Magmatic Resources delivered solid gold assay results at its Weebo Project in WA, while progressing a $3.5 million JV drilling program at Myall with FMG Resources in NSW. The company bolstered its technical team amid steady cash reserves.
- High-grade gold intercepts at Weebo’s Ockerburry and Scone Stone
- Myall JV launches 14-hole diamond drilling targeting copper-gold porphyries
- No field activity at Wellington North and Parkes projects this quarter
- New appointments: Chief Technical Adviser and Weebo Exploration Manager
- Cash position steady at $6.63 million
Weebo Gold Project Delivers Encouraging High-Grade Gold Intercepts
Magmatic Resources (ASX:MAG) has reinforced the prospectivity of its Weebo Gold Project in Western Australia with assay results from Phase 2 air-core (AC) and reverse circulation (RC) drilling. The standout is the Ockerburry Prospect, where drilling along a 5km northeast-striking corridor has returned multiple significant gold intercepts, including 1m at 19.4 g/t Au from 93m and 8m at 3.31 g/t Au from 47m. This corridor sits in a stratigraphic position analogous to Northern Star’s 2.6 million ounce Thunderbox deposit, underscoring its exploration potential.
Meanwhile, the Scone Stone Prospect’s RC drilling confirmed gold mineralisation remains open at depth and along strike, with notable intercepts such as 6m at 2.40 g/t Au from 80m and 10m at 1.13 g/t Au from 112m. Early-stage AC drilling at West Gold, Scholls Find, and Wheel of Fortune prospects also yielded anomalous gold results, suggesting structural controls worthy of follow-up.
The Weebo Project, positioned amid five multi-million-ounce gold mines in the Yandal Greenstone Belt, has seen over 8,400m of AC and 4,300m of RC drilling completed across multiple prospects during 2025. These results build on earlier announcements and confirm the shallow supergene gold mineralisation with potential for deeper hard rock targets yet to be fully tested. The company has also applied for additional tenements adjacent to its current holdings, aiming to expand its footprint in this prolific region.
These latest Weebo results follow a series of encouraging drill hits reported earlier this year, reinforcing Magmatic’s strategy to unlock value from this strategically located project. The company’s technical team has been strengthened with the appointment of Darin Rowley as Weebo Exploration Manager, bringing over two decades of gold exploration experience to advance these targets.
Myall JV with FMG Resources Commences Significant Diamond Drilling
In New South Wales, Magmatic and its joint venture partner FMG Resources Pty Ltd, a Fortescue Metals Group (ASX:FMG) subsidiary, approved a $3.5 million exploration budget for the 2026 financial year at the Myall Project. The centerpiece is a 14-hole diamond drilling campaign totaling 5,000m that commenced in January. This program targets geochemical anomalies and magnetic features interpreted to be prospective for Northparkes-style copper-gold porphyry deposits.
The drilling is testing key prospects including Calais, Interceptor, Barina, and Gemini. Previous drilling at Calais intersected 10.8m at 0.39% copper and 0.07 g/t gold near the end of a hole, while Barina and Gemini have historic high-grade gold intercepts. Results from this diamond drilling program are eagerly awaited and expected to provide critical insights into the project’s porphyry potential.
This program builds on the maiden Inferred Mineral Resource Estimate released in 2023 for the Corvette and Kingswood prospects within the Myall JV, which reported 110Mt at 0.33% copper equivalent. Fortescue’s involvement, including its 18.77% stake in Magmatic, underscores the strategic importance of this JV and the potential scale of mineralisation in the East Lachlan region.
Wellington North and Parkes Projects Remain on Hold
No field-based work was carried out during the quarter at Magmatic’s Wellington North and Parkes Projects. Wellington North covers the northern extension of the Molong Volcanic Belt, adjacent to the Boda copper-gold discovery and near Newmont’s Cadia Gold Mine, Australia’s largest gold operation. Historical drilling at Wellington North has intercepted encouraging porphyry-style mineralisation, but further work awaits.
The Parkes Project, located near Alkane Resources’ Tomingley Gold Operations, holds early-stage gold targets along the Parkes Fault Zone. Despite no recent drilling, the project remains strategically positioned near significant gold discoveries, including Roswell and San Antonio. Magmatic has expanded its ground position here with new licence applications extending tenure southwards.
Corporate Moves and Financial Position
Magmatic strengthened its leadership with the appointment of Dr Craig Feebrey as Chief Technical Adviser. Feebrey brings over 30 years of global exploration experience, including senior roles at OceanaGold and Gold Fields, with direct knowledge of both the NSW copper-gold projects and WA goldfields. This appointment aims to accelerate technical progress across Magmatic’s portfolio.
Additionally, Darin Rowley’s appointment as Weebo Exploration Manager adds depth to the company’s on-ground expertise. On the corporate front, CFO Mike Franklin retired during the quarter, with financial management functions now supported by external advisers under board oversight. The company’s cash balance stood at a healthy $6.63 million at quarter-end, supporting ongoing exploration activities.
Magmatic’s quarterly exploration expenditure was $1.77 million, reflecting active programs in WA and NSW. The company also presented at the RIU Explorers Conference in Fremantle, signalling its intent to maintain market engagement as it advances its exploration pipeline.
Magmatic’s recent drilling and JV developments align with its strategy to build a diversified portfolio of gold and copper assets in Australia’s premier mineral provinces. The company’s progress at Weebo and Myall will be critical to watch as assay results from the Myall diamond drilling are expected imminently, potentially unlocking new dimensions to its copper-gold potential.
These updates follow prior announcements of robust gold mineralisation at Weebo and the launch of the Myall drilling program with FMG, establishing a narrative of steady exploration advancement and strategic partnerships for Magmatic Resources.
Bottom Line?
Magmatic’s March quarter sets the stage for pivotal assay updates at Myall and continued drilling at Weebo, with technical leadership bolstering its exploration momentum.
Questions in the middle?
- Will upcoming Myall diamond drilling assays confirm Northparkes-style porphyry potential?
- How will Magmatic prioritise follow-up drilling at Weebo’s hard rock gold targets?
- What impact will CFO retirement and external financial management have on operational efficiency?