Weebo Maiden Drilling Yields Up to 5.24 g/t Gold; $3.5M Myall JV Budget Approved

Maiden Drilling Success at Weebo

Magmatic Resources Limited (ASX, MAG) has announced the completion of its maiden drilling program at the Weebo Gold Project in Western Australia's Eastern Goldfields. The program, comprising 3,192 metres of drilling including 743 metres of reverse circulation (RC) at the Scone Stone prospect and 2,446 metres of air-core drilling at Ockerburry, has confirmed the presence of high-grade gold mineralisation.

At Scone Stone, despite challenging hard ground conditions limiting drilling depth, seven RC holes revealed mineralised structures hosted within an intrusive quartz-feldspar porphyry unit. Notably, one hole returned 10 metres at 2.55 grams per tonne (g/t) gold, including 5 metres at 5.24 g/t. Meanwhile, the Ockerburry prospect delivered outstanding shallow gold intercepts, including 12 metres at 5.13 g/t gold from 66 metres depth, highlighting the potential for extensive mineralisation along a five-kilometre fault zone.

Strategic Follow-Up and Expansion Plans

Encouraged by these results, Magmatic is planning follow-up RC drilling at both Scone Stone and Ockerburry in early November 2025. Additional air-core drilling is also scheduled to test regional secondary targets such as the Otto Prospect. The company has applied for five new contiguous exploration licences, expanding its Weebo tenure from 115 square kilometres to 250 square kilometres, underscoring its commitment to advancing this promising gold project.

Progress at Myall Project Joint Venture

In New South Wales, Magmatic’s joint venture with FMG Resources Pty Ltd at the Myall Project has secured a $3.5 million exploration budget for the 2025-26 financial year. The program will focus on significant air-core and diamond drilling campaigns aimed at testing copper-gold porphyry targets. This JV arrangement, under which FMG can earn up to a 75% interest, continues to progress with detailed planning underway.

Corporate Developments and Financial Position

During the quarter, Magmatic completed the acquisition of the Weebo Gold Project, issuing 8.4 million fully paid ordinary shares and 4.2 million performance shares to vendors, subject to escrow conditions. Post-quarter, the company raised $3 million through a placement led by FMG Resources, increasing FMG’s stake from 18.32% to 19.9%. Magmatic ended the quarter with a healthy cash balance of $3.9 million and reported exploration expenditure of $779,000, positioning it well to fund upcoming exploration activities.

Magmatic’s Managing Director, David Richardson, highlighted the strategic importance of Weebo, located in a prolific gold belt surrounded by major mines, and expressed optimism about the potential for new discoveries following the maiden drilling results. The company’s focus on advancing both its Western Australian and New South Wales projects reflects a balanced approach to growth in gold and copper exploration.