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Magmatic Resources Limited (ASX:MAG)

ALERT: Price-sensitive ASX Announcement for MAG
Current share price for MAG : $0.020 -0.009 (-31.03%)+
Announcement
Release
22 Jul 2026 9:31AM
Price at Release
$0.029
Full Release
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Summary
Magmatic Resources Limited has announced substantial exploration results from their Phase-3 drilling at the Weebo Project, located within a strategic region that includes several major gold mines. The project, covering a substantial 270 square kilometers, revealed significant gold intercepts at various prospects including Otto 2, Ockerburry 3, and Scone Stone. Drilling results highlighted the presence of bed-rock gold lodes and extensive gold-bearing structures, enhancing the exploration potential of the Weebo Project. The company plans further drilling in late 2026 to continue defining the extent of the mineralisation. This announcement underscores Magmatic Resources' ongoing efforts to build upon historical exploration data, aiming to make significant gold discoveries in this promising geological setting.
Key Points
  • Magmatic Resources' Phase-3 drilling at the Weebo Project revealed significant gold intercepts across multiple prospects.
  • The Weebo Project covers 270 square kilometers and is strategically positioned amidst five multi-million-ounce gold mines.
  • Significant RC drilling results were obtained from Otto 2 and Ockerburry 3, highlighting bed-rock gold lodes.
  • AC drilling at West Gold and Wheel of Fortune identified extensive gold-bearing structures over significant strike lengths.
  • Further exploration drilling is planned for September-October 2026 to delineate the extent of mineralisation.
  • The project leverages historical exploration data to advance current drilling programs and expand exploration potential.
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.