Chasing “Boda” style targets in NSW.
Magmatic Resources (ASX:MAG) has achieved early success in its search for “Boda” style drill targets at the Boda North prospect in New South Wales.
The Boda North target area represents the northern extension of the Boda Porphyry Belt, located five km along strike from the Boda Porphyry Discovery.
Managing Director, Peter Duerden, said Magmatic elected to fast-track assessment of the area’s potential for Boda-style Au-Cu porphyry mineralisation by undertaking an IP geophysical survey to identify chargeable features, which were an important exploration criteria during the Boda Porphyry discovery.
The survey’s results indicate a strong chargeability feature, beneath shallow transported cover, currently defined over >800m x 500m and open to the north.
Exploration activity at Boda North will now seek to assess the ‘fertility’ of the anomaly (gold + pathfinder elements) via shallow drilling, prior to potential deeper drill testing.
Mr Dueden said ongoing results from the nearby Lady Ilse District demonstrate the effectiveness of the exploration strategy, where porphyry-style mineralisation and alteration has recently been identified beneath a fertile pyrite zone associated with a large open chargeability anomaly.
Magmatic’s 100%-owned Wellington North Project covers the northern extension of the Molong Volcanic Belt, located ~110km north and along strike from Newcrest’s world-class Cadia Valley porphyry gold-copper deposits and surrounding Alkane Resources’ recent Boda Discovery.
The project comprises three exploration licences that essentially surround the Boda discovery, covering 177 sq. km and is considered highly prospective for gold-copper porphyry, gold epithermal and lode style gold mineralisation.
