Magmatic Resources Ltd (ASX:MAG) has returned its highest-grade assay results to date from the Myall Project in New South Wales, prompting the approval of an additional 5,000 metres of diamond drilling.
strongest-ever visible sulphides from ongoing drilling at its 100%-owned Myall Project in New South Wales,
High-impact diamond drilling commenced late in July at Corvette Prospect and has returned a very strong copper-gold mineralised interval from 499 metres down hole, bringing the total mineralised intersection for hole 22MYDD415 to 511.5 metres at 0.29% copper, 0.06 g/t gold and 17 parts per million (ppm) molybdenum from 134.5 metres.
The latest round of drilling at 22MYDD415 intersected 111 metres at 0.55% copper, 0.10 g/t gold, 1.8 g/t silver and 5 ppm molybdenum from 499 metres, which included 61 metres at 0.81% copper, 0.13 g/t gold and 2.9 g/t silver from 542 metres, including 10.5 metres at 1.39% copper, 0.11 g/t gold and 7.1 g/t silver from 544.5 metres, and 21 metres 1.00% copper, 0.21 g/t gold and 3.1 g/t silver from 582 metres.
A) strongly altered diorite with a very large bleb of chalcopyrite (yellow) and magnetite (black); B) brecciated, chlorite-altered diorite strongly infilled with chalcopyrite and lesser pyrrhotite (brass-coloured).
Hole 22MYDD415 was completed to a depth of 1,014.7 metres, where variable weak to moderate sulphide mineralisation was observed from 650 to 852 metres, with trace to weak visible sulphide mineralisation from 852 metres to end of hole. Assays from 650 metres to the end of hole depth are expected to be returned in early October.
Drilling of hole 22MYDD416 is at a depth of more than 750 metres, testing immediately along trend to the north of 22MYDD415. Logging and cutting of this hole recently commenced, with first assays expected early to mid-October.
The sky’s the limit
Magmatic Resources managing director Dr Adam McKinnon said: “These assay results are, by some margin, the best seen in the Myall region and highlight the incredible copper-gold porphyry potential of the project.
“To be able to announce such outstanding results in our first completed hole of the program is simply remarkable and it has already gone a long way in demonstrating the size and grade potential of the system.
“The decision of Magmatic Resources’ board to expand the total drill metres at Myall to nearly triple the original program speaks to the extraordinary potential we believe these results have unlocked.
“The overall length of the mineralised zones, along with the strong alteration and distinctive geology we are observing has everyone involved in the project very excited.
"I’m very much looking forward to what we might discover in the coming months. Given the world-class copper and gold endowment of the region, the sky’s the limit.”
Program extension
Plan of the Corvette Prospect over airborne magnetics showing previous and recent diamond drilling.
The Myall diamond drilling program will now be extended to 8,000 metres from 3,000 metres, comprising 8-10 diamond holes.
Targets are being prioritised for follow-up drilling at Corvette, with the next hole likely to be drilled immediately to the south of the mineralised zone in 22MYDD415.
Pending results from both 22MYDD416 and the planned hole to the south, further holes will aim to extend the system up and down plunge of the high-grade mineralisation identified as well as to the north and south along trend to assess the potential size of the Corvette system.
Keep it coming
Magmatic is also re-assessing the potential of the broader region, with the Kingswood area now considered even more prospective for further porphyry mineralisation given the similarities in geochemical and geophysical features to the Corvette Prospect.
To add to the good news, an analysis of airborne geophysical data highlights that Corvette sits on the eastern margin of a deep magnetic low, meaning there is a presence of an intrusive monzonite body that is coincident with strong basement copper geochemistry and is almost completely untested by diamond drilling over a distance exceeding three kilometres.
The site is a strong target for further exploration although the timing is uncertain given the significantly above-average rainfall. Ground conditions are expected to improve as the weather warms and evaporation rates increase.
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