Magmatic Resources Ltd (ASX:MAG) has intercepted visible copper sulphide mineralisation from drilling at the Corvette prospect, part of its 100%-owned Myall Project, making the project a potentially significant copper-gold discovery.
Initial assay results have returned broad copper-gold-molybdenum mineralisation in the upper levels of the prospect, with individual results showing nearly the entire length of the assayed interval containing elevated copper at maximum values of 2.88% at 157 metres, maximum gold at 0.67 g/t, also at 157 metres, and maximum molybdenum at 309 parts per million (ppm) at 253 metres.
Drilling of 22MYDD415 is 400 metres past its design depth, which means the mineralised zone now exceeds 740 metres, and is ongoing. The hole remains strongly altered and includes variable-intensity visible chalcopyrite and pyrite mineralisation to the current depth.
Some of the highlights from this hole include:
- 151.5 metres at 0.37% copper, 0.08 g/t gold and 43 parts ppm molybdenum from 134.5 metres (base of cover), including 13.0 metres at 0.81% copper, 0.19 g/t gold and 90 ppm molybdenum from 152 metres;
- 22.0 metres at 0.50% copper, 0.08 g/t gold and 67 ppm molybdenum from 201 metres;
- 13 metres at 0.35% copper, 0.09 g/t gold and 126 ppm molybdenum from 225 metres (high-molybdenum zone); and
- 6 metres at 0.65% copper, 0.19 g/t gold and 11 ppm molybdenum from 276 metres.
Assays for the deeper portions of hole 22MYDD415 are expected by mid-to-late September.
Images of various down hole intervals of HQ drill core (63.5mm diameter) from hole 22MYDD415.
Stunning results
Magmatic Resources managing director Adam McKinnon said: “This is an absolutely stunning result for the first full hole of our drilling program at Myall. It’s difficult to describe the excitement of our team each time we look over the previous day’s core and see an ever-increasing interval of visible sulphide mineralisation. We are so far past our original target now that we are effectively exploring a brand-new search space to the east of the original Corvette Prospect – currently untested in every direction – and still going.
“In terms of the assays returned for the upper part of hole 22MYDD415, on a length-weighted basis the strong copper, gold and molybdenum results already define one of the best intersections from the Myall Project area to date, and that’s with more than 75% of this interval yet to be assayed. The intensity of visible copper sulphide mineralisation observed in several zones further down the hole is also very encouraging and highlights the immense potential of the project. While we have to wait for the assays for confirmation, we are very confident these areas will be key targets for follow-up drilling.
“We believe the incredible overall length and intensity of the porphyry style-alteration and mineralisation encountered in 22MYDD415 has progressed the Myall Project significantly closer to a major, potentially regionally significant copper-gold discovery. Given the Myall region has been actively explored for the last 25 years, the outstanding results so far are a testament to the vision, persistence and technical skill of the entire Magmatic team.”
What else?
Drilling at hole 22MYDD414, which was stopped at 227 metres due to excessive deviation in the pre-collar, has also returned a shallow, strongly mineralised zone over most of the drilled interval including 88.4 metres at 0.35% copper, 0.04 g/t gold and 17 ppm molybdenum from 131.6 metres (base of cover), including 15.0 metres at 0.90% copper, 0.09 g/t gold and 48 ppm molybdenum from 137 metres.
Although coring was only for a short distance, the strong copper in the upper portion is among the best high-grade copper intervals drilled in the Myall area to date.
High-grade zones in both 22MYDD414 and the assayed portion of 22MYDD415 occurred relatively close to surface, and remain open in all directions and are expected to be a significant target for future drilling in the area.
What’s next?
Plan of the Corvette Prospect over airborne magnetics showing previous and recent diamond drilling with down hole copper mineralisation and visual sulphide intersections in 22MYDD415.
Hole 22MYDD415 is now expected to be extended to a depth of at least 1,000 metres, with further extensions to be determined by the tenor of alteration and visible mineralisation as the hole progresses.
The company’s technical team is currently evaluating a modified drilling program that will look into expanding the exceptional assay and visual results to date.
A further four to five holes are expected to be drilled in this phase of exploration at Myall to evaluate the full potential of the greater Kingswood prospect area.