Magmatic Resources Ltd (ASX:MAG) has wrapped up diamond drilling at the 100%-owned Myall Project in Central West New South Wales designed to expand the Corvette Prospect to the south, north, west and at depth.
Eight holes totalling more than 6,000 metres have been completed since drilling began in late July, with work targeted to resume in January.
Improving weather and site access conditions have allowed further high-impact holes to be completed from a new southern drill pad at the Corvette Prospect.
Full assay results are pending for the latest completed holes, 22MYDD419, 22MYDD420 and 22MYDD421, in addition to the lower portion of 22MYDD418, which previously returned 127.7 metres at 0.37% copper and 0.06 g/t gold in the upper part of the hole.
Plan of the Corvette Prospect over airborne magnetics (RTP) showing previous and recent diamond drilling with downhole copper mineralisation.
Testing high-impact targets
Magmatic Resources’ managing director Dr Adam McKinnon said: “The improvement in the weather and site access conditions over the last three to four weeks has been very welcome, with production rates increasing to the point where we have finished the year with eight holes completed and more than 6,000 metres drilled at Myall.
"This has been the result of the outstanding efforts of our hard-working exploration team and contractors who have persisted through exceptionally trying conditions early in the program.
“The latest drilling has allowed us to test several high-impact targets at Corvette, potentially growing the system to the south, north, west and at depth. Hole 22MYDD421 in particular will assist in interpreting the geometry and vertical continuity of mineralisation as drilling continues, with assay results eagerly awaited.
“With the Corvette system remaining open or poorly tested in every direction and the broader Kingswood-Corvette corridor only sparsely drilled I am as excited as ever by the Tier-1 copper-gold potential of Myall and am looking forward to unlocking the enormous potential of the project in 2023.”
Strong results so far
Magmatic Resources is targeting mineralisation similar to the world-class Northparkes porphyry copper-gold deposits jointly owned by China Molybdenum and Sumitomo.
Myall is 25 kilometres southwest of the town of Narromine and around 60 kilometres north along strike of the Northparkes Mine
Diamond drilling at Corvette Prospect had been underway for more than four months, with very strong results delivered from multiple holes.
Among the newest holes drilled, 22MYD419 was collared several hundred metres northwest of the prospect and completed at a depth of 885.9 metres, targeting potential large-scale extensions to mineralisation at both the Corvette and Kingswood prospects.
Hole 22MYDD420 was completed at a depth of 653.4 metres and represents a significant step-out to the south at Corvette, with the aim of extending the strong near-surface trend to more than 200 metres in length.
The most recent hole 22MYDD421 was completed yesterday to a depth of 900.6 metres and was designed to test the vertical continuity and geometry of Corvette to determine the potential volume of mineralisation in the system.
Assay results can be expected in late January.
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