Magmatic Resources Limited (ASX: MAG) has provided an update on activities at its 100%-owned Parkes Project, located 15km to the southeast of the Northparkes Copper-Gold Mine.
Reconnaissance mapping and sampling has recently recommenced over the Black Ridge copper trend on Magmatic’s 100%-owned Parkes Project, and strong results have been returned from recent rock chip sampling along the trend, including up to 6.5% copper from minor unnamed workings at the southern end of the trend.
Magmatic Resources’ managing director, Dr. Adam McKinnon, said, “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 15km southeast of the Northparkes Mine, in rocks that are clearly fertile, I’m actually a little surprised how under-explored the region has been.”
He continued, “Black Ridge combines kilometre-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 prospect is located 15km southeast of the Northparkes Copper Mine and comprises surface copper-gold-silver anomalism in a zone extending over 6km parallel to the Parkes Thrust.
The trend is almost entirely untested beyond the surface expression, with previous drilling comprising only three closely spaced RC holes at a single location. Further work at the prospect will include mapping, soil sampling, and rock chip sampling, with a 23-line kilometre induced polarization (IP) survey commencing in August to identify priority drill targets.
Additionally, the company is well placed to accelerate exploration efforts at Parkes with its Myall Project to the north now fully funded through the Fortescue JV and A$6.34M cash at hand at the end of the last quarter.
To find out more, please visit www.magmaticresources.com
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