Magmatic Resources Ltd (ASX:MAG) has the drills turning at the Corvette prospect, part of its 100%-owned Myall Project, some 60 kilometres north along strike of the world-class Northparkes Mine.
The program is set to comprise around 3,000 metres of diamond drilling designed to test the broader Kingswood prospect area, with work commencing late in July.
The results so far are promising, with visible copper sulphide mineralisation discovered immediately below cover sequence in the first drill holes collared at the Corvette prospect.
What they found
Hole 22MYDD414 was completed at 227 metres, with coring starting beneath the cover sequence in fresh rock at 131.6 metres. The geology in this drill hole appears to be altered breccia with variable, moderate-intensity visible pyrite-chalcopyrite and/or magnetite mineralisation from first core to 174 metres down hole.
There is also altered diorite with trace visible pyrite-chalcopyrite mineralisation intercepted from 174 metres to end-of-hole. The hole stopped early after deviating significantly steeper in dip than the original design and was recollared as new hole 22MYDD415.
Drilling in hole 22MYDD415 is currently paused at 322 metres, with coring starting beneath the cover sequence at 134.5 metres. In this hole the company found a four-metre, partially weathered zone intersected from start of core with visible fracture-hosted native copper, minor patchy chalcocite and malachite.
From 138.5 to 210 metres, the hole revealed strong chlorite-epidote-magnetite alteration with variable weak to moderately intense visible magnetite and/or chalcopyrite mineralisation.
There was also strong chlorite-epidote-carbonate alteration with variable, weak to moderately intense visible chalcopyrite and pyrite mineralisation occurring as breccia fill and veins disseminated through the rock mass.
Patchy epidote and K-feldspar alteration with highly variable, weaker visible chalcopyrite and/or pyrite mineralisation occurring in veins and veinlets through the rock mass was intercepted from 258 metres and continues to the current end of hole at 322 metres.
What does it all mean?
The rock textures and alteration styles found in both drill holes are typical of zoned copper-gold porphyry systems known to occur elsewhere in New South Wales.
Logging and cutting of hole 22MYDD414 and the upper portion of 22MYDD415 is now complete, with first assay results expected in September.
The drilling of hole 22MYDD415 is expected to recommence tomorrow following a pause in on-site activity due to the intense rainfall event late last week.
Commenting on the initial results from the Myall drilling, Magmatic Resources managing director Dr Adam McKinnon said: “While we have to wait for the return of the assays to fully understand the significance of the initial Myall drilling results, hitting visually encouraging sulphide mineralisation in the very first metre of diamond core is exceptionally exciting for our team.
“In terms of rock types, textures, alteration and the presence of sulphide mineralisation, we believe what we are seeing so far over the full length of hole 22MYDD415 points to the presence of a potentially large and fertile mineral system at Myall.
“Notwithstanding the challenges we’ve faced with ongoing weather-related access to the site, I’m excited to see what our continuing high-impact exploration program at Myall may deliver for the company.”