NSW-focused gold explorer Magmatic Resources Ltd (ASX: MAG) has commenced a drilling campaign at the Boda North target within its 100% owned Wellington North Project.
The Wellington North Project covers the northern extension of the Molong Volcanic Belt, located ~110km north and along strike from Newcrest’s world-class Cadia Valley porphyry gold-copper deposits and surrounding Alkane Resources’ recent Boda porphyry discovery.
At Boda North the company recently completed an IP geophysical survey which upgraded the prospectivity of the area for Boda-style gold-copper porphyry mineralisation.
The geophysical results, along with reprocessed historical data, have defined three zones of strong chargeability and conductivity anomalism within the northern extents of the Boda Porphyry Belt, approximately 5km along strike from the Boda discovery.
Strong chargeability anomalism is a feature characterising the Boda porphyry discovery and forms an important element of Magmatic’s exploration targeting in the northern Molong Belt.
The maiden drilling programme at Boda North will comprise of approximately six RC holes and is designed to assess the geochemical ‘fertility’ of the anomalies (gold + pathfinder elements) prior to potential deeper drill testing.
Lady Isle target
Meanwhile, buoyed by positive results from a previous maiden diamond hole at the Lady Isle prospect, the company is currently progressing an RC drilling programme with increased confidence in the potential for a large gold-copper porphyry discovery.
The RC drilling is focused on testing zones along strike from the diamond hole including areas of strong chargeability anomalism. While wet weather has slowed drilling progress, four holes have now been completed for a total of 1129m, with approximately nine holes remaining.