Magmatic Resources Ltd (ASX:MAG) has completed a 25-hole aircore (AC) drilling program at its Myall copper-gold project in New South Wales, under its farm-in and joint venture agreement (FJVA) with 19.9% shareholder Fortescue Ltd (ASX: FMG).
The program comprised 2,323 metres of AC drilling on roughly 400-metre spaced holes, testing the Winkipop, FJ and Angourie prospects. Drilling was designed to evaluate previously untested or sparsely drilled magnetic features within Ordovician-aged basement rocks, interpreted as prospective for Northparkes-style copper-gold porphyry mineralisation. Assay results from the AC program are expected in early 2026.
Myall FJVA Project showing FY26 Exploration program.
The AC work forms part of a broader FJVA-funded exploration campaign budgeted at $3.5 million for the 2025–26 financial year. It represents the first phase of systematic testing of multiple conceptual and advanced targets across the Myall project.
An induced polarisation (IP) survey is scheduled to begin today (December 15), covering up to 9 line-kilometres of trial IP over the Corvette-Kingswood mineral resource estimate (MRE). The survey is aimed at assessing the technique’s ability to map sulphide mineralisation beneath conductive cover, with potential follow-up over the Calais target if the initial line proves successful.
“We’re very pleased to be progressing our exploration program on schedule at the Myall FJVA Copper Gold Project with Farm-in and Joint venture participant, and major shareholder, Fortescue. Our on-ground team has completed the AC drilling program and our geophysical contractors are on the ground delivering the survey. The next step for this program will be the diamond drilling campaign, which is scheduled to begin in early January 2026,” Magmatic Resources’ managing director, David Richardson, said.
Upcoming drill program
Magmatic is also preparing a 14-hole diamond drilling program, with holes up to 500 metres deep for a total of 5,000 metres. This campaign will test geochemical anomalies and coincident magnetic features considered prospective for additional Northparkes-style porphyry discoveries. Diamond drilling is scheduled to start in January 2026 and will target:
- Calais, where earlier drilling returned 10.8 metres at 0.39% copper and 0.07 g/t gold (197 metres to 207.8 metres, at end of hole), within a broader 42.8 metres at 0.19% copper and 0.03 g/t gold from 165 metres to end of hole.
- The newly defined Interceptor target, interpreted to be related to a causative porphyry beneath a historic intersection of mineralised magnetite-cemented breccia, located about 1 kilometre south of Magmatic’s Inferred MRE of 110 million tonnes at 0.33% CuEq.
- Barina, where previous drilling intersected 0.5 metres at 204 g/t gold (MYACD368, from 221.9 metres), and Gemini, which returned 9 metres at 3.19 g/t gold (ACDNM081, from 359 metres).
All necessary approvals for the upcoming program are in place, and diamond drilling contractors are ready to mobilise in early 2026.