Magmatic Resources Ltd (ASX:MAG) continues to increase the size of its copper footprint in the greater Corvette-Kingswood area of the 100%-owned Myall Project in Central West NSW.
Recent drilling results have picked out high-grade copper intersections west of the Corvette deposit.
Shallow mineralisation targeted
The latest drilling program consisted of eight diamond drill holes designed to explore shallow mineralisation across six key targets.
Copper mineralisation was intersected in all eight holes, indicating a substantial increase in the mineralisation target zone.
One of the standout intersections yielded 18 metres at 0.80% copper equivalent (CuEq) - 0.76% copper, 0.03 g/t gold and 51ppm molybdenum, including 5.8 metres at 2.13% CuEq (1.97% copper, 0.04 g/t gold and 179ppm moly).
The company says this promising copper-molybdenum mineralisation, found in a previously untested area, ranks among the highest-grade intervals drilled at the Myall Project.
In addition to the discovery near Corvette, other target areas showed highly encouraging copper – and also molybdenum – zones, with multiple holes ending in mineralisation.
These results highlight the scale of the porphyry system in the greater Corvette and Kingswood area.
Open in all directions
The mineralisation remains open in all directions and at depth, pointing to the project's potential for more significant copper-gold discoveries.
Magmatic Resources is focused on targeting Northparkes-style mineralisation, comparable to the world-class Northparkes porphyry copper-gold deposits to the south.
With more than 13,000 metres drilled in the last 18 months, the Myall Project area is considered highly prospective for a Tier-1 copper-gold discovery.
Next steps
The company is undertaking interpretation and modelling of the expanded Corvette Porphyry System. Several high-priority targets have been identified for follow-up, indicating a robust exploration strategy ahead.
“This program represented somewhat of a step-change in approach for the company, with a focus on testing for shallow mineralisation in the region surrounding the immediate Corvette and Kingswood deposits,” Magmatic Resources managing director Dr Adam McKinnon said.
“The trend of every single hole we have drilled over the past 18 months at Myall intersecting copper mineralisation has continued. This includes all eight of our recent extensional drill holes – highlighting the rapidly expanding footprint of this remarkably fertile mineral system.
Impressive results
“Perhaps most impressive were the results from hole 23MYDD434, which returned an exceptional 2.13% CuEq intersection, representing one of the highest-grade zones drilled to date at the Myall Project.
“Located in a previously untested area around 100 metres to the west of Corvette, the newly identified high-grade mineralisation will form a key target for future follow-up drilling.
“The program has also provided Magmatic’s technical team with several key insights into the geology and structural architecture of the basement rocks below the cover sequence,” he added. “Interpretation and re-modelling of this data is currently underway and I am confident this work will highlight additional high-grade target zones.”