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Magmatic Resources Limited (ASX:MAG)

ALERT: Price-sensitive ASX Announcement for MAG
Current share price for MAG : $0.030 -0.015 (-33.33%)+
Announcement
Release
10 Sep 2025 8:40AM
Price at Release
$0.045
Full Release
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Summary
Magmatic Resources Limited has announced the commencement of its maiden drilling program at the Weebo Gold Project located in the Eastern Goldfields region of Western Australia. This program is set to target several advanced prospects, including approximately 2,000 metres of Reverse Circulation (RC) drilling at the Scone Stone prospect and 1,700 metres of air-core drilling at the Ockerburry prospect. The project is strategically situated among several multi-million-ounce gold mines, increasing the potential for significant gold discoveries. The exploration activities, which have been initiated following the extension of terms for the Stage 2 tenements, aim to provide geological insights that will inform more detailed drilling planned for later in the year. This exploration effort coincides with high gold prices, presenting an opportune moment for the company.
Key Points
  • Drilling commenced at Weebo Gold Project in Eastern Goldfields, WA.
  • Focus on advanced targets: Scone Stone and Ockerburry prospects.
  • Total of 3,700 metres of drilling planned.
  • Weebo Project is near several large gold mines, enhancing potential for discoveries.
  • Drilling aims to confirm geological features and mineralisation.
  • Program coincides with record high gold prices.
  • Budget approval for further drilling in November 2025.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.