiple bornite-quartz-epidote porphyry veins associated with potassic-altered volcaniclastics have been logged from 385m to 388.4m and at 406m and 431m. Variably developed zones of chalcopyrite, chalcopyrite-epidote and chalcocite are logged from within the monzonite intrusive complex, 0-159m (Figure 3). The occurrence of bornite-quartz-epidote porphyry veins within k-feldspar-hematiteepidote-altered volcaniclastics is considered particularly encouraging, given the favorable intrusive margin setting and potential of an inner propylitic alteration domain, which within major East Lachlan porphyry systems, can indicate proximity to a porphyry system core (Figure 4).
Rose Hill Gold-Copper Porphyry Target
The Rose Hill target represents an advanced gold-copper discovery opportunity within Magmatic’s Wellington North target portfolio. Geological interpretation of the Rose Hill area has involved the use of alteration mapping techniques, utilising near total digest multielement assays to map alteration patterns within the porphyry system. The results have identified a strong zone of albite-rich (sodic) porphyry alteration coincident with an existing significant gold-copper-molybdenum porphyry drill intercept (71m