Magmatic Resources Ltd (ASX:MAG) managing director Dr Adam McKinnon joins Jonathan Jackson in the Proactive studio to discuss approval of an initial work program for the Myall Project joint venture. The approval comes from a newly formed exploration committee that has outlined a two-phase work plan for Myall in the Lachlan Fold Belt of central New South Wales for the 2024/2025 Financial Year. The Myall Project farm-in and joint venture is between Magmatic and Fortescue’s FMG Resources Pty Ltd. Under a farm-in and JV agreement signed in March, FMG will invest up to $14 million over six years to earn up to a 75% interest in the Myall Project. An initial 51% interest can be earned by spending $6 million on exploration over the first four years, with a minimum commitment of $3 million and 3,000 metres of drilling in the first two years. The exploration committee, which includes representatives from both companies, has developed a budget and work program for the coming year after reviewing past exploration activities and available datasets. Phase 1 will involve reassaying historic core and drill chips, resampling up to 75 holes, and reprocessing existing geophysical datasets. Phase 2 will include drilling six diamond holes, each 400-500 metres deep, in the Corvette/Kingswood region. Phase 1 work has started, with most activities expected to be completed by the end of the year, subject to access and weather conditions. McKinnon expresses his enthusiasm for the project, highlighting the potential for significant copper-gold discoveries. The Myall program will run concurrently with exploration at Magmatic’s other projects, including aircore drilling at the Lady Ilse Prospect on the Wellington North Project.
Magmatic Resources and Fortescue approve Myall Project work
