Magmatic Resources (ASX:MAG) is working alongside Fortescue (ASX:FMG) to conduct a follow-up drilling program at the Calais target within the Myall Project in New South Wales.
Both companies intend to work together to further understand the system and refine the geological framework of the Narromine Igneous Complex. The complex is a large, buried body of volcanic and intrusive rocks located in the Junee-Narromine Volcanic Belt.
This news comes after a drilling program — organised as part of the farm-in and joint venture with Fortescue — was conducted to test multiple regional conceptual targets, as well as test and extend Magmatic’s geological model at the Corvette-Kingswood resource.
Magmatic, which has a market capitalisation of $14.17 million, interprets the drilling results to indicate that the copper and gold intercepts at Calais are within the wallrock of a mineralised porphyry system.
The company adds that the anomalous gold result in drillhole FMD0508 is potentially related to an epithermal overprint at the upper levels of a porphyry system.
Managing Director David Richardson says the mineralisation intersected in recent drilling has continued to open up the second exploration front within the Myall Project.
“Intersecting a gold-copper zone at this early stage is very encouraging,” Richardson says.
Results from drillhole FMD0508 include 11.7m @ 0.59 grams per tonne gold, 0.38% zinc, 2.9g/t silver, 1.8 parts per million molybdenum, 0.05% copper, including 8m @ 0.23% copper, 0.04g/t gold within 26m @ 0.14% copper, 0.08g/t gold.
Magmatic Resources is a mineral explorer focused on advancing gold-copper projects in Australia.
Write to Aaliyah Rogan at Mining.com.au
Images: Magmatic Resources
