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The latest update is out from Magmatic Resources Ltd. ( (AU:MAG) ).
Magmatic Resources has reported encouraging results from its Phase 2 reverse circulation drilling at the Weebo Gold Project, confirming shallow gold mineralisation along the 5km Ockerburry Trend and the 800m Scone Stone trend. Significant intercepts at the Ockerburry 3 prospect, including both supergene and primary gold zones, and at the Scone Stone prospect, where the exploration model has been validated, suggest the mineralised systems remain open along strike and down dip. The company is now focused on defining controls on higher-grade zones and awaits assay results from a 115-hole air-core drilling program across multiple regional prospects, which could further enhance the project’s resource potential and strengthen Magmatic’s position within a tier-one gold mining district.
The most recent analyst rating on (AU:MAG) stock is a Sell with a A$0.05 price target. To see the full list of analyst forecasts on Magmatic Resources Ltd. stock, see the AU:MAG Stock Forecast page.
More about Magmatic Resources Ltd.
Magmatic Resources Ltd is an ASX-listed gold exploration company focused on advancing highly prospective gold projects in Western Australia. Its Weebo Gold Project is strategically located among several multi-million-ounce gold mines, giving the company exposure to a proven gold-producing district and a pipeline of targets with potential for significant new discoveries.
Average Trading Volume: 571,330
Technical Sentiment Signal: Buy
Current Market Cap: A$27.62M
See more insights into MAG stock on TipRanks’ Stock Analysis page.