High-Grade Gold Hits at Weebo Raise Questions on Resource Scale and Next Steps

Early Drilling Success at Weebo

Magmatic Resources Limited has delivered encouraging results from its inaugural drilling program at the Weebo Gold Project, situated in the prolific Eastern Goldfields region of Western Australia. The maiden campaign, comprising over 3,000 metres of air-core and reverse circulation drilling, has confirmed the presence of extensive shallow gold mineralisation along a significant five-kilometre mineralised structure at the Ockerburry prospect.

Among the standout results, a single drill line at Ockerburry 3 returned multiple thick gold intersections, including 12 metres grading 5.13 grams per tonne (g/t) gold, with an 8-metre segment at an even higher grade of 7.60 g/t. These intercepts suggest a robust supergene gold system near surface, which could be highly amenable to cost-effective extraction methods.

Confirming Mineralised Structures at Scone Stone

At the nearby Scone Stone prospect, reverse circulation drilling has also confirmed high-grade mineralised structures hosted within an intrusive quartz-feldspar porphyry unit. Notable intersections include 10 metres at 2.55 g/t gold, with a 5-metre section grading 5.24 g/t. These results reinforce the prospectivity of the Weebo project area, which lies within a greenstone belt known for hosting multi-million-ounce gold mines such as Darlot, Agnew-Lawlers, and Bellevue.

Strategic Location and Next Steps

Weebo's location in the heart of the Norseman-Wiluna Greenstone Belt places it among some of the most productive gold mining operations in Australia. Magmatic’s Managing Director, David Richardson, expressed optimism about the drilling outcomes, highlighting the potential for further discoveries along the extensive mineralised structures. The company has already approved a budget for follow-up drilling, with a larger reverse circulation rig scheduled to commence work in early November. This next phase aims to infill and extend known mineralisation at Ockerburry and Scone Stone, as well as test additional regional targets with air-core drilling.

While the initial results are promising, the true widths of mineralisation remain to be fully defined due to drill orientation and geological complexity. Further drilling will be critical to delineate the size and grade continuity of the gold zones and to assess their economic potential. The company’s methodical approach, combining air-core and reverse circulation drilling, is designed to build a comprehensive geological model that can underpin future resource estimation.

Implications for Investors and the Gold Sector

Magmatic Resources’ early success at Weebo adds to the growing interest in junior explorers targeting underexplored greenstone belts with proven gold endowment. The confirmation of high-grade, shallow gold mineralisation enhances the project’s attractiveness and could position Magmatic as a notable player in the Eastern Goldfields exploration landscape. Market participants will be watching closely for the November drilling results, which could significantly impact the company’s valuation and strategic direction.