Ticker: ASX: MAG
Project Stage: Exploration
Commodities: Gold, Copper
In 2014, Magmatic completed a counter cyclical acquisition of an advanced gold-copper target portfolio in the East Lachlan Gold-Copper Province in New South Wales, Australia.
The acquisition formed a part of a global divestment by Gold Fields Limited and followed a major phase of target generation across four main projects (Wellington North, Parkes, Myall, Moorefield).
The East Lachlan has an endowment of more than 80 million ounces of gold and 13 million tonnes of copper (Phillips 2017). It is most famous for Newcrest’s world class porphyry gold-copper cluster at Cadia Valley, where the Cadia East Mine currently represents Australia’s largest gold mine and one of the world’s most profitable gold producers (A$1.4B free cash FY19, Newcrest 2019). In addition, the Northparkes porphyry cluster (3.8Moz Au, 3.4Mt Cu – China Molybdenum/Sumitomo, CMOC 2018) and Cowal Deposit (>11Moz Au – Evolution Mining, Evolution 2018) also represent significant long-life mining operations.
The recent Boda Discovery by Alkane Resources Ltd has highlighted the region’s potential for further Tier 1 discoveries. In particular, this discovery demonstrates the potential of the northern Molong Belt for major porphyry gold-copper discoveries where the company holds an advanced target portfolio and dominant tenure position.
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