Magmatic has entered into an agreement to acquire 100 per cent of the Weebo gold project, with the project consisting of eight granted exploration licences.
One granted prospecting licence totals 136km² of tenure in the Tier One-Western Australian Goldfields mining jurisdiction.
Weebo is located 30km southeast of Leinster, covering 50 strike kilometres of the strongly gold mineralised southern Yandal Greenstone Belt.
“Magmatic is extremely pleased to add to its portfolio of projects with this exciting new gold property superbly located in the heart of WA’s Yilgarn Goldfields. The prospectivity of this area is highlighted by the proximity to five large gold mines, and we believe the project area is underexplored, offering a great opportunity for new discoveries,” Magmatic’s managing director David Richardson said.
“We have already put a local exploration team in place and expect to commence exploration drilling in the coming quarter. Magmatic is also committed to advancing our three projects in the East Lachlan NSW and are currently progressing a major drill program at the Myall project.”
Weebo offers a suite of exploration targets, from advanced drill defined mineralisation trends to recently located surface geochemical anomalies, as well as multiple conceptual gold targets.
Magmatic plans to start drilling at the project in September with heritage clearances in place and final programs currently being planned.
“Our four projects give shareholders exposure to both the gold and copper markets, with two potential Tier 1 gold-copper projects and now, two near surface gold projects in the heart of two of Australia’s most well endowed mining regions,” Richardson said.
Purchase consideration is $50,000 in cash, 36m Shares in MAG and up to 14m Performance Shares in MAG.
Weebo offers a full suite of prospects from advanced drill-defined targets to recently defined surface geochemical anomalies, and conceptual targets.
