Magmatic Resources Limited (ASX:MAG)
Magmatic Resources Ltd (ASX:MAG) is a gold and copper explorer. In 2014, Magmatic completed the acquisition of an advanced gold-copper target portfolio in the East Lachlan from Gold Fields Limited. Gold Fields had completed a major phase of target generation and had identified over 60 targets.The East Lachlan is most famous for the Newcrest Mining (ASX:NCM) Cadia Valley District, where currently the Cadia East Mine represents Australia’s largest gold mine and one of the world’s most profitable gold producers.
In addition, the North parkes copper-gold porphyry cluster (China Molybdenum/Sumitomo, CMOC 2019) and Cowal Epithermal Deposit (Evolution Mining, Evolution 2018) represent other significant long-life mining operations. The recent Boda porphyry discovery by Alkane Resources Ltd (ASX:ALK) in September 2019 has highlighted the value of Magmatic’s surrounding tenure position in the northern Molong Belt.
The Boda discovery has highlighted the surface signature of porphyry mineralisation in the area and has significantly upgraded Magmatic’s target portfolio for Boda-style and Cadia East-style porphyry gold-copper mineralisation.The Company also holds a strategic position in the Parkes Fault Zone (Parkes Project), immediately south from Alkane’s Tomingley Gold Operations and recent Roswell and San Antonio discoveries.
Magmatic also holds a major shareholding in central Lachlan gold-copper explorer Australian Gold and Copper Ltd (ASX:AGC).