ASX-listed mining exploration company Magmatic Resources (ASX:MAG) focused its efforts on continuing exploration at the Myall Copper-Gold Project in New South Wales throughout the first quarter of 2023.
The company reports the Corvette prospect has continued to produce ‘exceptional’ porphyry-associated copper-gold-molybdenum intervals throughout the quarter, with standout results including hole 22MYDD421 with 70.6m @ 0.36% Cu, 0.07g/t Au, and 4 parts per million (ppm) Mo from 538.1m, and 51m @ 0.46% Cu and 0.33g/t Au from 797m including 13m @ 1.07% Cu and 0.61g/t Au from 816m.
Magmatic also recorded its longest mineralised intersection ever drilled in the Myall region
Magmatic also recorded its longest mineralised intersection ever drilled in the Myall region with 23MYDD422 intersecting 875.5m @ 0.21% Cu, 0.04g/t Au, and 6ppm Mo.
In its quarterly activities report for Q1 2023, the company also reports ‘strong’ results at the Kingswood prospect located 300m southwest of Corvette, with hole MYDD424 intersecting 107m @ 0.29% Cu, 0.14g/t Au, and 8ppm Mo from 183m including 36m @ 0.38% Cu, 0.31g/t Au and 8ppm Mo from 237m.
Magmatic says a ground gravity survey completed at Myall highlighted that the Corvette mineralisation is centred on a multi-kilometre long zone of low density, interpreted to be an intrusive monzonite body.
The company also ended the quarter with $4.695 million cash in hand, which included the receipt of $1 million from the proceeds of a share purchase plan (SPP) and SPP shortfall placement at the start of Q1 2023.
Magmatic Resources is an ASX-listed mining exploration company focused on its portfolio of gold-copper projects in the East Lachlan region of New South Wales. These projects include the Wellington North, Myall, and Parkes projects.
The Myall Project comprises a single contiguous tenement of 244km-square and hosts a combined resource and reserve of 607 million tonnes @ 0.55% Cu and 0.21g/t Au.
Images: Magmatic Resources Ltd
