Magmatic Resources (ASX:MAG) said it has received rock chip and drill cutting sample assays from a recent field trip at its Weebo gold project in Western Australia, according to a Monday Australian bourse filing.
The company said a sample of one meter at 48.1 grams per tonne grade of gold confirms high-grade primary quartz vein gold structures at the Scone Stone prospect.
The company has secured air-core drill contractors for a 2,500-meter program scheduled to commence in the last week of August.
The company has it has applied for four new exploration licences totalling 55 square kilometres adjacent to and along strike of the current Weebo Project.
The company's shares fell 4% in recent Monday trade.
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