Join our daily newsletter At The Bell to receive exclusive market insights
- Magmatic Resources (MAG) intersects visible sulphide mineralisation over more than 950 metres at its Myall copper-gold project in NSW
- The company says hole 422, drilled to 1170 metres, is its biggest step-out on the Corvette trend to date and indicates the “potentially massive scale” of the mineralised system
- The core from this diamond hole is being processed, and assays are expected next month
- Additionally, results from two other holes extended the mineralised footprint at Corvette to nearly 350 metres in a north-south trend
- MAG shares are trading 4.76 per cent higher at 11 cents at 3:20 pm AEDT
Magmatic Resources (MAG) has intersected visible sulphide mineralisation over more than 950 metres at its Myall copper-gold project in New South Wales.
The ninth hole of its diamond drilling program reached a depth of 1170.7 metres at the northern end of the Corvette prospect.
Named 23MYDD422, the hole intersected “highly encouraging” disseminated, vein and breccia-style visible sulphide mineralisation from 146.8 metres to 759 metres downhole.
From 759 metres, it displayed “less contiguous but still abundant” mineralisation to 1104 metres.
“What an incredible way to begin 2023, with our first hole for the year intersecting visible sulphide mineralisation over an interval approaching one kilometre in length,” Magmatic Managing Director Adam McKinnon said.
“Representing our biggest step-out on the Corvette trend to date, what we’ve observed in this hole is a clear indication of the potentially massive scale of the Corvette system.”
Magmatic Resources also received partial results from hole 421, reportedly confirming it hosted “stronger gold” than previously seen at Corvette.
The drillhole intersected 51 metres at 0.46 per cent copper and 0.33 grams per tonne (g/t) gold from 797 metres, including 13 metres at 1.07 per cent copper and 0.61 g/t gold from 816 metres.
Furthermore, results from holes 418 and 420 have pushed the mineralised footprint at Corvette to nearly 350 metres in a north-south trend.
“Whilst we need to wait for assay results for the recent drilling to fully understand their impact, with each new hole completed I grow increasingly excited that Myall is realising its full potential to host a regionally-significant copper-gold system,” Dr McKinnon said.
Core from 23MYDD422 is being processed, with final assays expected in late February, while results for the upper portion of 421 are still pending.
MAG shares were trading 4.76 per cent higher at 11 cents at 3:20 pm AEDT.
