Magmatic Resources Ltd (ASX:MAG) has delivered its strongest contiguous copper-gold intersection to date from its Corvette Prospect, situated within the Myall Project in New South Wales.
The company has received assays for the upper and middle portions of the diamond hole 23MYDD422 including:
- 355.2 metres at 0.38% copper, 0.09g/t gold and 5 parts per million (ppm) molybdenum from 146.8 metres;
- 241 metres at 0.45% copper, 0.11g/t gold and 7 ppm molybdenum from 261 metres;
- 26 metres at 0.60% copper, 0.44g/t gold and 2 ppm molybdenum from 316 metres; and
- 95 metres at 0.55% copper, 0.07g/t gold and 10 ppm molybdenum from 375 metres.
Notably, these results occur within a larger mineralised interval comprising 698.2 metres at 0.24% copper, 0.05g/t gold and 5ppm molybdenum from 146.8 metres, with further results for the lower portion of the hole currently pending.
Moving forward, Magmatic is targeting extensions to the north of the outstanding mineralisation in 23MYDD422 is expected to continue in mid-March following the receipt of pending assays and initial interpretation of the gravity survey data.
“Massive scale of the system”
Magmatic managing director Dr Adam McKinnon said: “The latest results from hole 422 are simply outstanding.
“Having decided to make our biggest step out at Corvette into the untested northern part of the prospect to intercept the strongest interval of copper-gold mineralisation so far is a great result for the program and speaks to the massive scale of the system.
“I am particularly pleased that, along with strong copper mineralisation, the last couple of holes have returned multiple zones with significant gold.
“Recent results from hole 421 have also shown very high-grade molybdenum mineralisation is present in the Corvette system, with individual grades up to 1,100 ppm.
“We are now starting to define portions of Corvette with copper-gold zones up to 600 metres wide and up to 800 metres deep, already suggesting the potential for a system with huge mineralised volumes at this early stage.
“Corvette continues to be open or poorly tested in all directions and I am very much looking forward to seeing what upcoming drilling to the north may yield.”
Drill summary
To date, Magmatic has completed ten diamond holes across 7,994 metres since the beginning of the high-impact drilling program at the Myall Project, with every hole so far intersecting mineralisation,
Drill hole 23MYDD422 was drilled approximately 105 metres north of Magmatic’s previous northernmost hole at Corvette (22MYDD416), representing a significant expansion to the mineralised footprint.
The strong mineralisation associated with 23MYDD422 remains completely untested to the north, to the east and at depth.
Final assay results have also been received for 22MYDD421, highlighting several strong molybdenum and gold zones in addition to copper:
- 168 metres at 0.18% copper, 0.02g/t gold and 28ppm molybdenum from 146 metres;
- 12 metres at 0.45% copper, 0.08g/t gold and 302ppm molybdenum from 146 metes;
- 11 metres at 0.30% copper, 0.55g/t silver and 4ppm molybdenum from 460 metres; and
- 70.6 metres at 0.36% copper, 0.07g/t gold and 4ppm molybdenum from 538.1 metres, including, 25 metres at 0.51% copper, 0.14g/t gold and 5ppm molybdenum from 582 metres.
Furthermore, a new diamond hole, 23MYDD424 has also been completed to a depth of 744.8 metres at the Kingswood Prospect, with assay results currently pending.
Forward plan
A close-spaced ground gravity geophysical survey has now started at Myall, covering an area of 7.5 square kilometres centred over the Kingswood-Corvette prospect area.
Along with levelling and merging the new high-resolution gravity dataset 65 stations (black crosses), Magmatic is also planning to reprocess the high-quality aeromagnetic readings data available taken from the ten diamond holes completed for the region to date.
Following the geophysical data collection and processing, and allowing for the return of final pending assays from Corvette and Kingswood, follow-up diamond drilling is expected to kick off in mid-march, with the area to the north of the high-grade mineralisation in 23MYDD422 identified as the primary target.
McKinnon adds: “Perhaps the most exciting part of the recent drilling success at Myall is that we have only tested a tiny fraction of the highly prospective 245 square kilometre Myall tenement.
“We know that in our region porphyry deposits of this type, including the world-class Cadia and Northparkes Mines, tend to occur in clusters of multiple deposits within several square kilometres.
“Given everything we are seeing at Myall, from the geology and geophysics to the geochemistry and alteration signatures to the large-scale mineralised intersections, I am confident Myall has the potential to develop into a Tier-1 project.”
Plan of the data collection broader Kingswood-Corvette prospect area showing the location of 765 stations (black crosses) for data collection.