- Magmatic Resources (MAG) records the best mineralised interval to date at the Corvette prospect within its Myall project in New South Wales
- Diamond drilling returned a 154.6 metre zone grading 0.47 per cent copper, 0.1 grams per tonne gold, one gram per tonne silver and 26 parts per million molybdenum
- Bornite was also identified, which MAG says suggests the Corvette system may exhibit zonation typical of other large porphyry systems in the region
- Drilling was halted over October due to heavy rainfall and local flooding but has since recommenced at Corvette
- MAG shares are up 13.64 per cent and trading at 12.5 cents at midday AEDT
Magmatic Resources (MAG) has recorded the best mineralised interval to date at the Corvette prospect within its Myall project in New South Wales.
The company kicked off high-impact diamond drilling at the project in July and has so far completed 3200 metres of drilling.
The latest results, which Magmatic said defined the best intersection at the prospect to date, included 154.6 metres at 0.47 per cent copper, 0.1 g/t gold, one g/t silver and 26 ppm molybdenum from 134.4 metres, including 117 metres at 0.55 per cent copper, 0.12 g/t gold, 1.1 g/t silver and 33 ppm molybdenum from 137 metres.
This result comes from the upper portion of the drill hole, with assay results pending for the remaining 510 metres of drill core.
The company also noted the presence of bornite, which Managing Director Adam McKinnon said suggested the Corvette system may exhibit zonation typical of other large copper porphyry systems in the region.
“The copper, gold and molybdenum results continue to get better and better, and I’ve been very impressed with the exceptional widths of mineralisation returned,” Dr McKinnon said.
“These latest results also mean every one of the four completed holes at Corvette has intercepted strong mineralisation immediately below the base of cover.
“This shallow zone continues to grow in size and remains poorly tested in all directions.”
Last month, Magmatic reported assay results for the first hole completed in the program, which included a 722.5-metre zone grading 0.25 per cent copper, 0.05 grams per tonne (g/t) gold and 14 parts per million (ppm) molybdenum.
A 413.4-metre zone also returned up to 0.6 per cent copper, 0.14 g/t gold and 116 ppm molybdenum.
Drilling was halted over October due to heavy rainfall and local flooding but has since recommenced at Corvette.
The next drill hole of the program is targeting further extensions to the Corvette system along-trend to the south of the already completed holes.
MAG shares were up 13.64 per cent and trading at 12.5 cents at midday AEDT.