Magmatic Resources Ltd (ASX:MAG) has surged on delivering its best copper-gold-molybdenum interval to date from immediately below the base of the cover at Corvette Prospect within the Myall Project in New South Wales.
The initial results from the company's third diamond hole, 22MYDD417, have returned the strongest mineralised interval of 154.6 metres at 0.47% copper, 0.10 g/t gold and 26ppm molybdenum from 134.4 metres, including 117 metres at 0.55% copper, 0.12 g/t gold and 33ppm molybdenum from 137 metres.
Strong results have also been returned for the second full hole of the program from drill hole 22MYDD416 including 413 metres at 0.26% copper, 0.08 g/t gold and 21ppm molybdenum from 137.6 metres which included:
- 207.4 metres at 0.36% copper, 0.09 g/t gold and 39ppm molybdenum from 137.6 metres;
- including 24.4 metres at 0.62% copper, 0.14 g/t gold and 116ppm molybdenum from 137.6 metres; and
- 94.0 metres at 0.42% copper, 0.14 g/t gold and 42ppm molybdenum from 230 metres.
The latest assay results highlight the immense potential of the Corvette Prospect and the greater Myall project area to deliver a large copper-gold porphyry system, with all four holes completed to date intersecting strong mineralisation immediately from the base of cover.
The market has welcomed the news with shares trading as high as 15 cents, up 36% on the previous close.
Exceptional widths
Magmatic managing director Dr Adam McKinnon said: “After a period of exceptionally wet weather in the region, I am pleased that we’ve been able to recommence drilling so quickly at the Corvette Prospect.
“The copper, gold and molybdenum results continue to get better and better, and I’ve been very impressed with the exceptional widths of mineralisation returned from holes 22MYDD415, 416 and now 417.
“While only a portion of the assay results for 22MYDD417 has so far been received, the upper part of this hole has delivered the best-mineralised interval to date and opens up significant additional potential to the south and to the west.
“The presence of the higher-grade copper sulphide mineral bornite in this hole is also noteworthy and suggests that the Corvette system may exhibit the zonation typical of many other large copper porphyry systems in the region.
“These latest results also mean every one of the four completed holes at Corvette has intercepted strong mineralisation immediately below the base of cover.
“This shallow zone continues to grow in size and remains poorly tested in all directions.”
Forward plan
To date, Magmatic has completed more than 3,200 metres of drilling in the 2022 Myall program.
After an extended pause to the program through the later part of October caused by heavy rainfall and local flooding, drilling has now recommenced at the Corvette prospect.
Drill hole 22MYDD418 is in progress from the same pad as 22MYDD417 and will target further extension to the Corvette system along the trend to the south of 22MYD015 and 017.
The company’s technical team is strongly encouraged by the very large widths of copper-gold-silver-molybdenum mineralisation returned from 22MYDD415, 416 and 417 and believe these results highlight the exceptional potential for a large porphyry system at Myall.
In addition to expanding the footprint at Corvette, numerous additional high-potential targets in and around this corridor have been identified for follow-up as weather and ground conditions improve.