Chasing Copper Target In New South Wales
Magmatic Resources (ASX:MAG) has mobilised a diamond drill rig to the Kingswood target within the Myall Project in New South Wales, Australia.
Leveraging the ongoing encouraging work conducted by Magmatic’s exploration, recent 3D modelling and comparisons with the Northparkes Porphyry Mining District highlight a priority copper-gold porphyry discovery opportunity at the Kingswood target.
Review of the Myall datasets indicates that the Kingswood target shows the dimensions, alteration, host rocks and intrusive margin setting consistent with the Northparkes E26 Porphyry Mine (China Molybdenum/Sumitomo) with an existing open zone of porphyry mineralisation providing a compelling drill target.
The current diamond drillhole at Kingswood is designed to test the Northparkes porphyry lookalike target and downdip from mineralisation in historic drilling, including 70m @ 0.54% Cu, 0.15g/t Au from 141m.
The existing mineralisation is associated with strongly developed potassic porphyry alteration and is interpreted to represent the top of a Northparkes E26 style copper-gold porphyry system.
Magmatic’s 100%-owned Myall Project (EL6913) covers 244 sq. km of the northern portion of the Junee- Narromine Belt, within the East Lachlan.
The area is considered highly prospective for Northparkes style copper-gold porphyry and epithermal gold mineralisation.
Ongoing exploration activity indicates strong geological, geochemical and geophysical similarities between the Myall District and the China Molybdenum/Sumitomo Northparkes copper-gold mining district, located 60km south (CMOC 2019).
The East Lachlan has an endowment of more than 80 million ounces of gold and 13 million tonnes of copper. It is most famous forNewcrest Mining’s world class gold-copper porphyry cluster at Cadia Valley, where currently theCadia East Mine represents Australia’s largest gold mine and one of the world’s most profitable gold producers (Newcrest 2019). In addition, the Northparkes copper-gold porphyry cluster (China Molybdenum/Sumitomo, CMOC 2019) and Cowal Epithermal Deposit (Evolution Mining, Evolution 2018) represent other significant long- life mining operations.
The recent Boda porphyry discovery by Alkane Resources Ltd (ASX ALK 9 September 2019) has highlighted the value of Magmatic’s dominant surrounding tenure position in the northern Molong Belt, in what is emerging as a significant gold porphyry discovery hotspot. The Boda discovery has highlighted the surface signature of porphyry mineralisation in the area and has significantly upgraded Magmatic’s target portfolio for Boda-style and Cadia East-style porphyry gold-copper mineralisation.
