- Magmatic Resources (MAG) intercepts visible sulphides in the first round of drilling at the Corvette prospect within its Myall project in New South Wales
- The initial results come from the first two holes collared at the prospect with both hitting zones of mineralisation below the cover sequence
- While assays are pending, Magmatic says the rock textures and alteration styles are typical of zoned copper-gold porphyry systems known to occur elsewhere in NSW
- Assays from the first two holes of the planned six are expected in September and in the meantime, drilling is set to restart tomorrow following a pause due to heavy rain
- Magmatic shares last traded at 7.5 cents at 1:03pm AEST
Magmatic Resources (MAG) has intercepted visible sulphides in the first round of drilling at the Corvette prospect within its Myall project in New South Wales.
The initial results come from the first two holes collared at the prospect with both hitting zones of mineralisation below the cover sequence.
While assays are pending, and needed to fully understand the significance of the drill results, Magmatic said the rock textures and alteration styles are typical of zoned copper-gold porphyry systems known to occur elsewhere in New South Wales.
The company’s Managing Director Adam Mckinnon said in hitting visually encouraging sulphide mineralisation in the very first metre of diamond core is exceptionally exciting for the team.
“Notwithstanding the challenges we’ve faced with ongoing weather-related access to the site, I’m excited to see what our continuing high-impact exploration program at Myall may deliver for the company,” Mr McKinnon commented.
Assays from the first two holes of the planned six are expected in September and in the meantime, drilling is due to restart tomorrow.
Magmatic shares last traded at 7.5 cents at 1:03pm AEST.