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Highlights

  • Seven of thirteen drill holes completed at Myall FJVA Project, targeting copper-gold porphyry deposits
  • Drill results at Calais intersected significant copper-gold mineralisation, opening new target areas
  • Corvette drilling extends mineralisation, increasing the exploration space to over 2km

Magmatic Resources Limited (ASX:MAG) has provided a comprehensive update on the ongoing drilling program at its fully funded Myall FJVA Project, located near Narromine in New South Wales, in partnership with Fortescue (ASX: FMG). The drilling campaign, which focuses on testing multiple regional targets, is designed to explore potential copper-gold porphyry deposits in the Narromine Igneous Complex (NIC). This is an area with significant historical mining interest, including the nearby Northparkes copper-gold mine, which has been in operation for over 30 years.

So far, seven of the planned thirteen drill holes have been completed, with further drilling scheduled for the second quarter of 2025. The project area has approximately 100m of cover, and the holes were strategically designed to test basement rocks up to 100m below this cover. The drilling aims to test regional conceptual targets identified through geophysical and geochemical modelling provided by Fortescue, as well as extend the known mineralisation at Magmatic’s Corvette-Kingswood copper-gold maiden resource.

One notable result came from drillhole FMD0504 at Calais, which was drilled over 100m away from the nearest historical aircore hole. This hole targeted a northwest trending aeromagnetic high and a significant geochemical anomaly measuring 500m by 600m. The hole ended in mineralisation, with a notable intersection of 10.8m at 0.39% Cu and 0.07 g/t Au. This result opens up a new area for high-grade copper-gold porphyry targets and is set to be followed up with additional drilling.

Additionally, drilling at Corvette has extended the mineralisation of the Corvette-Kingswood Resource, increasing the exploration area to over 2km. Results from the Corvette West drillhole (FMD0501) intersected 12m at 0.58% Cu and 0.04 g/t Au, while another drillhole (FMD0502) extended the mineralisation 200m to the south, enhancing the potential for further resource growth.

Magmatic is confident that the Myall FJVA Project has significant potential to uncover high-grade copper-gold deposits, similar to the nearby Northparkes mine, as it continues its drilling efforts in the coming months.