- Magmatic Resources (MAG) has received results from recently completed diamond drilling at its Myall Project in NSW
- Drilling was carried out at the Kingswood Target, where a very wide zone of copper mineralisation was intersected with grades up to 0.42 per cent copper
- Follow-up drilling has been planned at Kingswood to test priority targets
- Additionally, a diamond rig has mobilised to the Rose Hill gold–copper target within the Wellington North Project in NSW
- Shares in Magmatic are steady on the market and are trading at 12 cents
Magmatic Resources (MAG) has received results from recently completed diamond drilling at its Myall Project.
The 244 square kilometre Myall Project lies in the northern portion of the Junee-Narromine Belt within the East Lachlan province in NSW.
The area it lies in is considered highly prospective for copper porphyry and epithermal gold mineralisation.
Drilling was carried out at the Kingswood Target, where 381.9 metres of copper mineralisation at 0.20 per cent copper to end of hole was intersected, which included 33.8 metres at 0.42 per cent copper from 150 metres.
This confirms that Kingswood represents a significant mineralised porphyry centre within the Narromine Intrusive Complex.
Follow-up drilling has been planned at Kingswood to test priority targets.
Additionally, a diamond rig has mobilised to the Rose Hill gold-copper target within the Wellington North Project in NSW.
“We are very excited by these assay results, which confirm our interpretation of the Kingswood target, representing a Northparkes-style porphyry copper system,” Managing Director Peter Duerden said.
“The potential for a high-grade core will be the focus of follow up drilling and in the near term we look forward to commencing drilling at Rose Hill this week,” he added.
Shares in Magmatic are steady on the market and are trading at 12 cents at 1:01 pm AEDT.