Next Investors logo grey

Magmatic releases drill results from Carlisle Reefs


Published 17-OCT-2017 14:18 P.M.


1 minute read

Hey! Looks like you have stumbled on the section of our website where we have archived articles from our old business model.

In 2019 the original founding team returned to run Next Investors, we changed our business model to only write about stocks we carefully research and are invested in for the long term.

The below articles were written under our previous business model. We have kept these articles online here for your reference.

Our new mission is to build a high performing ASX micro cap investment portfolio and share our research, analysis and investment strategy with our readers.

Click Here to View Latest Articles

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.

Next Investors Image

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.

Next Investors Image



General Information Only

S3 Consortium Pty Ltd (S3, ‘we’, ‘us’, ‘our’) (CAR No. 433913) is a corporate authorised representative of LeMessurier Securities Pty Ltd (AFSL No. 296877). The information contained in this article is general information and is for informational purposes only. Any advice is general advice only. Any advice contained in this article does not constitute personal advice and S3 has not taken into consideration your personal objectives, financial situation or needs. Please seek your own independent professional advice before making any financial investment decision. Those persons acting upon information contained in this article do so entirely at their own risk.

Conflicts of Interest Notice

S3 and its associated entities may hold investments in companies featured in its articles, including through being paid in the securities of the companies we provide commentary on. We disclose the securities held in relation to a particular company that we provide commentary on. Refer to our Disclosure Policy for information on our self-imposed trading blackouts, hold conditions and de-risking (sell conditions) which seek to mitigate against any potential conflicts of interest.

Publication Notice and Disclaimer

The information contained in this article is current as at the publication date. At the time of publishing, the information contained in this article is based on sources which are available in the public domain that we consider to be reliable, and our own analysis of those sources. The views of the author may not reflect the views of the AFSL holder. Any decision by you to purchase securities in the companies featured in this article should be done so after you have sought your own independent professional advice regarding this information and made your own inquiries as to the validity of any information in this article.

Any forward-looking statements contained in this article are not guarantees or predictions of future performance, and involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, and which may cause actual results or performance of companies featured to differ materially from those expressed in the statements contained in this article. S3 cannot and does not give any assurance that the results or performance expressed or implied by any forward-looking statements contained in this article will actually occur and readers are cautioned not to put undue reliance on forward-looking statements.

This article may include references to our past investing performance. Past performance is not a reliable indicator of our future investing performance.