Magmatic Resources Ltd (ASX:MAG) has welcomed its first inferred mineral resource estimate (MRE) for the Corvette and Kingswood deposits at its 100%-owned Myall Project, some 60 kilometres north along strike of the Northparkes Mine in central New South Wales.
This MRE comes in at 110 million tonnes for the two prospects, at 0.33% copper equivalent (0.27% copper, 0.07 g/t gold, 0.8 g/t silver and 10 parts per million (ppm) molybdenum) at a 0.20% copper equivalent cut-off.
The resource has contained metal of 293,000 tonnes of copper, 237,000 ounces of gold and 2.8 million ounces of silver, equating to 354,000 tonnes of copper equivalent.
Copper in all directions
The MRE includes results from Magmatic’s recent 11,000-metre diamond program at the Corvette prospect, which consisted of 13 holes, and Kingswood prospect (1 hole), along with historical drilling data.
Mineralisation associated with the Corvette and Kingswood MRE remains open or poorly tested in every direction and at depth.
Modelling for the MRE was restricted to two zones of higher-density drilling associated with the Corvette and Kingswood deposits.
Contributing results
Contributing to the MRE were final pending assay results from diamond holes 23MYDD425 and 426 that included:
- 202 metres at 0.27% copper equivalent (0.23% copper, 0.04 g/t gold and 4ppm molybdenum) from 332 metres including 35 metres at 0.41% copper equivalent (0.35% copper, 0.07 g/t gold and 5ppm molybdenum) from 359 metres and 22 metres at 0.54% copper equivalent (0.39% copper, 0.17g/t gold and 2ppm molybdenum) from 446 metres; and
- 116.1 metres at 0.20% copper equivalent (0.16% copper, 0.05 g/t gold and 5ppm molybdenum) from 292.9 metres including 10 metres at 0.35% copper equivalent (0.31% copper, 0.04 g/t gold and 3ppm molybdenum) from 323 metres and 16 metres at 0.41% copper equivalent (0.28% copper, 0.17 g/t gold and 16ppm molybdenum) from 353 metres.
Designs for follow-up exploration are in train with a focus on expanding the near-surface footprint and testing vectors towards higher-grade mineralised zones.
New analyses of regional datasets at Myall have also highlighted multiple large-scale targets with similar geochemical and geophysical signatures to Corvette, consistent with other mines in the region that occur in clusters of deposits.
Managing director Dr Adam McKinnon said: “We are very pleased to announce the maiden inferred mineral resource for Corvette and Kingswood following a successful drilling program that has seen the intersection of multiple exceptionally long copper and gold intervals.
“With an initial contained metal endowment of 354,000 tonnes of copper metal-equivalent, the maiden mineral resource highlights the incredible potential not just of the Corvette area but of the entire Myall Project.
Potential for rapid growth
“The mineral resources are currently open or poorly constrained in every direction and at depth, leaving a clear pathway to potential rapid growth, with numerous key target areas emerging. The identification of higher-grade zones associated with mineralising intrusives will also be a key target of future exploration programs.
“Porphyry copper deposits account for ~70% of global supply and often occur in clusters of deposits consisting of hundreds of millions to billions of tonnes, ranging from 0.24 to 0.75% copper.
“Recent work on the Corvette/Kingswood area has focused on a tiny percentage of the Myall Project area and has already identified a very significant copper endowment in a low-risk, mining-friendly jurisdiction. I couldn’t be more excited about the future of the project and the company.”