Magmatic Resources (ASX:MAG) has received approval to conduct a new high-impact diamond drilling campaign within its Myall Project in New South Wales.
The $18.03 million market capitalisation company says this follow-up program aims to ‘rapidly’ expand the known footprint of the porphyry copper-gold system at Myall.
Drilling will comprise 8 to 10 holes, testing up to 6 key target areas outside of the Corvette and Kingswood deposits’ Mineral Resource Estimate (MRE). Drilling will initially target shallow mineralisation immediately below the transported cover, with an average depth of 250m per hole.
Magmatic has also submitted a revised application to permit drilling in the expanded evaluation area at Myall to the New South Wales regulator. Drilling is anticipated to begin in mid-September this year.
Commenting on the new drill program, Magmatic Resources Managing Director Adam McKinnon says: “The proposed drilling represents somewhat of a step-change in approach, with the company looking to rapidly test multiple high-potential target areas around the Corvette and Kingswood deposits and further afield.
The recent release of the maiden MRE for Corvette and Kingswood demonstrated the possibly vast copper and gold endowment of Myall, with 354,000 tonnes of contained copper metal-equivalent defined in less than 12 months and with only 14 holes drilled.
“With 55% of this MRE tonnage within 300m of surface, the upcoming drilling provides an opportunity to expand this shallow footprint and also potentially to make new high-grade discoveries“
With 55% of this MRE tonnage within 300m of surface, the upcoming drilling provides an opportunity to expand this shallow footprint and also potentially to make new high-grade discoveries.”
This new program follows the completion of an initial MRE conducted at Corvette and Kingswood, comprising 110 million tonnes at 0.33% copper equivalent (CuEq) and equating 354,000 tonnes of copper metal-equivalent.
Magmatic Resources is a gold and copper explorer focused on the East Lachlan region in New South Wales.
As of 30 June 2023, the company had $2.855 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Magmatic Resources