Magmatic Resources Ltd (ASX:MAG) has described the untested copper-gold potential of the Corvette-Kingswood system within the Myall Project in central New South Wales as being “exceptional”.
This follows a re-evaluation of the geological model that has resulted in a breakthrough in the understanding of the geology at Myall, specifically the extensive strike potential of the mineralised system.
Moving forward, the revised model has identified definitive follow-up targets and suggests the potential for rapid growth of the mineralised system with limited additional exploration.
“Enormous potential”
Magmatic Resources managing director Adam McKinnon said: “Over the past 18 months, the company’s technical team has been working diligently to unlock the enormous potential of the Myall Project.
“Given the basement rocks containing the copper-gold system are entirely obscured by post-mineralisation cover, this has involved highly detailed logging and interpretation of each of the 22 diamond holes completed so far, along with re-logging of previous drill core.
“The fact that the current model aligns so well with multiple independent geological, geochemical, geostatistical and geophysical datasets gives us a great deal of confidence."
Location of the Myall Project showing selected tenement holdings from other major explorers and miners in the region, along with road and rail infrastructure and major towns.
Revised geological model
Re-evaluation of the geological model for the Corvette/Kingswood region at Myall kicked off late last year following receipt of results from the most recent drilling program.
The revised interpretation shows Corvette is predominantly associated with a moderate east-dipping and north-to-north-northwest striking breccia zone at the contact of an earlier monzonite body.
This modelling explains the results seen in recent drilling at Corvette and for the first time predicts the strike, dip and approximate true-width of the system.
Due to the alignment of Magmatic and previous drill holes, very little of the extensive Corvette target zone has been tested and is almost completely unexplored along strike in both directions.
McKinnon adds: “We are now able to explain a great deal of the observed variation in mineralisation grade and distribution from past drilling in the Corvette and Kingswood areas, with significant implications for the prospectivity of the broader region”
“Perhaps most exciting for me is that it appears that a combination of system orientation, collar locations and drilling direction have resulted in only a tiny fraction of the target zone being effectively tested at Corvette.
“This means that the prospective target zone remains effectively untested by diamond drilling along strike in either direction, representing an unparalleled opportunity to rapidly expand the known mineral resources.”
Forward plan
Given the potential for future resource growth implied by the new geological insights, the company’s technical team is working on the design of a new exploration program specifically aimed at rapidly evaluating this model.
While follow-up program designs are still being considered, the evaluation program is likely to include multiple holes stepped out to the north and south targeting the interpreted centre of the Corvette breccia zones.
The technical team is also evaluating the implications of this model for future exploration at Kingswood and other identified prospects within the Myall tenement.