(NewsDirect)
Magmatic ResourcesLtd (ASX:MAG) managing director Adam McKinnon joins the Proactivestudio after the junior explorer secured mining giant Fortescue Ltd(ASX:FMG) as a cornerstone investor. The Andrew Forrest-backed minersnapped up 76 million MAG shares at a 10% premium to net a near-20%interest in the precious and base metal player. In addition to theinvestment, a Fortescue subsidiary has committed $14 million over thenext six years to earn a 75% stake in MAG’s Myall copper-goldproject. With a mineral resource already boasting 293,000 tonnes ofcopper, 237,000 ounces of gold and 2.8 million ounces of silver,McKinnon says Myall has all the hallmarks of a tier-one deposit.
“We are excited tojoint venture and partner with Fortescue to advance our explorationefforts across the Myall Project area,” Magmatic executive chairDavid Richardson told shareholders on Friday.
“Myall has many of thesignatures of a Tier 1 copper-gold deposit and Magmatic has recognisedthe need to partner with a major to further advance the projectfollowing the maiden resource.
“Fortescue’s cornerstone investment in MAG will allow theCompany to simultaneously advance our other two projects at WellingtonNorth and Parkes which are strategically located near Alkane ResourcesBoda-Kaiser deposits and Tomingley Gold Operationsrespectively.”
ContactDetails
Proactive Investors
JonathanJackson
+61 413 713 744
jonathan@proactiveinvestors.com
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