Join our daily newsletter At The Bell to receive exclusive market insights
- Magmatic Resources (MAG) announces a maiden inferred MRE for its Corvette and Kingswood deposits at its Myall project
- The MRE comprises 110Mt of 0.27 per cent copper, 0.07g/t gold, and 0.8g/t silver
- Historic data reveals that mineralisation associated with the Corvette and Kingswood MRE remains open and poorly tested at depth and in every direction
- The company is designing follow-up explorations with a focus on the expansion of its near-surface footprint and testing of higher-grade mineralised zones
- MAG shares are down 3.85 per cent, trading at 7.5 cents at 12:51 pm AEST
Magmatic Resources (MAG) has announced a maiden inferred mineral resource estimate (MRE) for its Corvette and Kingswood deposits at its Myall project in New South Wales.
The initial MRE comprises 110 million tonnes (Mt) at 0.27 per cent copper, 0.07 grams per tonne (g/t) gold, and 0.8g/t silver.
The MRE has contained metal of 293 thousand tonnes (kt) copper, 237 thousand ounces (koz) gold, and 2.8 million ounces (Moz) of silver equating to a 354kt copper metal equivalent.
The MRE encompasses results from Magmatic’s recent 11,000-metre diamond program carried out at its Corvette prospect, which drilled 13 holes, as well as one hole at the Kingswood prospect.
Historic data has also revealed that mineralisation associated with the Corvette and Kingswood MRE remains open and poorly tested at depth and in every direction.
“We are very pleased to announce the maiden inferred mineral resource for Corvette and Kingswood following a successful drilling program that has seen the intersection of multiple exceptionally long copper and gold intervals,” MAG Managing Director Dr Adam McKinnon said.
“With an initially contained metal endowment of 354,000 tonnes of copper metal-equivalent, the maiden mineral resource highlights the incredible potential not just of the Corvette area but of the entire Myall project.”
Furthermore, a recent analysis of regional data sets at the Myall project has highlighted multiple large-scale targets with similar geochemical signatures to Covertte and other clustered deposits within the region.
The company is designing follow-up explorations, with a focus on expanding its near-surface footprint and testing vectors towards higher-grade mineralised zones.
MAG shares were down 3.85 per cent, trading at 7.5 cents at 12:51 pm AEST.
