Magmatic Resources RC Drilling at Otto 2 Returns 2m @ 18.2 g/t Gold from 184m

Anjali Anand

09 November 2026 03:33 PM AEDT

Magmatic Resources RC Drilling at Otto 2 Returns 2m @ 18.2 g/t Gold from 184m

Image Source: Krish Capital Pty Ltd

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Magmatic Resources (ASX:MAG) has reported high-grade gold intercepts from its recent Reverse Circulation drilling program at the Otto 2 prospect within the Weebo Project, with hole OTRC007 returning 5m at 7.78 g/t gold from 184 metres, including 2m at 18.2 g/t gold from 184 metres, according to a company filing dated 9 November 2026.

Key Points

Hole OTRC007 returned 5m at 7.78 g/t Au from 184m, including 2m at 18.2 g/t Au from 184m, and 2m at 4.04 g/t Au from 144m, including 1m at 5.79 g/t Au from 144m.
The RC program comprised 12 holes totalling 2,596m across Otto 2 (9 holes, 1,980m), Ockerburry 3 (2 holes, 412m), and Scone Stone West (1 hole, 204m).
Drilling to date defines gold mineralisation along strike for 320 metres, remaining open to the north, south, and at depth.
Next steps include a wireline logging survey to confirm structural orientations, followed by RC and/or diamond drilling to extend the known mineralisation zone.

Otto 2 August–September 2026 RC Drill Results

The RC drilling program at Otto 2 was carried out during August–September 2026 and was designed to test strike continuity of gold mineralisation. Nine RC holes for 1,980 metres were completed, with notable significant intercepts above 0.5 g/t gold including 4m at 0.74 g/t Au from 169m in OTRC005, 2m at 1.1 g/t Au from 161m and 1m at 1.38 g/t Au from 169m in OTRC008, and 4m at 1.56 g/t Au from 139m in OTRC010. The 2m at 18.2 g/t Au intercept in OTRC007 is hosted in quartz-pyrite veining with magnetite disseminated along vein edges, with quartz veining representing 50% of RC chips and pyrite logged as 25% of chips over a 2-metre drill width.

Gold Mineralisation Corridor and Structural Context at Otto 2

A gold mineralised corridor approximately 80 metres wide, dipping steeply west and hosting six gold-bearing lodes, has been interpreted from RC drill chip observations and assay results. The 320 metres of gold mineralised strike lies within a coincident Reduced to Pole aeromagnetic feature, relative gravity high, and induced polarisation chargeability anomaly. The IP chargeability anomaly has a strike length of approximately 800 metres, while the gravity high suggests potential for a further extended strike length. Hole OTRC008, an 80-metre south step-out from OTRC007, appears to have drilled east of the high-grade lodes, with high-grade gold mineralisation remaining potentially open to the south.

Weebo Project Location and Next Steps

The Weebo Project covers 270 square kilometres and is 100% owned by Magmatic Resources. Otto 2 is situated in the Archean Yandal Greenstone Belt, hosted by basalt and lesser ultramafic lithologies, with the tectonic-scale Ockerburry shear zone identified as the major controlling structure. Post-mineral Permian cover sequences ranging from 50 to 105 metres in vertical thickness unconformably overlie the Archean basement. The company stated that planned next steps at Otto 2 include wireline logging to collect structural information, revision of the geology model, and follow-up drilling to test plunge and strike continuity of mineralisation discovered to date.

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