- Magmatic Resources (MAG) launches a diamond drilling program at its Myall copper-gold project in New South Wales
- The company will undergo a 3000-metre high-impact drilling program at the Kingswood prospect, targeting up to four high-priority areas
- Magmatic has undertaken extensive site works over the past month to establish access and formed drill pads at Kingswood, with contractors now fully mobilised to site
- The company expects its full drilling program to take up to ten weeks to complete, with first assays due in mid-September 2022
- Magmatic Resources last traded at 6.3 cents on July 27
Magmatic Resources (MAG) has launched a diamond drilling program at its Myall copper-gold project in New South Wales.
The start of drilling at the Kingswood prospect site follows a review of the extensive copper-gold potential of the Myall project area in the last quarter.
The company is set to undergo a high-impact drilling program of around 3000 metres to test the broader prospect. Drilling will target up to four high-priority areas in the greater Kingswood prospect zone, which is already known to host significant porphyry-associated mineralisation.
Magmatic has undertaken extensive site works over the past month to establish access and formed drill pads at the Kingswood prospect, with contractors now fully mobilised to the site.
Magmatic Resources’ Managing Director, Adam McKinnon, said after a particularly challenging period with heavy rainfall in the region, the team had worked hard to establish the Kingswood site.
“We already know the igneous complex we are exploring here is fertile, with previous drilling by majors including Newcrest and Gold Fields intercepting strong porphyry-associated copper, gold and molybdenum mineralisation,” Dr McKinnon said.
“With a large and intense basement geochemistry footprint, and mineralisation open or poorly drilled in just about every direction, this will be the company’s most significant exploration effort to date at Myall, and we are very excited about the potential for a major Northparkes-style discovery.”
The company said it expected its full drilling program to take up to ten weeks to complete, with first assays due in mid-September 2022.
Magmatic Resources last traded at 6.3 cents on July 27.