Magmatic Resources (ASX:MAG) is on the hunt for the “next porphyry giant” in the East Lachlan region of New South Wales.
So far on the company’s quest, Managing Director Dr Adam McKinnon tells Mining.com.au there has been “spectacular” drilling success, and in particular at the Corvette prospect within its Myall project.
McKinnon says to date, multiple 400m copper mineralised intercepts have been returned.
Porphyry deposits are typically low grade and large tonnage (from 100 million to several billion metric tonnes).
They are a type of mineral deposit that form from large-scale hydrothermal systems associated with intrusive igneous rocks, and they account for 60-70% of all copper produced.
As McKinnon tells this news service, they are not uncommon in the area where Magmatic is currently exploring.
Magmatic’s 3 projects – Myall, Parkes, and Wellington North, are located near the 2 largest porphyry mines in Australia, being the Northparkes Mine and Newcrest Mining’s (ASX:NCM) Cadia Valley gold-copper cluster.
Magmatic’s Wellington North project is also immediately adjacent to Alkane Resources’ (ASX:ALK) 14.8-million-ounce gold equivalent Boda discovery.