Second time lucky for Magmatic as it drills for Moorefield gold
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Explorer Magmatic Resources is optimistic of its Moorefield gold prospects after a second round of drilling identified mineralisation as deep as 150m at Carlisle Reefs.
Magmatic (ASX:MAG) identified significant gold intercepts of up to 8.4 grams per tonne at the 40m mark beneath an old shaft, extending to as much as 166m, where there was a discovery of 3.5 grams per tonne.
Updated results identified higher grades than an initial round of drilling in June — though the news did little for the company’s shares on Tuesday morning which fell 1c to 13c in early Tuesday trade.
Carlisle Reefs are a historic goldfield in central NSW, north east of Condoblin, which features nearly 100 historic gold workings over an 800m x 800m area — though Magmatic is the first to drill.
The latest results have also identified several new gold zones including near the surface, as much as 200m from previous drilling areas.
Magmatic, which owns four gold and copper projects in Australia, listed in May after a $4 million initial public offering.
Its shares have fallen to 10c from a listing price of 20c.
Magmatic reported a $3.8 million loss last year and had $3.1 million left in the bank at the end of the period.