Magmatic Resources Ltd (ASX:MAG) has kicked off a high-impact diamond drilling program at Kingswood and Corvette prospects within the Myall Project in a copper-gold mining district of New South Wales that hosts the world-class Northparkes mine.
The drill program is set to be the most significant work the company has undertaken at Myall to date and will comprise around 3,000 metres of diamond drilling.
It will target up to four high-priority target areas in the greater Kingswood prospect area, which is already known to host porphyry-associated mineralisation.
Looking ahead, the drilling component of the program is expected to continue for about eight to 10 weeks, with the first assays expected in mid-September.
“Most significant exploration effort to date”
Magmatic managing director Dr Adam McKinnon said: “After a particularly challenging period with heavy rainfall in the region, our team has done an excellent job working with local stakeholders to establish access and formed drill pads at the Kingswood site.
“We already know the igneous complex we are exploring here is fertile, with previous drilling by majors including Newcrest and Gold Fields intercepting strong porphyry-associated copper, gold and molybdenum mineralisation.
“With a large and intense basement geochemistry footprint and mineralisation open or poorly drilled in just about every direction, this will be the company’s most significant exploration effort to date at Myall and we are very excited about the potential for a major Northparkes-style discovery”.
High-impact drilling program
The start of drilling at the Kingswood site follows a review of the extensive copper-gold potential of the Myall Project area in the last quarter, with a high-impact drilling program of about 3,000 metres designed to test the broader prospect area.
The first drill hole will target mineralisation immediately west of Kingswood at the Corvette Prospect - last drilled by Newcrest two decades ago and which includes zones of above 1% copper.
Subsequent drill holes will target major step-out extensions to known mineralisation associated with holes MYACD001 and 21MYDD412 at the Kingswood Prospect and poorly drilled areas along strike of both the Kingswood and Corvette prospects.