Shallow Gold Mineralisation at Weebo Raises Questions on Resource Scale and Grade Upside

Exploration Success at Weebo

Magmatic Resources Limited has released promising results from its recent Phase 2 reverse circulation (RC) drilling program at the Weebo Gold Project in Western Australia. The drilling has confirmed the presence of shallow gold mineralisation at two key prospects, Ockerburry and Scone Stone, both situated along a 5-kilometre prospective corridor within the Norseman-Wiluna Greenstone Belt.

At the Ockerburry Prospect, 17 holes totaling nearly 2,000 metres intersected multiple zones of gold mineralisation, including standout hits such as 8 metres at 1.42 grams per tonne (g/t) gold from 55 metres depth and a high-grade 1 metre intercept at 19.4 g/t from 93 metres. These results validate the presence of both supergene and primary mineralised structures, suggesting a robust mineral system that remains open along strike and at depth.

Confirming the Exploration Model at Scone Stone

The Scone Stone Prospect, drilled over a strike length of approximately 800 metres, also delivered encouraging results. Ten holes drilled along the trend yielded significant gold intersections, including 10 metres at 1.13 g/t and 5 metres at 2.18 g/t gold. The mineralisation is associated with quartz-pyrite-arsenopyrite veining within a porphyry host rock, confirming the company’s exploration model and providing a clear target for higher-grade zones.

Magmatic’s Managing Director, David Richardson, highlighted the significance of these findings, noting that the results not only confirm the geological model but also provide confidence in the potential for further discoveries along the 5 km corridor. He emphasised the importance of the upcoming air-core drilling results, which are expected to test additional regional targets and could expand the known mineralised footprint.

Strategic Location and Next Steps

The Weebo Gold Project is strategically positioned near several multi-million-ounce gold mines operated by major players such as Northern Star Resources and Bellevue Gold. This proximity to established mining operations underscores the project’s potential to host economically viable gold deposits.

Phase 2 air-core drilling, comprising 115 holes and nearly 6,000 metres, is underway across multiple prospects including Ockerburry 1, 2, 3, 4, and others. Results from this program are anticipated by the end of January 2026 and will be critical in refining targets and guiding follow-up exploration efforts.

Overall, the Phase 2 RC drilling results represent a meaningful step forward for Magmatic Resources, reinforcing the prospectivity of the Weebo Gold Project and supporting the company’s strategy to delineate new gold resources in a highly prospective region.