Magmatic Resources delivered a strong June quarter with significant gold intercepts at its Weebo Gold Project in WA and anomalous copper at its Myall JV in NSW, maintaining a healthy $5.54 million cash position.
- 6,591m Phase 3 drilling at Weebo confirms multiple gold-bearing lodes
- Anomalous copper intersections at Myall Interceptor Prospect
- Further drilling planned at Weebo for September-October 2026
- No field work at Wellington North and Parkes projects this quarter
- Cash balance steady at $5.54 million with $1.67 million exploration spend
Weebo Gold Project Delivers Multiple Gold Lodes
Magmatic Resources (ASX:MAG) wrapped up a 6,591-metre Phase 3 drilling campaign at its Weebo Gold Project in Western Australia’s Eastern Goldfields, confirming significant bedrock gold mineralisation across several prospects. The program combined 2,112 metres of reverse circulation (RC) drilling with 4,479 metres of air core (AC) drilling, targeting six key prospects including Otto 2, Ockerburry, and Scone Stone.
Notably, RC drilling at Otto 2 returned high-grade intercepts such as 6 metres at 1.96 g/t gold from 137 metres and 3 metres at 3.67 g/t gold from 180 metres, confirming multiple contiguous gold-bearing lodes beneath Permian sediment cover. Similarly, Ockerburry 3 yielded 8 metres at 1.52 g/t gold from 144 metres, with mineralisation remaining open at depth and to the north.
At Scone Stone, an 800-metre corridor of supergene gold mineralisation was delineated, highlighted by a standout 1-metre intercept grading 13.9 g/t gold within a broader 6-metre intercept at 3.4 g/t gold. Air core drilling further delineated regional-scale gold-bearing structures exceeding 700 metres in length at West Gold and Wheel of Fortune prospects, validating surface geochemical anomalies and expanding the potential strike length to over 2,100 metres.
Magmatic plans to resume drilling at Weebo in September-October 2026, commencing at the Otto 2 prospect, aiming to further define the lateral and depth extents of these gold lodes. The company also completed a five-day aboriginal heritage survey, clearing key areas for upcoming exploration activities.
Myall JV Copper-Gold Program Advances with Anomalous Copper Intercepts
In New South Wales, Magmatic’s Myall Farm-in and Joint Venture Agreement with Fortescue Metals Group (ASX:FMG) saw the completion of its FY2026 exploration program under a $3.9 million budget. The campaign included 16 diamond drill holes totalling 6,240 metres and 42 AC holes for 4,169 metres.
The most significant results came from the Interceptor Prospect, approximately 1 kilometre south of the Corvette Kingswood inferred mineral resource estimate. Drill hole FMD0515 intersected a wide zone of magnetite-albite altered diorite with copper mineralisation including 7 metres at 0.19% copper from 223 metres and 36 metres at 0.10% copper and 0.03 g/t gold from 427 metres.
Additional diamond drilling at Barina returned 4 metres at 0.5 g/t gold from 395 metres, following up on historic high-grade intercepts. Air core drilling programs tested targets with Northparkes-style porphyry copper-gold potential, with best results including 4 metres at 0.1% copper from 92 metres at the FJ target. Final assay results from remaining holes are expected next quarter.
Wellington North and Parkes Projects Remain on Hold
No field-based work was undertaken during the quarter at the Wellington North and Parkes projects. Wellington North covers the northern extension of the Molong Volcanic Belt, adjacent to the Boda copper-gold discovery, while Parkes lies near the Parkes Fault Zone, close to Alkane Resources’ Tomingley Gold Operations. Both projects hold promising geological settings but remain in early stages of exploration.
Corporate and Financial Position
Magmatic ended the quarter with a cash balance of $5.54 million, following $1.67 million in exploration and evaluation expenditure. The company reported no substantive mining production activities during the period. Payments to related parties totalled $139,000, covering director fees and salaries.
Corporate governance saw the appointment of Alessandra Gauvin and Winton Willesee as joint company secretaries, replacing Andrea Betti. The registered office address was updated to Suite 5 CPC, 145 Stirling Highway, Nedlands, WA.
Bottom Line?
Magmatic’s robust drilling results at Weebo and steady progress at Myall underpin a promising exploration pipeline, with upcoming assays and planned September drilling poised to refine the company’s resource potential.
Questions in the middle?
- Will further drilling at Otto 2 and Ockerburry confirm extensions of high-grade gold lodes?
- How will pending assay results from Myall’s remaining holes influence the JV’s copper-gold resource outlook?
- What exploration strategies will Magmatic deploy to unlock the potential of Wellington North and Parkes projects?