Magmatic Resources Ltd (ASX:MAG) has received approval from its Board of Directors for a new high-impact diamond drilling campaign in the greater Corvette and Kingswood area within the Myall Project in central New South Wales.
The follow-up drilling program is designed to rapidly expand the known footprint of the porphyry copper-gold system at Myall.
Drilling will target shallow mineralisation immediately below the transported cover, with 8-10 holes to be completed at an average depth of 250 metres.
The new program will follow the completion of an initial mineral resource estimate (MRE) for the Corvette and Kingswood deposits, comprising 110 million tonnes at 0.33% copper equivalent and equating to 354,000 tonnes of copper metal equivalent.
A revised application to permit drilling in the expanded evaluation area at Myall has been submitted to the NSW Regulator, with drilling expected to kick off in mid-September.
"Step-change in approach"
Magmatic managing director Dr Adam McKinnon said: “I am very excited that diamond drilling will shortly recommence at the Myall Project.
“The proposed drilling represents somewhat of a step-change in approach, with the company looking to rapidly test multiple high-potential target areas around the Corvette and Kingswood deposits and further afield.
“The recent release of the maiden mineral resource estimate for Corvette and Kingswood demonstrated the possibly vast copper and gold endowment of Myall, with 354,000 tonnes of contained copper metal-equivalent defined in less than 12 months and with only 14 holes drilled.
“With 55% of this MRE tonnage within 300 metres of surface, the upcoming drilling provides an opportunity to expand this shallow footprint and also potentially to make new high-grade discoveries.”
Location of the Myall Project showing selected tenement holdings from other major explorers and miners in the region, along with road and rail infrastructure and major towns.
Forward plan
The follow-up diamond drilling program will comprise 8-10 holes designed to test up to six key target areas outside of the Corvette and Kingswood MRE.
This will initially target shallow mineralisation immediately below the transported cover, with an average depth of 250 metres per hole.
Given the shorter hole depths and dryer prevailing conditions, the proposed program is expected to progress quickly once mobilisation to the site occurs.
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