Magmatic Resources (ASX:MAG), an exploration company focused on identifying significant gold discoveries within Western Australia’s highly prospective Yandal Greenstone belt, announced on 9 November 2026, further defining gold mineralisation at its wholly-owned Otto 2 prospect. The recent Reverse Circulation (RC) drilling program, comprising nine holes for 1,980 metres, yielded notable high-grade intercepts, including 5 metres at 7.78 grams per tonne gold (g/t Au) from 184 metres, which contained a higher-grade section of 2 metres at 18.2 g/t Au from the same depth in hole OTRC007. Another significant intercept in OTRC007 was 2 metres at 4.04 g/t Au from 144 metres, including 1 metre at 5.79 g/t Au.
The latest results confirm that gold mineralisation at Otto 2 is now defined along a 320-metre north-south strike length and remains open to the north, south, and at depth. Magmatic Resources’ Managing Director, Mr David Richardson, commented that the recent gold intercepts strongly correlate with geophysics and highlight the opportunity to continue drilling along strike to potentially define a high-grade gold deposit. He also emphasised the project’s 100% ownership by Magmatic Resources, which offers the potential to add significant value for shareholders.
The broader RC drilling program also included two holes at Ockerburry 3 and one at Scone Stone West. At Ockerburry 3, results included 3 metres at 0.7 g/t Au from 212 metres, defining a 100-metre NNW trend of mineralisation. Scone Stone West returned an intercept of 1 metre at 0.51 g/t Au from 55 metres. Looking ahead, Magmatic Resources plans to conduct a wireline logging survey at Otto 2 to confirm structural orientations, revise the geological model, and then design and implement further RC and/or diamond drilling to expand the known mineralisation. Wireline logging is also planned for the Ockerburry trend.
