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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:BGL,OTC 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.
