Magmatic Resources Ltd (ASX:MAG) continues to pursue porphyry copper-gold mineralisation at its Myall Project in Central West New South Wales, some 60 kilometres north along strike of the Northparkes Mine, owned by China Molybdenum/Sumitomo.
Proximity to big mines
Magmatic hopes that proximity to two of the largest porphyry plays in Australia – Northparkes and Cadia Valley Mines – will allow it to reap similar mineralisation and grades to those found in the world-class Northparkes deposit, which has a current combined resource and reserve base of 607 million tonnes at 0.55% copper and 0.21 g/t gold.
The company has now drilled 11 diamond holes covering nearly 9,000 metres, with every hole to date intersecting ‘significant’ porphyry-associated copper-gold mineralisation.
Porphyry copper deposits provide 60 to 70% of global copper supply and are typically low grade (0.24 to 0.75% copper and 0.0 to 0.5g/t gold) and large tonnage (from 100 million to several billion tonnes).
An extensional diamond hole (referred to as ‘hole 423’) was recently drilled to a depth of 876.6 metres at Corvette prospect, yielding highly variable, weak-to-moderate intensity visible sulphide mineralisation observed over an interval of more than 500 metres, starting at 240 metres down hole.
Core results to come
Core from this hole is being processed at the lab, with assay results expected in mid-May. The hole represents a significant extension to the Corvette footprint and is 100 metres north of a drill hole that returned 241 metres at 0.45% copper and 0.11g/t gold.
What’s more, visible mineralisation associated with this hole is still completely untested to the north, to the east and at depth.
MAG recently reported that assays for an earlier-drilled diamond hole at Corvette had returned the longest mineralised intersection ever drilled in the Myall region, with an interval of 875.2 metres at 0.21% copper and 0.04 g/t gold from the base of cover, including a very strong zone of 355.2 metres at 0.38% copper and 0.09 g/t gold.
Magmatic has recommenced drilling 100 metres north along trend of these mineralised zones.
Given the impressive tenor of assay and visual results from the northern end of Corvette, a steeper scissor hole has been collared further east to test the potential width and depth of mineralisation in this area.
Analysis of recently completed ground gravity survey data from Myall shows that Corvette is centred over a multi-kilometre-long zone with relatively low density, which the company interprets to be an intrusive monzonite body.
Work continues with the aim of understanding the link between copper and gold mineralisation at Myall and this low-density zone.
Big step to the north
Magmatic Resources managing director Dr Adam McKinnon said: “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 +500-metre zone of visible sulphide mineralisation highlights the immense prospectivity of the Myall Project area.
“Representing a big step to the north at Corvette, hole 423 is now the 11th consecutive drill hole to return significant mineralisation since the high-impact diamond drill 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.”
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