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- Magmatic Resources (MAG) announces plans for a new high-impact drilling campaign at its Myall project in New South Wales
- The initiative aims to expand the known copper and gold deposits
- Early estimates suggest significant potential at Myall
- Drilling operations are slated to begin in mid-September
- Magmatic Resources shares last traded at 5.9 cents
Magmatic Resources (MAG) has announced plans for a new high-impact drilling campaign at its Myall project in New South Wales.
Magmatic’s Board has granted approval for the diamond drilling campaign, which is designed to expand the footprint of the porphyry copper-gold system at Myall.
The program will include drilling 8-10 holes, each with an average depth of 250 metres.
The decision to begin drilling comes on the heels of the successful completion of an initial mineral resource estimate (MRE) for the Corvette and Kingswood deposits.
The MRE comprises 110 million tonnes (Mt) at 0.33 per cent copper equivalent, equating to 354,000 tonnes of copper metal equivalent.
“The proposed drilling marks a significant shift in approach, as the company aims to swiftly explore multiple high-potential target areas around the Corvette and Kingswood deposits and beyond,” MAG Managing Director Adam McKinnon said.
Drilling operations are scheduled to commence in mid-September.
MAG shares last traded at 5.9 cents.
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