Magmatic releases drill results from Carlisle Reefs

By Trevor Hoey. Published at Oct 17, 2017, in Mining

Magmatic Resources (ASX:MAG) has released drill results from the second round of its reverse circulation (RC) drilling program being conducted at the Carlisle Reefs gold prospect within its Moorefield project in central New South Wales.

A total of 14 RC drill holes were completed to follow-up the first round drill intercepts at the Central Vein Zone and SE Lode2, with a view to also testing other structural targets.

Carlisle Reefs is an historic goldfield dating from the 1930s which contains nearly 100 gold workings over an 800 metre x 800 metre area, including shafts, adits and drives. However, the area had not been drilled prior to MAG’s first drill program completed in June 2017.

The following illustrates the broader regional characteristics as well as highlighting some of the significant intercepts from drilling the Central Vein Zone.

The new and updated results have extended the gold mineralisation at the Central Vein Zone to 150 metres vertical from surface and it remains open at depth.

Yet the company is an early stage explorer and investors considering this stock for their portfolio should seek professional financial advice before making an investment decision.

The 1 metre re-split results have defined a higher-grade interval of 2 metres grading 8.44 grams per tonne gold that is 40 metres vertically beneath the projected position of an historic shaft.

New gold zones were also intersected in relatively shallow areas of mineralisation, which included a zone 200 metres south-west of the previously drilled area.

Significant intercepts from the latest results are listed below.

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