Magmatic Resources Validates Gold-Bearing Lodes at Weebo Project with Successful Phase 3 Drilling Results

Strategic Location of Weebo Project in Western Australia's Gold-Rich Belt

Magmatic Resources' Weebo Project covers 270 square kilometres in Western Australia, situated centrally within one of the nation’s most prolific gold regions. The project lies amid five major multi-million-ounce gold mines operated by leading Australian miners, including Vault Minerals Ltd’s Darlot mine, Gold Fields Ltd’s Agnew–Lawlers gold mine, Bellevue Gold Ltd’s Bellevue operation, and Northern Star Resources Ltd’s Bronzewing and Thunderbox deposits.

This prime geographic setting underscores the project’s exploration potential, with multiple established gold mines nearby demonstrating the prospective nature of the geological terrain. Magmatic Resources states that Weebo aligns with its goal to deliver significant new gold discoveries, offering investors insight into the project’s promising exploration prospects within this well-known mining precinct.

Otto 2 Prospect: Verification of Bedrock Gold Lodes Below Sediment Cover

The Otto 2 prospect produced promising Phase 3 reverse circulation drilling results, confirming several contiguous gold-bearing lodes beneath Permian sediment cover. Two RC holes totaling 492 metres followed up a historic intercept of 7 metres at 2.15 g/t gold from 164 metres depth. Phase 3 drilling intercepted 6 metres at 1.96 g/t gold from 137 metres, including 4 metres at 2.74 g/t from 139 metres, and a further 3 metres at 3.67 g/t from 180 metres, including 2 metres at 4.92 g/t.

Geological logging indicates these intercepts occur within strongly sheared and foliated ultramafic schist hosting quartz veins with up to 30% coarse pyrite and pyrrhotite. The lode geometry suggests a shallow dip, supported by consistent gold intercepts across sections, hanging wall basalt orientation, magnetic gradients, and a 3D model showing a shallow lode intercepted 50 metres southeast in historic drilling. The gold-bearing structures remain open along strike north and south, indicating potential for further extensions.

Ockerburry Corridor: Evaluating a 5-Kilometre Mineralised Trend in Productive Stratigraphy

The Ockerburry prospects form a roughly five-kilometre mineralised corridor comprising four prospects (Ockerburry 1 to 4) defined by supergene gold anomalism exceeding 0.2 g/t in drill hole geology. These prospects lie in the same stratigraphic position as Northern Star Resources’ Thunderbox deposit, which contains over 2.5 million ounces of gold and is located about 24 kilometres south along the Ockerburry fault, providing a strong geological analogue.

Prior to Phase 3, only four drill holes tested bedrock gold mineralisation along this corridor. Phase 3 added two RC holes totaling 390 metres at Ockerburry 3, confirming a gold-bearing lode in hole OKRC020 with 8 metres at 1.52 g/t gold from 144 metres, and hole OKRC018 with 2 metres at 1.22 g/t from 151 metres. The lode is hosted in felsic schist with chloritic schist footwall and features smoky quartz–pyrite and arsenopyrite veins. Mineralisation remains open at depth and to the north, necessitating further drilling to define extents.

Scone Stone Prospect: Confirmation of Shallow Supergene Gold Mineralisation

Phase 3 drilling at Scone Stone confirmed shallow supergene gold mineralisation. Hole SCRC018 returned 6 metres at 3.4 g/t gold from 54 metres, including 1 metre at 13.9 g/t from 58 metres, while SCRC019 yielded 3 metres at 2.52 g/t from 38 metres. These relatively shallow intercepts contrast with deeper lodes at Otto 2 and Ockerburry 3, indicating gold structures at multiple depths within Weebo. The confirmed supergene style at Scone Stone may guide exploration strategies elsewhere in the project, enhancing overall resource potential.

Air Core Drilling Highlights Regional-Scale Gold Structures at West Gold and Wheel of Fortune

Alongside 2,112 metres of RC drilling, Magmatic Resources completed 90 air core holes totaling 4,479 metres during Phase 3. This program delineated regional-scale gold-bearing structures exceeding 700 metres in length at West Gold and Wheel of Fortune prospects, underscoring the substantial scale of mineralised systems at Weebo.

The air core drilling targeted regional anomalies to define mineralised structure extents warranting deeper follow-up drilling. These supergene gold anomalies have yet to be systematically tested for depth extensions and gold tenor, suggesting further drilling could unlock additional value. The identification of extensive structures points to significant exploration upside for future campaigns.

Phase 3 Drilling Program: Scope and Execution

The Phase 3 program advanced exploration across six Weebo prospects, completing 6,591 metres of drilling: 2,112 metres via reverse circulation in ten holes, and 4,479 metres via air core in ninety holes during May and June 2026. Targets included Otto 2, Ockerburry 1, Ockerburry 3, Scone Stone, West Gold, and Wheel of Fortune, reflecting a broad exploration commitment across the project.

The combined RC and air core approach enabled efficient testing of both deeper bedrock mineralisation and broader regional trends. Phase 3 results have shaped the company’s next steps, with follow-up drilling planned for September to October 2026 at Otto 2 to test lateral and depth extensions of identified gold lodes.

Management Insights and Future Plans Post-Phase 3

Magmatic Resources Managing Director David Richardson highlighted the success of Phase 3 RC drilling in intercepting bedrock gold-bearing lodes at Otto 2 and Ockerburry 3, and the AC drilling’s role in defining regional supergene gold anomalies at West Gold and Wheel of Fortune. He also confirmed the shallow gold mineralisation at Scone Stone.

Richardson expressed enthusiasm for resuming drilling at Weebo to pursue economic gold mineralisation. The planned September to October 2026 drilling at Otto 2 reflects the company’s commitment to building on Phase 3 successes. Investors will closely monitor this campaign for potential extensions of gold-bearing structures and progress toward defining an economic resource.

Geological and Mineralisation Characteristics Across Prospects

Phase 3 drilling revealed consistent geological styles across Weebo prospects, indicating a coherent mineralisation system. Otto 2 hosts gold in sheared, foliated ultramafic schist with quartz veins containing coarse pyrite and pyrrhotite. Ockerburry 3 features felsic schist-hosted lodes with chloritic schist footwall, characterized by smoky quartz–pyrite and arsenopyrite veins. Ockerburry 1 shows shear-hosted smoky quartz–pyrite–arsenopyrite veins.

The recurring quartz-pyrite-arsenopyrite vein assemblage may serve as a key indicator of gold mineralisation styles at Weebo, aiding exploration targeting and assessment of mineral continuity. Multiple mineralisation styles and host rocks across the 270-square-kilometre project suggest broad exploration potential beyond a single geological setting.

Upcoming Exploration and Development Plans at Weebo

Magmatic Resources plans further drilling from September to October 2026, beginning at Otto 2. This schedule allows time to analyze Phase 3 data and design follow-up drilling. Prioritizing Otto 2 aligns with management’s focus on this prospect, where significant bedrock gold-bearing lodes have been confirmed.

The upcoming drilling will likely target lateral and depth extensions of gold lodes and evaluate competing geological models regarding lode dip orientation. The company also intends to test extensions and depth potential of regional anomalies at West Gold and Wheel of Fortune, though timing remains unspecified. Investors will watch the next drilling phase for signs of continued mineralisation growth and progress toward an economic gold resource.

Exploration Risks and Resource Definition Challenges

While Phase 3 identified multiple gold-bearing lodes, Magmatic Resources acknowledges further drilling is needed to define lateral extents and resolve uncertainties about lode dip orientation. At Otto 2, a 3D model suggests shallow west-dipping lodes, but alternative steep west-dipping interpretations remain possible, impacting deposit geometry and size.

Reported intercepts represent discrete drill samples, and continuity into mineable ore bodies is yet to be established. Mineralisation remains open along strike and at depth in key prospects, indicating exploration upside but also uncertainty. Early-stage projects carry inherent risks in translating drill results into economically viable resources. Investors should note that gold intercepts do not guarantee development of a profitable mining operation.