Join our daily newsletter At The Bell to receive exclusive market insights
- Magmatic Resources (MAG) strikes its “strongest” copper-gold intersection to date at the Corvette prospect within its Myall project in New South Wales
- Magmatic’s diamond drilling program returned assays including 355.2 metres at 0.38 per cent copper, 0.09 grams per tonne (g/t) gold and five parts per million molybdenum from 146.8 metres
- The hole was drilled around 105 metres north of Magmatic’s previous northernmost hole at Corvette, representing a “significant” expansion to the mineralised footprint
- The company has now launched a close-spaced ground gravity geophysical survey over the prospect area, with drilling extensions expected to continue into mid-March
- Magmatic Resources is up 2.15 per cent, trading at 9.5 cents at 1:36 pm AEDT
Magmatic Resources (MAG) has struck its “strongest” copper-gold intersection to date at the Corvette prospect within its Myall project in New South Wales.
The company has received assay results for the upper and middle portions of a diamond hole drilled at the prospect, which produced the contiguous copper-gold intersections.
Results from the drilling included 355.2 metres at 0.38 per cent copper, 0.09 grams per tonne (g/t) gold and five parts per million molybdenum from 146.8 metres, including 241 metres at 0.45 per cent copper, 0.11 g/t gold and seven parts per million molybdenum from 261 metres.
The results occurred within a larger mineralised interval comprising 698.2 metres at 0.24 per cent copper, 0.05 g/t gold and five parts per million molybdenum from 146.8 metres, with further assays for the lower portion of the hole still pending.
The hole was drilled around 105 metres north of Magmatic’s previous northernmost hole at Corvette, representing a “significant” expansion to the mineralised footprint. However, the mineralisation remains untested to the north, east and at depth.
“Having decided to make our biggest step out at Corvette into the untested northern part of the prospect, to intercept the strongest interval of copper-gold mineralisation so far is a great result for the program and speaks to the massive scale of the system,” Magmatic Resources Managing Director Adam McKinnon said.
“We are now starting to define portions of Corvette with copper-gold zones up to 600 metres wide and up to 800 metres deep, already suggesting the potential for a system with huge mineralised volumes at this early stage.
“Corvette continues to be open or poorly tested in all directions, and I am very much looking forward to seeing what upcoming drilling to the north may yield.”
A total of ten diamond holes for 7994 metres have been completed since the company first started its high-impact drilling program at the Myall project, with every hole so far intersecting mineralisation.
Of these, assays are still pending for a new diamond hole which was completed to a depth of 744.8 metres at the Kingswood prospect.
A close-spaced ground gravity geophysical survey covering a 7.5 square kilometre area has now commenced at Myall over the Kingswood-Corvette prospect area, with drilling extensions expected to continue into mid-March.
Magmatic Resources shares were up 2.15 per cent and trading at 95. cents at 1:36 pm AEDT.
