ASX-listed gold and copper exploration company Magmatic Resources (ASX:MAG) reports new diamond drilling is aiming to expand the Corvette prospect, located within the Myall Copper-Gold Project in central western New South Wales.
The company says improved weather and site access conditions prevailing over the last month has allowed it to complete 3 additional ‘high-impact’ drillholes at Corvette. These holes are 22MYDD419, 22MYDD420, and 22MYDD421.
Hole 22MYDD419 was collared northwest of Corvette and was completed to a depth of 885.9m, targeting potential large-scale extensions to mineralisation at both the Corvette and Kingswood prospects.
Subsequent holes 22MYDD420 and 22MYDD421 were completed from a new pad constructed around 90m south of the collars for hole 22MYDD417 and 22MYDD418. The company states hole 22MYDD420 was completed at a depth of 653.4m downhole and represents a ‘significant’ step-out to the south, which could potentially extend the strong near-surface trend at Corvette to over 200m in length.
Final processing of this hole is currently underway and assay results are expected in mid to late January 2023.
Magmatic Resources Managing Director Dr Adam McKinnon says: “The improvement in weather and site access conditions over the last 3 to 4 weeks has been very welcome, with production rates increasing to the point where we have finished the year with 8 holes completed and more than 6,000m drilled at Myall.
“The improvement in weather and site access conditions over the last 3 to 4 weeks has been very welcome”
This has been the result of the outstanding efforts of our hard working exploration team and contractors who have persisted through exceptionally trying conditions early in the program.
The latest drilling has allowed us to test several high-impact targets at Corvette, potentially growing the system to the south, north, west and at depth. Hole 22MYDD421 in particular will assist in interpreting the geometry and vertical continuity of mineralisation as drilling continues, with assays eagerly awaited.
With the Corvette system remaining open or poorly tested in every direction, and the broader Kingswood-Corvette corridor only sparsely drilled, I am as excited as ever by the Tier 1 copper-gold potential of Myall and am looking forward to unlocking the enormous potential of the project in 2023.”
Magmatic reports 22MYDD421 was drilled from the same pad and was completed to a depth of 900.6m downhole. This hole was designed to cut across and below the current known mineralisation in the Corvette system.
The final hole path for this hole passes around 5m below 22MYDD418, 30m below 22MYDD417, 85m below 22MYDD415 and 40m below 22MYDD416. This hole was designed as an initial test of the company’s vertical continuity and geometry of the mineralisation at Corvette and will assist in interpreting the geology and potential volume of mineralised rock in the system as the drilling program continues.
The company states logging and cutting of 22MYDD421 will be conducted as a ‘high-priority’, with assay results expected in late January 2023. Magmatic also notes drilling has now paused for a 2 to 3 week break over the Christmas and New Year period and will recommence in early January.
As drilling remains open or poorly tested, the company will be conducting exploration drilling targeting near-term growth in the size and grade of the mineralised system at Myall.
Magmatic Resources is an ASX-listed gold and copper exploration company focused on the East Lachlan region in New South Wales. Its portfolio of assets include the Wellington North, Parkes, Myall and Moorefield projects.
The Myall project is located 25km southwest of Narromine and about 60km north along strike of the Northparkes Mine, which currently holds a resource and reserve base of 607 million tonnes at 0.55% copper (Cu) and 0.21g/t gold (Au). Magmatic is targeting mineralisation similar to this at Myall.
Images: Magmatic Resources Ltd
