Magmatic Resources Limited (ASX:MAG) has recommenced diamond drilling at the Corvette prospect at its wholly-owned Myall Project, located approximately 60 km north along strike of the Northparkes Mine in NSW, Australia.
The world-class Northparkes porphyry copper-gold deposits have a current combined Resource and Reserve base of 607Mt at 0.55% Cu & 0.21g/t Au and Magmatic Resources is targeting similar Northparkes-style mineralization and grades. The company has drilled ten diamond holes totaling nearly 8,000m, with every hole to date intersecting significant copper-gold mineralization.
Porphyry deposits provide more than 60% of global copper supply and are typically low grade (0.2 – 1.0% copper and 0.01 – 1.0g/t gold) and large tonnage (from 100 million to several billion metric tonnes).
Magmatic’s two porphyry projects, Myall and Wellington North, are located near the two largest porphyry mines in Australia, being the Northparkes and Cadia Valley Mines, respectively.
“We now have confirmation that every one of the ten holes drilled since the current program commenced at Myall have intersected significant copper-gold mineralization,” Managing Director, Dr Adam McKinnon, said.
“As the latest results from hole 422 demonstrate, we are exploring in an exceptionally large-scale mineral system that remains open or poorly tested in every direction.
“The tenor of the results from our recent drilling at Kingswood were also highly encouraging, with hole 424 returning strong results for both copper and gold.
“Most importantly, mineralization was encountered once again immediately below the cover, expanding the prospect footprint at least 150m to the east into an area previously untested by drilling.
“Taken together with the latest structural analysis that suggests that Kingswood and Corvette may be part of a single kilometre scale system, I couldn’t be more excited to see the next phase of diamond drilling getting underway at Myall.”
Latest assay results demonstrate impressive scale of the mineralized system at Corvette and Kingswood
In the previous drilling update for the Myall Project, the company reported that assay had been returned for the upper and middle portions of Corvette step-out hole 23MYDD422, producing the strongest mineralized intersection to date at the project. Final assay results have now been received for the lower portion of this hole, resulting in the largest mineralised interval ever drilled in the Myall region:
23MYDD422 875.2m at 0.21% Cu, 0.04g/t Au, 0.5g/t Ag & 6ppm Mo from 146.8m (base of cover) including 355.2m at 0.38% Cu, 0.09g/t Au, 0.9g/t Ag & 5ppm Mo from 146.8m including 241.0m at 0.45% Cu, 0.11g/t Au, 1.0g/t Ag & 7ppm Mo from 261m
Given the impressive scale and tenor of the copper-gold mineralization in 22MYDD424.
The latest drilling is expected to be completed in early April, with additional drilling to further test the geometry of the mineralization in the northern part of Corvette also planned.
For further information please visit: https://magmaticresources.com/