Magmatic Resources (ASX:MAG) has been named a finalist for this year’s NSW Mining Explorer of the Year Award.
Speaking to Mining.com.au, Managing Director Dr Adam McKinnon says being selected shows the significance of the high impact drilling Magmatic has been undertaking over the past 9 months.
He says it clearly highlights and recognises the potential size and scale of what the company has discovered at the Corvette prospect in particular, which is situated within the Myall Project in a location where the ‘world-class’ Northparkes Mine is its closest neighbour.
Myall is located some 20km southwest of Narromine, and 60km north of the Northparkes copper-gold Mine and comprises a single contiguous tenement of 244km-square.
McKinnon tells this news service: “I think our strike rate in terms of drilling at Myall has been absolutely phenomenal. We hit copper mineralisation from the very first metre of core when we started this program, and all 11 holes completed to date have intersected significant zones of copper mineralisation. The scale of mineralisation discovered so far is also exceptional, with multiple +400 metres mineralised intervals, including a spectacular 875-metre interval that we recently announced.
We have a very small but highly competent and motivated team with a strong track record of discoveries in this part of Australia. The program has been both technically and logistically challenging, with record rainfalls recorded in the central west in the middle portion of 2022. The team has done an outstanding job progressing the program through these challenges – a testament to their grit and determination.”
“I think our strike rate in terms of drilling at Myall has been absolutely phenomenal”
While the MD is thankful for the recognition to be named as a finalist, he reiterates that Magmatic’s focus remains the same and the company is looking forward to further developing the Myall Project.
“I still believe we are only just beginning to uncover the potential of the Myall Project. The Corvette prospect remains open in all directions and at depth, and with extensional drilling currently underway I am very confident that we will continue to see exciting results coming from Myall for some time to come.”
The Myall Project is characteristic of a porphyry related copper-gold system, with the mineralisation showing many similarities to the nearby Northparkes deposits.
While still at an early stage, the porphyry system at Myall is large in scale, with grades also matching Northparkes in many places. The project has the potential to develop into a regionally significant copper-gold discovery.
Write to Adam Orlando at Mining.com.au
Images: Magmatic Resources Ltd
