Magmatic Resources (ASX:MAG) reports it has launched a ‘high-impact’ diamond drilling (DD) campaign following ‘extensive’ site works at its 100% owned Myall Copper-Gold Project in New South Wales.
The DD program, comprising 3,000m of drilling, has commenced with a goal of targeting four ‘high-priority’ target areas within the greater Kingswood Prospect area, which has returned ‘significant’ porphyry-associated mineralisation.
This DD campaign is reported to be the most ‘significant’ wok the Company has undertaken at the Myall Project to date.
Speaking on the diamond drilling program, Magmatic Managing Director,Dr Adam McKinnon, said: “After a particularly challenging period with heavy rainfall in the region, our team have done an excellent job working with local stakeholders to establish access and formed drill pads at the Kingswood site.
“our team have done an excellent job working with local stakeholders to establish access and formed drill pads at the Kingswood site”
We already know the igneous complex we are exploring here is fertile, with previous drilling by majors including Newcrest and Gold Fields intercepting strong porphyry-associated copper, gold and molybdenum mineralisation.
With a large and intense basement geochemistry footprint, and mineralisation open or poorly drilled in just about every direction, this will be the Company’s most significant exploration effort to date at Myall and we are very excited about the potential for a major Northparkes-style discovery.”
The company also notes that the first drillhole will target known mineralisation located immediately west of Kingswood at the Corvette Prospect, including zones that have returned +1% Cu mineralisation.
In addition, these subsequent drill holes will target ‘major’ step out extensions of the known ‘extensive’ mineralisation footprint along strike that was defined by recent and historic drilling.
The Myall Project is located about 50km north and along strike from the Northparkes copper-gold Mining District within the East Lachlan fields of New South Wales and covers a total land tenure of 245km-square.
Magmatic Resources has 100% ownership of the project’s single exploration license, with the project considered to be highly prospective for Northparkes-style copper-gold porphyry mineralisation.
With the DD campaign reportedly taking 8-10 weeks to complete, Magmatic Resources announces that first assays are due in mid-September 2022.
Images: Magmatic Resources Ltd
