Magmatic Resources (ASX:MAG) has recorded the strongest copper-gold interception to date from ongoing diamond drilling (DD) at its wholly owned Myall Project in New South Wales.
The results, generated by 10 diamond holes conducted at the Corvette prospect, include the ‘strongest’ intercept to date generated from drillhole 22MYDD422. Mineralisation remains completely untested to the north, east, and at depth.
The company says assays were returned from the upper and middle portions of the drillhole, and that results occur within a larger mineralised interval of 698.2m @ 0.24% copper (Cu), 0.05g/t gold (Au) and 5 parts per million (ppm) molybdenum (Mo) from 146.8m.
Key intercepts include hole 22MYDD422 with 355.2m @ 0.38% Cu, 0.09g/t Au and 5ppm Mo from 146.8m (base of cover) including 241m @ 0.45% Cu, 0.11g/t Au and 7ppm Mo from 261m including 26m @ 0.60% Cu, 0.44g/t Au and 2ppm Mo from 316m, and 95m @ 0.55% Cu, 0.07g/t Au and 10ppm Mo from 375m.
Further results for the lower portion of the hole are still pending.
Speaking on the results, Magmatic Resources Managing Director Dr Adam McKinnon says: “The latest results from hole 422 are simply outstanding. Having decided to make our biggest step out at Corvette into the untested northern part of the prospect, to intercept the strongest interval of copper-gold mineralisation so far is a great result for the program, and speaks to the massive scale of the system.
I am particularly pleased that, along with strong copper mineralisation, the last couple of holes have returned multiple zones with significant gold. Recent results from hole 421 have also shown very high grade molybdenum mineralisation is present in the Corvette system, with individual grades up to 1,100ppm.
“The latest results from hole 422 are simply outstanding”
We are now starting to define portions of Corvette with copper-gold zones up to 600 metres wide and up to 800 metres deep, already suggesting the potential for a system with huge mineralised volumes at this early stage. Corvette continues to be open or poorly tested in all directions and I am very much looking forward to seeing what upcoming drilling to the north may yield.
Perhaps the most exciting part of the recent drilling success at Myall is that we have only tested a tiny fraction of the highly prospective 245 square kilometre Myall tenement. We know that in our region porphyry deposits of this type, including the world-class Cadia and Northparkes Mines, tend to occur in clusters of multiple deposits within several square kilometres.
Given everything we are seeing at Myall, from the geology and geophysics to the geochemistry and alteration signatures to the large-scale mineralised intersections, I am confident Myall has the potential to develop into a Tier-1 project.”
The company also notes the drillhole was undertaken about 105m north of its previous northernmost hole at Corvette (22MYDD416), and represents a ‘significant’ expansion to the mineralised footprint.
Magmatic also reports final assays have also been received for drillhole 22MYDD421, which highlight a number of ‘strong’ molybdenum and gold zones in addition to copper. Key assays include 168m @ 0.18% Cu, 0.02g/t Au and 28ppm Mo from 146m including 12m @ 0.45% Cu, 0.08g/t Au and 302ppm Mo from 146m.
Drilling is still ongoing and has been designed to target extensions to the north of the outstanding mineralisation in 23MYDD422, and is expected to continue in mid-March following the receipt of pending assays and initial interpretation of the gravity survey data.
With assays from drilling yet to be received, Magmatic Resources announces it has moved forward with a close-spaced ground gravity geophysical survey at Myall, covering an area of 7.5km-square centred over the Kingswood-Corvette prospect area.
Magmatic Resources is an ASX-listed gold-copper exploration company focused on operations in New South Wales’ East Lachlan region. The company’s Myall project is situated on the northern extension of the Junee-Narromine Volcanic Belt about 50km north and along strike from the Northparkes copper-gold mining district.
This ‘world-class’ Northparkes porphyry copper-gold deposit currently has a combined resource and reserve base of 607 million tonnes (Mt) @ 0.55% Cu and 0.21g/t Au.
Other assets included in the company’s exploration portfolio include the Wellington North Project and the Parkes Project.
Images: Magmatic Resources Ltd
