Magmatic Resources confirms copper potential over 6 kilometres at Black Ridge

08/01/24 • 4 min

Magmatic Resources Ltd (ASX:MAG) managing director Adam McKinnon joins Jonathan Jackson in the Proactive studio after sampling confirmed copper potential over a 6 kilometre trend at the Black Ridge prospect of ther Parkes Project. 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. This work is part of the company's increased exploration activities across its East Lachlan projects, following a Farm-in and JV Agreement at the Myall Project with Fortescue and successful placements in March and May 2024. Black Ridge prospect, 15 kilometres southeast of the Northparkes Copper-Gold Mine, displays surface copper-gold-silver anomalism over a six-kilometre zone parallel to the Parkes Thrust. Historic small-scale workings and outcropping copper mineralisation characterise the area, which has shown promising rock chip sampling results. Despite these findings, the trend remains largely untested below the surface, with only three closely spaced RC holes drilled previously. Further work at Black Ridge includes mapping, soil sampling, rock chip sampling and a 23 line-kilometre induced polarisation (IP) survey starting in August to identify priority drill targets. Magmatic is well-positioned to accelerate exploration efforts at Parkes with funding secured through the Fortescue JV and $6.34 million cash at hand at the end of the last quarter. #ProactiveInvestors #MagmaticResources #ASX #ParkesProject #ExplorationUpdate #CopperGold #BlackRidge #NorthparkesMine #GeophysicalSurvey #MineralExploration #RockChipSampling #InducedPolarisation #MyallProject #FortescueJV #Mining #ResourceDevelopment #MineralProspecting #CopperAnomalism #GeologicalSurvey #MiningNews #ExplorationEfforts #ResourceSector #invest #investing #investment #investor #stockmarket #stocks #stock #stockmarketnews

Previous Episode

Intra Energy Corporation completes RC drilling at Maggie Hays Hill

Intra Energy Corporation Ltd (ASX: IEC) managing director Ben Dunn joins Jonathan Jackson the Proactive studio to discuss the conclusion of reverse circulation (RC) drilling at its high-priority Maggie Hays Hill (MHH) Project in the Lake Johnston Greenstone Belt, Western Australia. The project includes a 2.5-kilometre southern pegmatite lithium target and central and northern gold targets. The drilling program covered 1,960 metres, with 1,300 metres testing lithium targets and 660 metres for gold targets. The lithium drilling, focused on the southern pegmatite target, addressed a significant soil and outcrop anomaly similar to TG Metals Ltd's Burmeister spodumene discovery. Thirteen holes were drilled across 1,300 metres, intersecting multiple pegmatites over a 2-kilometre strike length, with combined intervals up to 19 metres in some holes. Gold target drilling, covering 660 metres, intersected quartz veins in several holes near previous gold mineralisation sites. Drill samples have been sent to the laboratory, with results expected in early September. The campaign has been described as a "resounding success", with Dunn expressing satisfaction with the initial geological reports and the extent of pegmatite and quartz findings, indicating that assay results are highly anticipated in early September. #ProactiveInvestors #IEC #MaggieHaysHill #Lithium #Gold #Mining #Drilling #WesternAustralia #GreenstoneBelt #Exploration #RCDrilling #Pegmatite #QuartzVeins #MiningNews #ASX #Geology #ResourceDevelopment #MineralExploration #Investing #MiningIndustry #FieldReports #invest #investing #investment #investor #stockmarket #stocks #stock #stockmarketnews

Next Episode

Electric Guitar CEO discusses joint venture with Exelia to build new AI-driven products

Electric Guitar PLC (AIM:ELEG) CEO John Regan talked with Proactive's Stephen Gunnion about Marcomms.ai, the company's new joint venture with Exelia Technologies Limited, focusing on AI-driven products. He explained that Electric Guitar PLC aims to capitalise on changes in digital advertising caused by new privacy legislation and shifting attitudes. The company's recent acquisition, 3radical, has technology that adapts website content based on user behaviour to enhance customer engagement and return on investment (ROI). Regan highlighted the importance of processing data to build algorithms that can predict user needs and tailor website experiences accordingly. The joint venture with Exelia, a company specialising in machine learning and AI, aims to leverage over a billion data points collected by 3radical to develop advanced algorithms. These algorithms will help advertisers and marketers better understand and cater to their website visitors, improving the overall user experience and boosting ROI. One key market opportunity identified by Regan is the growing focus among CMOs on gathering first-party data and enhancing website visitor experiences. The new AI algorithms will be integrated into the existing 3radical Voco platform and offered as a standalone product to other users. Regan also mentioned the development of their first product with Exelia, which aims to deliver significant insights within the next three months. For more updates and insights from industry leaders, visit Proactive's YouTube channel. Don't forget to like the video, subscribe to the channel, and enable notifications for future content. #ElectricGuitarPLC #JohnRegan #AIProducts #DigitalAdvertising #DataPrivacy #3radical #MachineLearning #CustomerEngagement #ROI #Exelia #ProactiveInterview#ProactiveInvestors #invest #investing #investment #investor #stockmarket #stocks #stock #stockmarketnews