Magmatic Resources Ltd (ASX:MAG) continues to enhance the copper-gold prospectivity of its Myall Project in Central West New South Wales with a third consecutive plus-400-metre intersection returned from the Corvette Prospect and there is molybdenum to boot.
Final assays from diamond hole 22MYDD417 have resulted in a 466.6-metre intersection from 134.3 metres at the base of cover grading 0.30% copper, 0.07 g/t gold and 12 parts per million (ppm) moly.
Within the 466.6 metres was 154.6 metres at 0.47% copper 0.10 g/t gold and 26ppm moly from 134.4 metres, including 117 metres at 0.55% copper, 0.12 g/t gold and 33ppm moly from 137 metres.
It also included 100 metres at 0.39% copper, 0.11 g/t gold and 2ppm moly from 483 metres, including 33 metres at 0.62% copper, 0.15 g/t gold and 1ppm moly from 550 metres.
Third broad intersection
This hole was collared south of holes 22MYDD415 and 416 that returned intervals of 722.5 metres at 0.25% copper and 0.05 g/t gold and 413.4 metres at 0.26% copper and 0.08 g/t gold respectively.
Magmatic Resources’ managing director Dr Adam McKinnon said: “The results we are seeing delivered from each hole at the Corvette Prospect are, quite simply, stunning.
"We have now returned three consecutive +400 metre copper-gold-molybdenum intervals from our first three full holes, which highlights the potentially vast volumes of highly mineralised rock in the Corvette system."
North-looking section of the Corvette Prospect showing recent holes 22MYDD417, 22MYDD418, the lower portion of 22MYDD415, and previous diamond drilling with a schematic interpretation of the local geology.
In copper-gold region
Magmatic’s 100% owned Myall Project is 25 kilometres southwest of the town of Narromine and about 60 kilometres north along strike of the Northparkes Mine owned by China Molybdenum/Sumitomo.
The world-class Northparkes porphyry copper-gold deposits have a current combined resource and reserve base of 607 million tonnes at 0.55% copper and 0.21 g/t gold, with Magmatic targeting similar mineralisation and grades.
All five holes mineralised
All five holes completed to date at Corvette, including abandoned hole 22MYDD414, have intersected strong mineralisation from the base of cover and mineralisation in the system is still open or poorly defined in every direction.
Recent results have extended the shallow high-grade zone to at least 130 metres along a north-south trend.
The company has also received initial results for the upper portion of 22MYDD418 with strong mineralisation intersected from immediately below the cover - 127.7 metres at 0.37% copper, 0.06 g/t gold and 16ppm moly from 134.3 metres, including 70.7 metres at 0.51% copper, 0.10 g/t gold and 24ppm moly from 134.3 metres.
Assays for the remainder of 22MYDD418 are pending with results expected later in December 2022.
Diamond hole 22MYDD419 was collared from a previously established pad about 300 metres to the north of the Corvette Prospect and was completed yesterday at a depth of 885.9 metres down hole.
This was testing a structural, basement geochemical and geophysical target zone possibly related to extensions of both the Kingswood and Corvette prospects.
The next hole to be drilled will be collared around 80 metres south of 22MYDD418, targeting further extensions to the strongly mineralised trend already defined at Corvette.
Schematic level plan of the 200 metres immediately below the base of cover in the Kingswood-Corvette prospect areas, showing the lateral extent of copper mineralisation defined by previous (black) and Magmatic (blue) diamond holes in the Kingswood-Corvette corridor.
Drilling continues
"In addition to the width of these intersections, all five holes we’ve drilled at Corvette so far have hit strong mineralisation immediately below the cover and this shallow high-grade zone now extends out to 130 metres along a north-south trend,” said McKinnon.
“With the weather improving at the site over the last fortnight, we’ve been able to construct an additional pad further south, allowing us to continue drilling a zone that remains poorly tested in every direction.
"Given that we know the Kingswood-Corvette mineralised corridor already extends to at least 1.1 kilometres in length and is only sparsely drilled, I am as excited as ever by the enormous potential that Corvette and the broader region may unlock as we continue our high-impact exploration into the new year.”
Drilling is expected to continue for the remainder of the year and into 2023, with a short break over the Christmas and New Year period.