Magmatic Resources (ASX:MAG) is hoping to rapidly expand the ‘significant’ metal endowment at its Myall Project in New South Wales through a new diamond drill program.
The $15.89 million market capitalisation says drilling has begun in the greater Corvette and Kingswood prospect areas and will target shallow mineralisation immediately below the transported cover.
The company’s share price rise more than 23% to $0.064 as of 3.50pm EST on the back of the announcement.
Magmatic reports about 8-10 holes are expected to be completed to an average depth of 250m over the coming 4-6 weeks.
the processing and cutting of the diamond core are expected to begin almost immediately, with samples to be submitted for analysis as drilling progresses
the processing and cutting of the diamond core are expected to begin almost immediately, with samples to be submitted for analysis as drilling progresses.
Up to 6 key target areas outside of the footprint of the initial Mineral Resource Estimate (MRE) at both Kingswood and Corvette, which currently stands at 110 million tonnes (MT) at 0.33% copper equivalent (CuEq), are also expected to be tested.
While both deposits have a ‘significant’ footprint in their own right, Magmatic says they form a small part of a much larger area of basement copper anomalism that extends to nearly 3 kilometres in length and more than one kilometre in width.
The company notes initial drilling will focus on areas to the south and southwest of Corvette before subsequently progressing to targets to the west, northwest and north.
Magmatic Resources is a gold-copper explorer focused on the East Lachlan region in New South Wales.
The company’s wholly owned Myall project is located about 60km north along strike of the Northparkes Mine, which is host to the ‘world-class’ Northparkes porphyry copper-gold deposits.
Magmatic Resources had $2.855 million cash at hand as of 30 June 2023, according to its latest quarterly report.
Write to Adam Drought at Mining.com.au
Images: Magmatic Resources