Magmatic Resources Ltd (ASX:MAG) has unearthed extensive copper and polymetallic mineralisation in the first diamond hole at Corvette Prospect of the Myall Project in New South Wales, including a 722.5-metre intersection.
The full assay results for drill hole 22MYDD415 have now been received:
- 722.5 metres at 0.25% copper, 0.05 g/t gold and 14 parts per million (ppm) molybdenum from 134.5 metres including:
- 151.5 metres at 0.37% copper, 0.08 g/t gold and 43ppm molybdenum from 134.5 metres, and
- 240 metres at 0.36% copper, 0.07 g/t gold and 3ppm molybdenum from 499 metres.
“With over 700 metres of porphyry-associated copper-gold-molybdenum mineralisation now confirmed from the first hole, these results simultaneously comprise the highest-grade interval, the broadest interval and now deepest mineralised interval ever drilled in the Myall region.
“The latest results also extend the footprint of the Corvette Prospect at least 350 metres to the east, highlighting the immense potential to expand the system in multiple directions.
Follow-up drill hole delivers once again
Results for follow-up hole 22MYDD416 have also been received, drilled from the same pad as the first diamond drilled hole but targeting north-trending mineralisation:
- 150.4 metres at 0.37% copper, 0.07 g/t gold and 51ppm molybdenum from 137.6 metres, including:
- 24.4 metres at 0.62% copper, 0.14 g/t gold and 116ppm molybdenum from 137.6 metres;
- 10 metres at 1.03% copper, 0.27 g/t gold and 163ppm molybdenum from 141 metres;
- 25 metres 0.60% copper, 0.15 g/t gold and 113ppm molybdenum from 230 metres; and,
- 11 metres at 0.87% copper, 0.26 g/t gold and 179ppm molybdenum from 237 metres.
“Initial assay results for the upper portion of follow-up hole 22MYDD416 have proved equally as impressive as those from the upper portion of the first hole, with the strong molybdenum and gold associated with the higher-grade copper zones being particularly encouraging,” Dr McKinnon continued.
“Results from this latest hole also point to the potential for a significant shallow high-grade zone, as each hole we’ve drilled to date has returned strong assay results from immediately below the cover sequence.
“Magmatic’s technical team and contractor Ophir Drilling continue to do an incredible job executing the Myall program through what has been an exceptionally wet period in central western New South Wales.
“With at least 5,000 metres remaining to be drilled in the current program, I am as excited as ever to see what we may discover in the coming months."
More drilling to come
A second follow-up hole, 22MYDD417, was drilled 55 metres along trend to the south of 22MYDD415 to a depth of 815.3 metres.
A third follow-up hole is slated to begin shortly, targeting porphyry-associated copper mineralisation further along trend to the south of 22MYDD415 and 417.
Magmatic has so far completed a total of 2,900 metres of drilling and now plans to expand the initial 3,000 metres program to 8,000 metres, chasing an extension of the Corvette system above and below the mineralisation already defined.