Magmatic Resources Reveals Promising Copper Discoveries at Black Ridge
MAG (MAG) Share Update July 2024 Wednesday 31st
Magmatic Resources Confirms Significant Copper Potential at Black Ridge
Magmatic Resources Limited (ASX: MAG) has announced promising results from recent sampling at the Black Ridge copper trend, part of its 100%-owned Parkes Project in New South Wales, Australia.
Instant Summary:
- Reconnaissance mapping and sampling resumed at Black Ridge copper trend.
- Black Ridge is located 15 km southeast of the Northparkes Copper Mine.
- Surface copper-gold-silver anomalies extend over six kilometers.
- Recent rock chip sampling returned up to 6.5% copper.
- The trend remains largely untested beyond surface expressions.
- Further work includes mapping, soil sampling, rock chip sampling, and a 23 line-kilometer IP survey.
Project Overview
Magmatic Resources Limited has resumed exploration activities at the Black Ridge copper trend, part of its 100%-owned Parkes Project. The Black Ridge prospect is located 15 kilometers southeast of the Northparkes Copper Mine and features surface copper-gold-silver anomalies extending over six kilometers parallel to the Parkes Thrust.
Recent reconnaissance mapping and sampling efforts have confirmed the presence of significant copper mineralization. The trend includes multiple small-scale historic workings with outcropping copper mineralization coinciding with a large-scale copper-in-soil anomaly, defined by portable XRF sampling.
Sampling Results
Recent rock chip sampling along the trend has returned strong results, including up to 6.5% copper from minor unnamed workings at the southern end of the trend. The trend remains largely untested beyond surface expressions, with previous drilling limited to three closely spaced RC holes at a single location.
Further exploration work at the Black Ridge prospect will include detailed mapping, soil sampling, and additional rock chip sampling. A 23 line-kilometer induced polarization (IP) survey is scheduled to commence in August, aiming to identify priority drill targets.
Company Position
Magmatic Resources is well-positioned to accelerate its exploration efforts at Parkes, with the Myall Project to the north now fully funded through a joint venture with Fortescue and $6.34 million in cash at hand as of the last quarter. The company's Managing Director, Dr. Adam McKinnon, expressed optimism about the potential of the Black Ridge prospect, noting its proximity to the Northparkes Mine and the fertile geological setting.
Dr. McKinnon stated, 'I am very pleased to see on-ground exploration work recommencing at our 100%-owned Parkes Project. The Black Ridge prospect is one of the many targets at Parkes that has the potential to develop into a major new discovery. Located only 15 kilometers southeast of the Northparkes Mine, in rocks that are clearly fertile, I’m actually a little surprised how under-explored the region has been.'
'Black Ridge combines kilometer-scale copper-in-soil anomalism, fantastic results from recent rock chip sampling, and historic workings with outcropping mineralization. With further work at the prospect to include a major IP geophysical survey, I am excited to see what the area may produce.'
The confirmation of significant copper potential at Black Ridge is likely to have a positive impact on Magmatic Resources' stock. The strong sampling results and the planned extensive exploration activities could attract investor interest and boost confidence in the company's exploration strategy.
Investor Reaction:
Analysts are expected to react positively to the news, given the promising sampling results and the strategic location of the Black Ridge prospect. The planned IP survey and further exploration work could lead to new discoveries, enhancing the company's value proposition.
Conclusion:
Investors should keep an eye on Magmatic Resources' upcoming exploration activities at Black Ridge and the results of the IP survey. The company's strategic efforts to unlock the potential of this under-explored region could yield significant returns. Stay informed about Magmatic Resources and consider the potential long-term benefits of their exploration projects.