Gold and copper explorer Magmatic Resources (ASX:MAG) reports it has unlocked ‘immense’ potential to deliver a ‘large’ Cu-Au porphyry system following the third diamond drillhole at the Corvette Prospect, as part of its Myall Copper-Gold Project in NSW.
The results, generated by diamond drillhole 22MYDD417, have delivered the strongest mineralised interval to date, returning 154.6m at 0.47% Cu, 0.10g/t Au and 26ppm molybdenum (Mo) from 134.4m, including 117.0m at 0.55% Cu, 0.12g/t Au and 33ppm Mo from 137m.
This drillhole successfully highlights the ‘immense’ potential for a ‘large’ porphyry system to exist at the Corvette prospect, with all four holes from the current ongoing diamond drilling program completed to date returning ‘strong’ mineralisation immediately from the base cover.
Drillhole 22MYDD417 also includes minor patches and disseminations of the ‘higher grade’ Cu sulphide mineral bornite (Cu5FeS4), in addition to more abundant chalcopyrite (CuFeS2).
It is also reported that other ‘strong’ results have been received from the second full hole of the program (22MYDD416), including 94m at 0.42% Cu, 0.14g/t Au and 42ppm Mo from 230m.
Assays for the remainder of drillhole 22MYDD417 between 305m and 815.3m are currently pending and are expected to be received later in the month.
As of 10:50am AWST, Magmatic Resource’s share price had increased by 18.18%.
Speaking on the results, Magmatic Resources’ Managing Director, Dr Adam McKinnon said: “After a period of ‘exceptionally’ wet weather in the region, I am pleased that we’ve been able to recommence drilling so quickly at the Corvette Prospect. The copper, gold and molybdenum results continue to get better and better, and I’ve been very impressed with the ‘exceptional’ widths of mineralisation returned from holes 22MYDD415, 416 and now 417.
“The copper, gold and molybdenum results continue to get better and better, and I’ve been very impressed with the ‘exceptional’ widths of mineralisation returned from holes 22MYDD415, 416 and now 417”
While only a portion of the assay results for 22MYDD417 have so far been received, the upper part of this hole has delivered the best mineralised interval to date and opens ‘significant’ additional potential to the south and to the west. The presence of the ‘higher-grade’ copper sulphide mineral bornite in this hole is also noteworthy and suggests that the Corvette system may exhibit the zonation typical of many other large copper porphyry systems in the region.”
The company also notes that the ‘strongest’ mineralisation encountered within the Corvette system remains open or poorly defined in every direction, with the recent results extending the ‘high-grade’ zone by at least 100m along a north-south trend.
This extension brings the known Cu mineralisation hosted within the Kingswood-Corvette corridor to at least 1.1km in length, 300m in width and 650m in depth.
However, almost no diamond drill testing of the basement outside of this prospective corridor has occurred.
With the DD program still ongoing, Magmatic Resources announces it has moved forward with drillhole 22MYDD418, with a goal of extending the ‘high-grade’ mineralisation even further along trend to the south of drillhole 22MYDD417.
Images: Magmatic Resources Ltd
