Magmatic Resources confirms copper potential over 6 kilometres at Black Ridge

Proactive - Interviews for investors

Magmatic Resources Ltd (ASX:MAG) managing director Adam McKinnon joins Jonathan Jackson in the Proactive studio after sampling confirmed copper potential over a 6 kilometre trend at the Black Ridge prospect of ther Parkes Project. Strong results have been returned from recent rock chip sampling along the trend, including up to 6.5% copper from minor unnamed workings at the southern end of the trend. This work is part of the company's increased exploration activities across its East Lachlan projects, following a Farm-in and JV Agreement at the Myall Project with Fortescue and successful placements in March and May 2024. Black Ridge prospect, 15 kilometres southeast of the Northparkes Copper-Gold Mine, displays surface copper-gold-silver anomalism over a six-kilometre zone parallel to the Parkes Thrust. Historic small-scale workings and outcropping copper mineralisation characterise the area, which has shown promising rock chip sampling results. Despite these findings, the trend remains largely untested below the surface, with only three closely spaced RC holes drilled previously. Further work at Black Ridge includes mapping, soil sampling, rock chip sampling and a 23 line-kilometre induced polarisation (IP) survey starting in August to identify priority drill targets. Magmatic is well-positioned to accelerate exploration efforts at Parkes with funding secured through the Fortescue JV and $6.34 million cash at hand at the end of the last quarter. #ProactiveInvestors #MagmaticResources #ASX #ParkesProject #ExplorationUpdate #CopperGold #BlackRidge #NorthparkesMine #GeophysicalSurvey #MineralExploration #RockChipSampling #InducedPolarisation #MyallProject #FortescueJV #Mining #ResourceDevelopment #MineralProspecting #CopperAnomalism #GeologicalSurvey #MiningNews #ExplorationEfforts #ResourceSector #invest #investing #investment #investor #stockmarket #stocks #stock #stockmarketnews