Magmatic Resources Ltd (ASX:MAG) has encountered visible sulphides spanning nearly one-kilometre thanks to step-out drilling at the Myall Project’s Corvette prospect in central New South Wales.
The explorer recently completed its ninth diamond drill hole at the project, intersecting disseminated, vein and breccia-style visible sulphide mineralisation along the way.
These findings represent the largest step-out on the Corvette trend to date, while visible mineralisation associated with the hole remains completely untested to the north, the east and at depth.
Core from the hole is with the lab and final assays are expected late next month. In the meantime, focus has shifted to Corvette’s north — home to abundant, quartz-sulphide vein mineralisation near the end of the previous diamond hole.
Myall “realising full potential”
Magmatic managing director Dr Adam McKinnon said: “What an incredible way to begin 2023, with our first hole for the year intersecting visible sulphide mineralisation over an interval approaching one kilometre in length.
“Representing our biggest step-out on the Corvette trend to date, what we’ve observed in this hole is a clear indication of the potentially massive scale of the Corvette system.
“It is also pleasing to have intersected intense porphyry-style quartz-sulphide veining for the first time at the bottom of hole 421, with this zone now producing the best gold results seen at Corvette so far.
Further strong copper results to the south of Corvette have also seen the mineralised footprint expand rapidly to nearly 350 metres along a north-south trend.
“While we need to wait for assay results for the recent drilling to fully understand their impact, with each new hole completed I grow increasingly excited that Myall is realising its full potential to host a regionally significant copper-gold system.”
What else has the campaign unearthed?
As it waits on results from its ninth diamond drill hole, Magmatic has shed some light on its earlier drill targets.
For starters, results for the upper portion of 22MYDD421 remain pending but initial assays associated with this deeper veining confirm it hosts stronger gold than previously encountered at Corvette.
The highlights include 51 metres at 0.46% copper and 0.33 g/t gold from 797 metres, including 13 metres at 1.07% copper and 0.61 g/t gold from 816 metres.
Meanwhile, the final assays are in for 22MYDD418 and 22MYDD420, pushing the mineralised footprint at Corvette further to the south. Results include:
- 22MYDD418 - 165.7 metres at 0.32% copper, 0.05 g/t gold and 17 parts per million (ppm) molybdenum from 134.3 metres (base of cover), including 70.7 metres at 0.51% copper, 0.10 g/t gold and 24 ppm molybdenum from 134.3 metres; and
- 22MYDD420 - 104.0 metres at 0.22% copper, 0.10 g/t gold and 13 ppm molybdenum from 151 metres, including 14 metres at 0.52% copper, 0.24 g/t gold and 5 ppm molybdenum from 199 metres.
Finally, the strong prospectivity of the broader Corvette-Kingswood system is also highlighted by results from 22MYDD419, drilled several hundred metres northwest of Corvette.
Hole 22MYDD419 returned 72 metres at 0.18% copper, 0.04 g/t gold and 9 ppm molybdenum from 289 metres, including 11 metres at 0.44% copper, 0.14 g/t gold and 9 ppm molybdenum from 299 metres and 19.3 metres at 0.32% copper, 0.16 g/t gold and 2 ppm molybdenum from 401 metres.