Magmatic Resources Ltd (ASX:MAG) has intersected the longest mineralised interval to date in the Myall region containing copper, gold and molybdenum during the company's diamond drilling program at the Corvette Prospect in New South Wales.
The new hole, 23MYDD423, which previously returned the strongest copper-gold intersection to date, has the potential to significantly expand the mineralised footprint at Corvette and is expected to be completed by early April 2023.
Assay results have now also been returned for the lower portion of 23MYDD422, confirming this long intersection:
- 875.2 metres at 0.21% copper, 0.04g/t gold and 6 parts per million (ppm) molybdenum from 146.8 metres, including 355.2 metres at 0.38% copper, 0.09g/t gold and 5 ppm molybdenum from 146.8 metres including 241.0 metres at 0.45% copper, 0.11g/t gold and 7 ppm molybdenum from 261 metres.
- 107 metres at 0.29% copper, 0.14g/t gold and 8ppm from 183 metres, including, 36 metres at 0.38% copper, 0.31g/t gold and 8ppm molybdenum from 237 metres;
- 37 metres at 0.36% copper, 0.06g/t gold and 2ppm molybdenum from 343 metres, including 19.0 metres at 0.54% copper, 0.11g/t gold and 2ppm molybdenum from 360 metres; and
- 11 metres at 0.57% copper, 0.01g/t gold and 4ppm molybdenum from 422 metres.
“Exceptionally large-scale mineral system”
Magmatic managing director Dr Adam McKinnon said: “We now have confirmation that every one of the ten holes drilled since the current program commenced at Myall have intersected significant copper-gold mineralisation.
“As the latest results from hole 422 demonstrate, we are exploring in an exceptionally large-scale mineral system that remains open or poorly tested in every direction.
“The tenor of the results from our recent drilling at Kingswood were also highly encouraging, with hole 424 returning strong results for both copper and gold.
“Most importantly, mineralisation was encountered once again immediately below the cover, expanding the prospect footprint at least 150 metres to the east into an area previously untested by drilling.
“Taken together with the latest structural analysis that suggests that Kingswood and Corvette may be part of a single kilometre scale system, I couldn’t be more excited to see the next phase of diamond drilling getting underway at Myall”
Kilometre-scale mineralised system
Following recent drilling, detailed structural analysis of more than 1,000 sulphide veins of different styles in the Kingswood-Corvette corridor has shown an overwhelming ENE to NE-striking vein orientation.
This orientation suggests Kingswood and Corvette have the potential to form a single, kilometre-scale mineralised system with continued drilling.
The structural analysis also further supports the immense potential for extensions in the untested area to the north and northeast of Corvette, which will be tested with the upcoming hole 23MYDD423.
Forward plan
Data collection for the close-spaced ground gravity geophysical survey over the greater Kingswood-Corvette prospect area is now also complete.
The gravity data were collected over an area of approximately 2 by 3 kilometres, with processing and analysis expected to be completed shortly.
Gravity techniques can be useful for identifying the position of different rock units based on changes in their composition (and therefore their mass or density).
Reprocessing of the high-quality airborne magnetics dataset available for the area is also currently underway, with downhole magnetic data collected from recent drilling to be included in the analysis.
While diamond drilling remains the principal exploration technique at the Myall Project, gravity and magnetic datasets assist with the overall geological understanding, leading to more effective prioritisation of follow-up drill targets.