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Magmatic Resources Limited (ASX:MAG)

ALERT: Price-sensitive ASX Announcement for MAG
Current share price for MAG : $0.016 -0.013 (-44.83%)+
Announcement
Release
21 May 2026 8:17AM
Price at Release
$0.029
Full Release
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Summary
Magmatic Resources Limited has initiated Phase 3 of its drilling program at the Weebo Gold Project located in the Eastern Goldfields region of Western Australia. This phase includes 1,745 metres of Reverse Circulation (RC) drilling focused on several key prospects such as Ockerburry 1 and 3, Scone Stone, and Sholl’s Find, targeting bedrock mineralisation under supergene anomalies. Additionally, 5,000 metres of Air Core (AC) drilling will test the extension of gold anomalies and down-dip mineralisation from previous exploration phases. The drilling aims to build on earlier phases, with indications of potential significant gold discoveries.
Key Points
  • Phase 3 drilling program commenced at the Weebo Gold Project in the Eastern Goldfields of Western Australia.
  • The program includes 1,745 metres of Reverse Circulation (RC) drilling targeting multiple prospects.
  • Prospects include Ockerburry 1 and 3, Scone Stone, Otto 2, and Sholl’s Find.
  • 5,000 metres of Air Core (AC) drilling to test gold anomaly extensions and down-dip mineralisation from previous phases.
  • RC drilling targets bedrock mineralisation under supergene anomalies.
  • The drilling campaign builds on results from Phase 1 and 2 drilling.
  • The exploration results show potential for a significant gold discovery at the Weebo Project.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.