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Highlights
Magmatic Resources (ASX:MAG) to acquire the Weebo Gold Project in Western Australia’s eastern Goldfields
Agreement includes issuance of shares, exploration commitments, and staged payments
Acquisition strengthens Magmatic’s regional presence near five large-scale gold operations
Magmatic Resources (asx:mag), listed on the ASX 200, has expanded its gold exploration footprint by entering into a binding agreement to acquire the Weebo Gold Project, situated in the eastern Goldfields region of Western Australia. The acquisition adds a prospective exploration asset to the company's growing portfolio of gold and copper tenements across the country.
Overview of the Weebo Gold Project
The Weebo Project spans a landholding of approximately one hundred square kilometres and hosts a diversified suite of exploration prospects. These include advanced drill-defined mineralised zones, surface geochemical anomalies, and early-stage conceptual targets. The project’s geology aligns with major structures and mineralised corridors observed in the region, adding significance to the acquisition.
Magmatic has entered the agreement with three private vendors and will issue equity and performance rights aligned with staged exploration milestones. The terms also include a nominal cash component at the first stage and additional expenditures committed to ground exploration and tenement renewals in the subsequent phase.
The tenements are located in a mineral-rich zone adjacent to five operating gold mines, enhancing the project’s geological appeal. Completion of the transaction is subject to standard regulatory conditions and is expected by mid-year.
Planned Exploration and Resource Development
Magmatic has confirmed the establishment of an exploration team on site and outlined plans to initiate drilling programs within the coming quarter. The campaign will focus on validating historical data, testing surface anomalies, and advancing drill-ready targets across the tenement.
The company aims to leverage its technical expertise and regional understanding to accelerate resource development activities. The Weebo acquisition is aligned with Magmatic’s strategy of securing underexplored assets with proximity to established mining infrastructure.
Parallel Acquisition of Northern Goldfields Resources
In a parallel strategic move, Magmatic has entered into a share sale agreement to acquire Northern Goldfields Resources, a privately held company with complementary exploration interests. Under the terms of the agreement, Magmatic will issue new shares in two stages. The issued shares will be under a voluntary escrow arrangement spanning a year.
This acquisition is expected to integrate additional exploration opportunities and provide synergy with Magmatic’s broader project portfolio. The consolidation of assets positions the company to expand its presence in key mineral provinces.
Company Profile
Magmatic Resources (asx:mag) is focused on the exploration and development of gold and copper assets across Australia. The company operates several projects targeting Tier-1 mineral belts and employs a systematic exploration model grounded in geophysics, geochemistry, and structural geology.
The recent project acquisitions underscore the company’s commitment to growing its resource base through disciplined exploration and strategic tenement acquisition.
