Magmatic Resources (ASX:MAG) reports it has intersected visible sulphide mineralisation over an interval of more than 950m through step-out drilling at the Corvette prospect, located within the Myall Copper-Gold Project in New South Wales.
The company says it recently completed hole 23MYDD422, which intersected disseminated, vein, and breccia-style mineralisation from the base of cover at 146.8m to 759m downhole.
The company says ‘highly’ variable, weak to moderate intensity visible sulphide mineralisation was observed for most of the remainder of the hole, comprising chalcopyrite, pyrite, and trace bornite. Estimated visible chalcopyrite abundances vary widely over the length of the mineralised interval, ranging from trace levels up to 4% by volume.
The sulphides occur as disseminated, vein, and breccia-style mineralisation down to 759m, becoming slightly less contiguous and more pyrite-dominant below this point.
The company also reports it completed a number of ‘high-impact’ drillholes at Corvette prior to the end of 2022, noting the final drillhole completed for 2022 was 22MYDD421, which was designed to cut across and immediately below the current known mineralisation in the Corvette system.
In logging the bottom of this hole, Magmatic’s technical team noted a zone characterised by an abundance of early-stage quartz veins with a centre line of sulphides, also known as B-type or B-veins. This style of mineralisation is associated with many copper porphyry deposits around the world.
Commenting on the drill results, Magmatic Resources Managing Director Dr. Adam McKinnon says: “What an incredible way to begin 2023, with our first hole for year intersecting visible sulphide mineralisation over an interval approaching 1km in length.
Representing our biggest step-out on the Corvette trend to date, what we’ve observed in this hole is a clear indication of the potentially massive scale of the Corvette system.
“Representing our biggest step-out on the Corvette trend to date, what we’ve observed in this hole is a clear indication of the potentially massive scale of the Corvette system”
It is also pleasing to have intersected intense porphyry-style quartz-sulphide veining for the first time at the bottom of hole 421, with this zone now producing the best gold results seen at Corvette so far. Further strong copper results to the south of Corvette have also seen the mineralised footprint expand rapidly to nearly 350m along a north-south trend.
Whilst we need to wait for assay results for the recent drilling to fully understand their impact, with each new hole completed I grow increasingly excited that Myall is realising its full potential to host a regionally-significant copper-gold system.”
Magmatic also reports final assays have been received for holes 22MYDD418, and 22MYDD420, which were drilled last year from a pad at the southern end of Corvette.
Results recorded include 22MYDD418 with 165.7m @ 0.32% Cu, 0.05g/t Au, 0.8g/t silver (Ag), and 17 parts per million (ppm) molybdenum (Mo) from 134.3m; and 22MYDD420 with 104m @ 0.22% Cu, 0.10g/t Au, 0.8g/t Ag, and 13ppm Mo from 151m.
The results from these holes have pushed the known copper and gold mineralisation ‘significantly’ further south, particularly in the shallow zone immediately below the cover. The company says inclusive of the visible mineralisation in 23MYDD422, the mineralised footprint at Corvette now extends for nearly 350m in a north-south trend, and remains open or untested in multiple directions.
In the broader Kingswood-Corvette area, the company reports new results from 22MYDD419 are comparable to a number of historic intervals in the historic drillholes at Corvette, which it says suggests the alteration and mineralisation style at Myall is potentially very large in scale.
Magmatic Resources is an ASX-listed mining company operating a portfolio of gold-copper projects in New South Wales. These projects include the Wellington North Au-Cu Porphyry Project, the Parkes Orogenic Au-Cu Porphyry Project, and the Myall Cu-Au Porphyry Project.
Images: Magmatic Resources Ltd