ASX-listed gold-copper exploration company Magmatic Resources (ASX:MAG) reports it has received ‘impressive’ assay results from an ongoing diamond drilling (DD) program at its 100% owned Myall Cu-Au Project in New South Wales (NSW).
The results, generated by drillhole 22MYDD417, have delivered the third consecutive +400m Cu-Au intersection from the Corvette prospect and extend the shallow ‘high-grade’ zone to at least 130m along a north-south trend, with mineralisation remaining open in every direction.
Key results include: 466.6m at 0.30% Cu, 0.07g/t Au, 0.7g/t silver (Ag) and 12ppm molybdenum (Mb) from 134.4m (base of cover) including 154.6m at 0.47% Cu, 0.10g/t Au, 1.0g/t Ag and 26ppm Mo from 134.4m, as well as 117.0m at 0.55% Cu, 0.12g/t Au, 1.1g/t Ag and 33ppm Mo from 137m (22MYDD417).
It is reported that assays from the upper portion of drillhole 22MYDD418 have also been received and returned ‘strong’ mineralisation from immediately below the cover, including 127.7m at 0.37% Cu, 0.06g/t Au, 0.9g/t Ag and 16ppm Mo from 134.3m including 70.7m at 0.51% Cu, 0.10g/t Au, 1.2g/t Ag, and 24ppm Mo from 134.3m
The current DD program has been underway at the project for about 4 months and commenced with a goal of targeting similar Northparkes-style mineralisation and grades as seen within the world-class Northparkes porphyry Cu-Au deposits.
Speaking on the results, Magmatic Resources’ Managing Director, Dr Adam McKinnon says: “The results we are seeing delivered from each hole at the Corvette prospect are, quite simply, stunning. We have now returned three consecutive +400m copper-gold-molybdenum intervals from our first three full holes, which highlights the potentially vast volumes of highly mineralised rock in the Corvette system.
“The results we are seeing delivered from each hole at the Corvette prospect are, quite simply, stunning”
…I am as excited as ever by the enormous potential that Corvette and the broader region may unlock as we continue our high impact exploration into the new year.”
The company also notes that all 5 drillholes completed to date at the Corvette prospect, inclusive of abandoned drillhole 22MYDD414, have intersected ‘strong’ mineralisation from the base cover, demonstrating the potential size of the system at the prospect.
In addition, Magmatic Resources has completed the most recent diamond hole at the project, 22MYDD419, which was designed to test a structural, basement geochemical and geophysical target zone that is potentially related to extensions of the Kingswood and Corvette prospects.
Over 4,500m of drilling has now been completed for the 2022 Myall drilling program and is expected to continue for the remainder of the year and into 2023.
Magmatic Resources’ Myall project is located about 25km southwest of the central NSW town of Narromine and about 60km north along strike of the Northparkes Mine, which is owned by the largest molybdenum producer in mainland China, CMOC Group, and worldwide general trading company Sumitomo. The project comprises a single exploration licence that covers a total land area of 245km-square and is considered highly prospective for Northparkes-style Cu-Au porphyry mineralisation.
With the current DD program still ongoing, Magmatic Resources announces assays for the remainder of drillholes 22MYDD418 and 419 are still pending, however are expected to be received in December of this year.
Images: Magmatic Resources Ltd
