Magmatic Resources (ASX:MAG) has released its latest exploration updates for its 100%-owned Parkes and Wellington North Projects in central New South Wales.
The focus at the Parkes Project's Black Ridge prospect has identified a significant copper trend extending for 6km, highlighted by rock chip sampling results yielding up to 7.4% copper. Further analysis has revealed a potential exploration hotspot.
"The new rock chip results include multiple high-grade samples focused on an area extending over approximately 1.5 kilometres in central-southern Black Ridge," said Adam McKinnon, Managing Director of Magmatic Resources.
The area exhibits numerous historic workings, pointing to strong copper potential. Magmatic has completed a 23 line-kilometre pole-dipole induced polarisation geophysical survey at Black Ridge.
The initial modelling from this survey has shown multiple moderate to strongly chargeable features aligned with known geological and geochemical anomalies, paving the way for future drill targeting.
In addition to the Parkes Project, Magmatic is set to commence drilling at the Rose Hill prospect within its Wellington North Project.
With four planned holes of approximately 250m each, the objective is to target shallow copper-gold mineralisation along the strike from prior drilling results.
The developments underscore Magmatic's ongoing commitment to expanding its discovery potential in the East Lachlan districts.
The company continues to push forward with its extensive exploration efforts, which are a critical part of its growth strategy.
At the time of reporting, Magmatic Resources’ share price was $0.068.