Magmatic Resources starts Phase 3 drilling at Weebo Project
Magmatic Resources (ASX:MAG) commenced its Phase 3 drilling programme at the wholly owned Weebo Gold Project, located within the highly prospective Eastern Goldfields of Western Australia.
Building upon outcomes from the initial Phase 1 and Phase 2 exploration campaigns, this newly launched initiative encompasses a total of 6,745m of intensive drilling designed to advance multiple high-priority gold targets.
An aircore rig is actively operating on site to execute 5,000m of specialised drilling, which aims to evaluate both the lateral extension of known gold anomalies and the down-dip mineralisation.
The AC component will primarily focus on advancing the Wheel of Fortune 1, Wheel of Fortune 4, and West Gold prospects to a reverse circulation drill-ready status.
Concurrently, a systematic 1,745-metre RC drilling programme is scheduled to begin before the conclusion of the current quarter.
The subsequent phase is engineered as the critical next step to penetrate bedrock structures beneath extensive supergene anomalies across several key prospects, including Ockerburry 1 and 3, Scone Stone, Otto 2, and Sholl’s Find.
Magmatic Resources’ Managing Director, David Richardson, highlighted that the exploration campaign is steadily advancing an exceptional pipeline of early-stage targets within an under-explored terrain situated adjacent to multi-million ounce gold mines.
He noted that over the past twelve months, shallow supergene gold bodies have been defined over strike lengths, providing strong structural justifications for deeper bedrock exploration.
The company intends to release the highly anticipated Phase 3 drilling results to the market continuously as they are received.
At the time of reporting, Magmatic Resources’ share price was $0.029.
