Copper explorer Magmatic Resources (ASX:MAG) has defined a maiden Mineral Resource Estimate (MRE) for the Corvette and Kingswood deposits within its Myall Project in New South Wales.
The company reports the maiden inferred MRE consists of 110 million tonnes @ 0.33% copper equivalent (Cu-Eq) (0.27% Cu, 0.07g/t Au, and 0.8g/t Ag) at a 0.20% Cu-Eq cut-off.
This MRE has contained metals of 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.
Magmatic reports the MRE was completed by independent geological consultant Arnold van der Heyden of H and S Consultants and was informed by 14 holes completed for more than 11,000m over a period of less than 12 months.
Mining.com.au spoke with Magmatic Resources Managing Director Dr Adam McKinnon this week to hear more about how the company is on the cusp of a ‘very major’, and ‘large-scale’ copper discovery in the region.
Some of the results that underpin the MRE include hole 23MYDD425 with 202m @ 0.27% Cu-Eq (0.23% Cu, 0.04g/t Au, and 4ppm Mo) from 332m, including 35m @ 0.41% Cu-Eq (0.35% Cu, 0.07g/t Au, and 5ppm Mo) from 359m and 22m @ 0.54% Cu-Eq (0.39% Cu, 0.17g/t Au, and 2ppm Mo) from 446m.
Magmatic says the reported MRE is ‘very encouraging’ for the prospectivity of the broader Myall Project and demonstrates the potentially ‘exceptional’ copper, gold, and silver metal endowment of the area. In the immediate Corvette and Kingswood region, the MRE remains open or sparsely tested in every direction and at depth.
The company reports follow-up drilling programs have begun, focusing on expanding the near-surface footprint of the deposits. Key target areas include the monzodiorite contact zone to the immediate west, south, and northeast of Corvette, along with areas to the immediate east of Kingswood.
Magmatic has also begun testing vectors considered useful in targeting ‘higher-grade’ zones. This analysis will focus on element zonation and variations in alteration signatures associated with potential mineralising intrusives.
To assist in this analysis, the company submitted multiple holes from Corvette for hyperspectral logging, noting this technique is useful in identifying mineralogical and alteration changes in various mineral systems.
Magmatic also reports the recent exploration at Corvette has led to a renewed interest in the regional scale aircore (AC) geochemistry data collected across the Myall tenement. A recent re-analysis of the basement copper and gold geochemistry defined multiple ‘large-scale’ targets with similar geochemical and geophysical signatures to Corvette.
The company also says follow-up diamond coring for about 26,000m is almost entirely limited to the Kingswood-Corvette-Barina prospect on the central western edge of the tenement. Despite the multi-kilometre-scale copper-gold anomalous trends, the remainder of the tenement remains ‘largely underexplored’, with less than 450m of follow-up diamond coring.
Commenting on the maiden MRE, McKinnon says: “We are very pleased to announce the maiden inferred mineral resource for Corvette and Kingswood following a successful drilling program that has seen the intersection of multiple exceptionally long copper and gold intervals.
“…the maiden mineral resource highlights the incredible potential not just of the Corvette area, but of the entire Myall Project”
With an initial contained metal endowment of 354,000 tonnes of copper metal equivalent, the maiden mineral resource highlights the incredible potential not just of the Corvette area, but of the entire Myall Project.
The mineral resources are currently open or poorly constrained in every direction and at depth, leaving a clear pathway to potential rapid growth, with numerous key target areas emerging. The identification of higher-grade zones associated with mineralising intrusives will also be a key target of future exploration programs.
Porphyry copper deposits account for about 70% of global supply and often occur in clusters of deposits consisting of hundreds of million to billions of tonnes, ranging from 0.24% to 0.75% copper. Recent work on the Corvette-Kingswood area has focused on a tiny percentage of the Myall Project area and has already identified a very significant copper endowment in a low-risk, mining-friendly jurisdiction. I couldn’t be more excited about the future of the project and the company.”
Magmatic Resources is an ASX-listed explorer with a portfolio of copper-gold projects in the East Lachlan region of New South Wales, including the Myall, Wellington North, and Parkes projects. The company had $4.7 million cash at hand on 31 March 2023, according to its latest presentation published on 10 May 2023.
Write to Harry Mulholland at Mining.com.au
Images: Magmatic Resources Ltd