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    Magmatic Resources Pens Deal to Acquire Weebo Gold Project

    Gabrielle De La Cruz
    Jun. 17, 2025 09:45AM PST

    Surrounded by five gold operations, the 136 square kilometre project offers promising exploration potential, with drilling expected to begin in the September quarter.

    Businessmen shaking hands over a pile of gold coins.
    youriy / Adobe Stock

    Magmatic Resources (ASX:MAG) said on Monday (June 16) that it has entered into an agreement to acquire 100 percent of the Weebo gold project in Goldfields, Western Australia, for AU$1.7 million.

    According to the company, Weebo covers 136 square kilometres, and the tenements of the project are held individually by Russell Geoffrey McKnight, Ross Frederick Crew and Christopher Crew.

    Payment will be made in two stages: the first stage will be for 70 percent of the value across six exploration licences, and the second stage will cover the remaining 30 percent for three exploration licences.


    “The Company is extremely pleased to add to its portfolio of projects with this exciting new gold property superbly located in the heart of W.A’s Yilgarn Goldfields,” said David Richardson, Magmatic's managing director.

    “The prospectivity of this area is highlighted by the proximity to five large gold mines and we believe the project area is underexplored, offering a great opportunity for new discoveries.”

    Located 30 kilometres southeast of Leinster and covering approximately 50 strike kilometres of the southern Yandal greenstone belt, Weebo sits in the middle of five gold mines, including Bellevue Gold's (ASX:BGLOTC Pink:BELGF) Bellevue operation, Vault Minerals' (ASX:VAU,OTC Pink:REDLF) Darlot and Gold Fields’ (NYSE:GFI) Agnew-Lawlers.

    Magmatic said Weebo offers a suite of exploration targets, from advanced drill mineralisation trends to recently located surface geochemical anomalies. Multiple conceptual gold targets are present at the site as well.

    Magmatic acquired its advanced gold-copper target portfolio from Gold Fields in 2014, with over 60 targets identified.

    This past April, the company restarted diamond drilling at its fully funded Myall farm-in joint venture project with Fortescue (ASX:FMG,OTCQX:FSUMF). Magmatic provided an updated on the New South Wales-based asset on June 6, saying it was closing in on a potential new copper-gold porphyry discovery at Myall's Calais target.

    “(Weebo) complements our gold and copper focused projects in New South Wales,” the company said.

    Drilling at Weebo is slated to commence in the September quarter, once the acquisition has closed.

    Don’t forget to follow us @INN_Australia for real-time news updates!

    Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.

    From Your Site Articles
    • 5 Biggest ASX Gold-mining Companies in 2025 ›
    • ​​Magmatic Closing In on Potential New Copper-Gold Porphyry Discovery at Calais ›
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    Gabrielle De La Cruz

    Gabrielle De La Cruz

    Writer

    Gabbie graduated with a journalism degree from Colegio de San Juan de Letran - Manila and has produced articles on a variety of topics, such as infrastructure, business and technology. Her creative portfolio includes written work on architecture, art and design. Gabbie covers the Australian market for the Investing News Network, focusing on the mining sector.

    When not in front of her desk, she is out scanning through vinyl records, exploring the international coffee culture and fighting for queer rights.

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    Gabrielle De La Cruz
    Gabrielle De La Cruz

    Writer

    Gabbie graduated with a journalism degree from Colegio de San Juan de Letran - Manila and has produced articles on a variety of topics, such as infrastructure, business and technology. Her creative portfolio includes written work on architecture, art and design. Gabbie covers the Australian market for the Investing News Network, focusing on the mining sector.

    When not in front of her desk, she is out scanning through vinyl records, exploring the international coffee culture and fighting for queer rights.

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