Magma are named after what rocks. basaltic magma forms when rocks in the

 Basaltic magma (properly called mafic magma) forms in areas of the mantle where silica (SiO2) is low, but iron and magnesium is high. This usually and most famously occurs along spreading ridges, where oceanic crust is formed, but can occur anywhere -- including surface volcanoes, which can form flood basalts as we commonly know them.
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