Magmatic Resources further grows Corvette system with latest round of drilling

Magmatic Resources (ASX:MAG) has continued to grow the mineralised system at the Corvette prospect within its wholly owned Myall Project in New South Wales. 

The company says the latest 14 diamond holes for 11,092m completed at the project, including the northernmost hole at Corvette to date, intersected copper-gold mineralisation and demonstrate the continuity of grade immediately above and between previous holes 22MYDD415 and 22MYDD417. 

Magmatic notes it has also received results from metallurgical testwork conducted on a composite sample from the prospect that indicates that sulphide mineralisation from Corvette is amenable to treatment by industry-standard grinding and flotation techniques, and that gold and silver upgrade with copper. 

Key results from drilling include hole 23MYDD423 with 130m @ 0.19% copper equivalent (CuEq), 0.18% Cu, 0.01g/t gold (Au), and 25 parts per million (ppm) molybdenum (Mo) from 301m, including 18m @ 0.62% CuEq, 0.59% Cu, 0.02g/t Au, and 97ppm Mo from 342m; and hole 23MYDD427 with 123m @ 0.31% CuEq, 0.25% Cu, 0.07g/t Au and 7ppm Mo from 474m, including 16m @ 0.53% CuEq, 0.46% Cu, 0.07g/t Au and 2ppm Mo from 503m.  

Intersections from hole 23MYDD423 are interpreted to occur within a broad mineralised interval comprising 455.2m @ 0.13% CuEq, 0.12% Cu, 0.01g/t Au and 11ppm Mo from 249m, while intersections from 22MYDD427 occur within an additional broader mineralised interval comprising 233m @ 0.22% CuEq, 0.18% Cu, 0.01g/t Au and 11ppm Mo from 249m. 

The results also demonstrate that Corvette remains open in all directions, with prospect and regional scale vectoring work ongoing to fully unlock the potential of the Myall project.

Commenting on the latest diamond drilling and initial metallurgical test work results, Magmatic Resources Managing Director Dr Adam McKinnon says: “Our most recent drilling, including the latest oblique and scissor holes from the northeast, are providing our technical team with invaluable data on the geology, structure and, importantly, mineralisation in the Corvette area.

The footprint of this impressive system continues to expand, and analysis of the intense alteration, veining and metal zonation in the broader Corvette-Kingwood area is providing vectors towards potential new mineralisation in multiple target areas. 

The footprint of this impressive system continues to expand…”

Magmatic’s management continues to recognise the immense ongoing potential of the Myall Project, having now significantly exceeded the original planned 8,000-metre diamond program. With each drill hole completed, we are seeing the volume of copper and gold mineralisation in the system grow substantially. I am also very pleased with the results of the initial metallurgical test work for Corvette. 

The results show that copper mineralisation is amenable to treatment by standard grinding and flotation techniques and that the upgrade of gold and silver is comparable to that of copper. Although additional test work may be required in the future, these results represent another step in demonstrating the potential of the Myall Project.”

The company also notes further metallurgical work may also look to produce a separate molybdenum concentrate following the return of the high molybdenum grades previously noted within multiple holes. 

Magmatic Resources is an ASX-listed gold-copper exploration company focused on its portfolio projects in the East Lachlan region of New South Wales. These projects include the Wellington North, Myall, and Parkes projects. 

The Myall project is located about 60km north along strike of the Northparkes Mine, which is jointly owned by CMOC Group (SHA:603993) (previously China Molybdenum) and Sumitomo (TYO:8053), from where Magmatic is targeting similar style mineralisation in grades.

Write to Adam Drought at Mining.com.au

Images: Magmatic Resources Ltd
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Written By Adam Drought
Born and raised in the UK, Adam is a sports fanatic with an interest in Rugby League and UFC/MMA. When not training in Muay Thai and Brazilian Jiu Jitsu, Adam attends Griffith University where he is completing his final year of a Communication & Journalism degree.