ASX-listed mining exploration company Magmatic Resources (ASX:MAG) has recorded another 500m-plus intercept at the Corvette prospect, located within the Myall Copper-Gold Porphyry Project in New South Wales.
The company reports diamond hole 23MYDD423 was recently completed to a depth of 876.6m. In this hole, highly variable, weak to moderate intensely visible sulphide mineralisation was observed over an interval of more than 500m, starting at 240m downhole.
The sulphides occur as disseminated, vein, and breccia-style mineralisation down to 751m, comprising chalcopyrite and pyrite, with the latter becoming very abundant in the lower portions of the interval.
Magmatic reports the results of 23MYDD423 follows recently received assays for diamond hole 23MYDD422, which returned the longest mineralised intersection ever drilled in the Myall region, with an interval of 875.2m @ 0.21% Cu and 0.04g/t Au from the base of cover, including a very strong zone of 355.2m @ 0.38% Cu, and 0.09g/t Au.
The company says the ‘impressive’ tenor of the results from 23MYDD422 and the visual results from 23MYDD423 have resulted in a follow-up scissor hole being collared further to the east between these holes. The recently started hole 23MYDD425 was designed with a steeper dip than previous holes, and will test the width of the mineralised systems to the east as well as potential extensions at depth.
Commenting on the results, Magmatic Resources Managing Director Dr Adam McKinnon says: “These latest results clearly show Magmatic has discovered a mineralised system at Corvette with very impressive scale.
While we need to wait for the assay results to fully understand the tenor of the mineralisation in hole 423, to intersect yet another plus-500m zone of visible sulphide mineralisation highlights the immense prospectivity of the Myall Project area.
“These latest results clearly show Magmatic has discovered a mineralised system at Corvette with very impressive scale”
Representing a big step to the north at Corvette, hole 423 is now the eleventh consecutive drillhole to return significant mineralisation since the high-impact diamond drilling program commenced at Myall in July last year. Given that the system remains open or poorly tested in every direction and at depth, I am more confident than ever that Myall has the potential to grow into one of Australia’s most exciting copper-gold discoveries.”
Magmatic also reports initial processed results from the recent close-spaced ground gravity survey have been received with further refinement and analysis currently ongoing. The company says preliminary data shows that known mineralisation at Corvette is centred immediately above the northern end of a multi-kilometre long, north-south trending gravity low.
This gravity low is interpreted to be due to the presence of a lower density monzonite rock package, which has intruded into more mafic diorite and andesite rock package. The company also notes that the gravity low is slightly offset from the magnetic low, with the latter centred further west.
Magmatic says its technical team is currently reviewing the potential link between the copper mineralisation identified to date and this major geological feature.
The company notes that almost no diamond drilling tests the gravity low or its contacts outside of the immediate Corvette area, providing further potential targets for follow-up exploration. The new gravity dataset will be used in parallel with the magnetics dataset and geochemical datasets to provide further vectors both around the existing drilling, and in the broader prospect area.
Magmatic Resources is an ASX-listed mining exploration company focused on its portfolio of projects in the East Lachlan region of New South Wales.
The company’s portfolio includes the Myall Copper-Gold Porphyry Project, as well as the Wellington North Orogenic Copper-Gold Porphyry Project, and the Parkes Gold Project.
Images: Magmatic Resources Ltd
