Magmatic Resources (ASX:MAG) has begun a 14-hole diamond drilling (DD) program at the Myall Farm-in and Joint Venture Agreement (FJVA) Copper-Gold Project, funded under a commitment by joint venture partner FMG Resources, a wholly owned subsidiary of Fortescue (ASX:FM).
The 14-hole program targets drillholes up to 500m deep, totalling 5,000m and is designed to test geochemical anomalism and coincident magnetic features that have been interpreted as prospective for Northparkes-style copper-gold porphyry deposits.
There are four main targets for the DD program including Calais, where precious drilling results included 10.8m @ 0.39% copper and 0.07 grams per ton gold within 42.8m @ 0.19% copper and 0.03g/t gold from 165m to end of hole.
Drilling is also targeting Barina, with previous intersections of 0.5m @ 204g/t gold; Gemini, with previous intersections of 9m @ 3.19 g/t gold; and a newly identified interceptor target which underlies a historic intersection.
Managing Director David Richardson says that the company is “very pleased to be commencing our diamond drilling program at the Myall FJVA Copper Gold Project with Farm-in and Joint Venture participant, and major shareholder, Fortescue.”
The DD program is part of the second phase of the company’s exploration program at Myall, testing multiple conceptual and advanced targets.
Magmatic has also completed the first phase aircore drilling program of 25 holes for 2,323m in December 2025 and expects results later in January 2026. The second phase of this program is expected later in Q1 2026.
The company is also waiting on results from aircore and reverse circulation drilling programs from the Weebo Gold Project in Western Australia. The results are expected in late January.
Magmatic is an Australian gold and copper exploration company, advancing projects in New South Wales and Western Australia.
Write to Amy Rotman at Mining.com.au
Images: Magmatic Resources
