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Magmatic Resources Ltd. ( (AU:MAG) ) has provided an update.
Magmatic Resources advanced exploration at its Weebo Gold Project in Western Australia during the March quarter, reporting encouraging air-core and reverse circulation drilling results from the Ockerburry and Scone Stone prospects that highlight potential for significant high-grade gold discoveries along key mineralised corridors. Additional reconnaissance drilling at other Weebo prospects returned anomalous gold, underpinning the strategic position of the project amid several multi-million-ounce mines.
In New South Wales, the company and joint venture partner Fortescue approved a A$3.5 million exploration budget for the Myall copper-gold project and commenced a 5,000-metre diamond drilling program targeting Northparkes-style porphyry systems, with results pending. Magmatic ended the quarter with A$6.63 million in cash and strengthened its technical leadership through senior appointments, positioning the business to accelerate exploration while managing corporate transition following the retirement of its chief financial officer.
More about Magmatic Resources Ltd.
Magmatic Resources Ltd. is an Australian mineral exploration company focused on gold and copper-gold projects in Western Australia and New South Wales. Its key assets include the Weebo Gold Project in the Eastern Goldfields and several exploration projects in the Molong Volcanic Belt and Parkes region, often targeting Tier 1 style deposits near major existing operations.
Average Trading Volume: 556,116
Technical Sentiment Signal: Sell
Current Market Cap: A$15.07M
See more data about MAG stock on TipRanks’ Stock Analysis page.