Perth-based explorer Magmatic Resources (ASX:MAG) is designing follow-up exploration at its Myall Copper-Gold Project in New South Wales after a busy Q2 2023.
In its latest quarterly report, the $21.7 million market capitalisation company reports it has identified multiple target areas to expand the near-surface footprint at the project and to test vectors towards ‘higher-grade’ mineralisation.
Magmatic has also highlighted multiple ‘large-scale’ targets with similar geochemical and geophysical signatures to the Corvette prospect through an analysis of regional datasets at Myall. These signatures are consistent with other mines in the region that occur in clusters of deposits.
During Q2 2023, the company focused on exploring and evaluating Myall by completing 14 diamond drillholes for more than 11,000m in the Corvette/Kingswood area.
Magmatic also defined an initial Mineral Resource Estimate (MRE) of 110 million tonnes @ 0.33% copper-equivalent (Cu-Eq) (110 million tonnes @ 0.27% Cu, 0.07g/t Au, and 0.8g/t Ag) at a 0.20% Cu-Eq cut-off for Corvette/Kingswood.
This initial MRE contains 293,000 tonnes of copper, 237,000 ounces of gold, and 2.8 million ounces of silver, equating to 354,000 tonnes of copper metal equivalent.
The company says the initial MRE was underpinned by assays from 4 diamond holes completed at the northern end of Corvette, including 23MYDD423 with 130m @ 0.18% Cu-Eq — 0.18% Cu, 0.01g/t Au, and 25 parts per million (ppm) Mo — from 301m, including 18m @ 0.62% Cu-Eq — 0.59% Cu, 0.02g/t Au, and 97ppm Mo — from 342m.
During Q2 2023, Magmatic also conducted initial metallurgical testwork on samples from Corvette, including grind establishment, mineralogical characterisation, and rougher and cleaner flotation tests.
Results from this metallurgical testwork indicate sulphide mineralisation from Corvette is amenable to treatment by industry-standard grinding and flotation techniques, and that gold and silver upgrade with copper.
On the corporate side, Magmatic closed the quarter out with $2.855 million cash at hand. After the end of the quarter, the company was also allocated $715,500 in exploration credits as part of an application to the Australian Government’s Junior Minerals Exploration Incentive (JMEI) Scheme for the 2023/2024 financial year.
At the Wellington North Gold-Copper Project, Magmatic did not complete any ‘significant’ on-ground activities during Q2 2023, but the company’s technical team is continuing to review the potential for Boda-style gold-copper mineralisation at several prospects, and further on-ground exploration is being considered.
Magmatic Resources is a Perth-based gold-copper explorer focused on the East Lachlan region of New South Wales. The company’s portfolio of assets in the region includes the Myall, Wellington North, and Parkes projects.
The Myall Project lies about 20km southwest of Narromine and comprises a single contiguous tenement that covers 244km-square within the Ordovician Narromine Igneous Complex, which is an arc fragment that forms part of the Junee-Narromine Volcanic Belt.
Write to Harry Mulholland at Mining.com.au
Images: Magmatic Resources Ltd
