Weebo Gold Project Faces Uncertainty Pending Phase 3 Drilling Results

Phase 3 Drilling Commences with Ambitious Scope

Magmatic Resources (ASX:MAG) has launched a substantial 6,745-metre Phase 3 drilling campaign at its Weebo Gold Project in Western Australia's Eastern Goldfields. The program combines 5,000 metres of Air Core (AC) drilling with 1,745 metres of Reverse Circulation (RC) drilling, aiming to build on encouraging results from earlier phases. The AC rig is already on site, with the RC rig expected before the quarter's end.

This campaign is designed to extend known gold anomalies and test for bedrock mineralisation beneath shallow supergene zones that were delineated during Phases 1 and 2. The focus is on advancing several early-stage prospects, including Wheel of Fortune 1 and 4, and West Gold, to a stage suitable for RC drilling.

Targeting High-Grade Bedrock Mineralisation

The 1,745 metres of RC drilling are concentrated on key bedrock targets such as Ockerburry 1 and 3, Scone Stone, Otto 2, and Sholl’s Find. At Ockerburry 3, the program will test a 600-metre-long supergene gold body coincident with strong arsenic and lead anomalies. Previous AC drilling returned notable intercepts including 12 metres at 5.13 g/t Au and 20 metres at 3.2 g/t Au, which underpin the rationale for RC testing beneath the supergene mineralisation.

Similarly, Scone Stone hosts an 800-metre-long supergene gold anomaly within a quartz-feldspar porphyry host, with prior RC holes intercepting up to 6 metres at 2.4 g/t Au. The upcoming drilling will extend these zones laterally and at depth, exploring the potential for a large tonnage porphyry-style deposit characteristic of the region.

At Otto 2, an early-stage target obscured by Permian glacial cover, two RC holes will test historic intercepts including 7 metres at 2.15 g/t Au, aiming to confirm the dip and orientation of mineralised structures. Sholl’s Find, a historic working with multi-ounce gold rock chips, will be tested with RC holes targeting steeply plunging high-grade shoots suggested by structural mapping.

Air Core Drilling to Refine Structural Targets

The bulk of the AC drilling, approximately 5,000 metres, will consist of 15 fences and targeted holes designed to define or extend gold anomalies across structures striking between 300 and 900 metres. This phase aims to refine the geometry and continuity of mineralised zones to identify further RC drill targets. Early-stage prospects including Westgold and Wheel of Fortune 1 and 4, characterised by anomalous gold in auger and AC samples, will also be tested for structural controls and gold mineralisation potential.

Magmatic’s Managing Director David Richardson highlighted the project's promise, noting that the exploration results to date exhibit all the hallmarks of a significant gold discovery. The company is advancing a pipeline of prospects in under-explored terrain adjacent to multi-million-ounce gold mines, with the Phase 3 program designed to unlock the potential of both shallow supergene and deeper bedrock mineralisation.

This drilling campaign builds on the company’s recent successes, including significant gold intersections reported in earlier phases and a broader footprint expansion at Weebo. The program’s progress follows Magmatic’s recent significant gold mineralisation confirmation and is timed alongside ongoing copper-gold exploration at the Myall Project, where Magmatic has also reported promising results and operational momentum scheduled to commence gold drilling.