Magmatic Resources Limited (ASX: MAG)
With several heavy-hitters in its corner, Magmatic Resources has been on an upward trend since listing in May this year.
MAG has four advanced projects in the historic and highly prospective East Lachlan Fold Belt in NSW.
It purchased these assets from the $41 billion Gold Fields Limited, the world’s seventh largest gold producer.
Interestingly Gold Fields remains a major 20% shareholder illustrating how valuable these assets may be and considering it has successfully spent $13.5 million exploring projects in the region, MAG has picked the right partner, in what looks to be the right place.
MAG has a very busy schedule to round out this quarter and recent news from the MAG camp would have both companies looking forward to imminent assay results.
Results released in October are highly encouraging and there are more to come over the following weeks and months, including results from its Parkes project which is backed by its other heavy-hitting partner JOGMEC, a division of the Japanese government.
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MAG has several irons in the fire and looks to be preparing a surplus of potentially market-moving announcements very soon.
This tightly held company is valued at just $10.8 million is up and running and moving full steam ahead to the end of the year as it looks to prove up its assets and push its cap higher.