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An announcement from Magmatic Resources Ltd. ( (AU:MAG) ) is now available.
Magmatic Resources Ltd. has commenced drilling at its Myall FJVA Project, supported by a $3.5 million exploration budget from Fortescue Ltd. The program aims to test multiple targets for copper-gold porphyry deposits, with both aircore and diamond drilling planned. The company has also secured a $141,000 grant from the NSW Government to support further exploration at the Black Ridge Copper target. This initiative marks a significant phase in Magmatic’s exploration efforts, potentially enhancing its position in the mineral exploration sector.
More about Magmatic Resources Ltd.
Magmatic Resources Ltd. operates in the mining industry, focusing on exploration and development of mineral resources. The company primarily targets copper and gold deposits, with a significant emphasis on Northparkes-style copper-gold porphyry mineralization. Magmatic Resources collaborates with major industry players like Fortescue Ltd. to advance its projects.
Average Trading Volume: 755,623
Technical Sentiment Signal: Buy
Current Market Cap: A$30.64M
For a thorough assessment of MAG stock, go to TipRanks’ Stock Analysis page.