Magmatic Resources Limited (ASX: MAG) Provides Drilling Update on Myall FJVA Project with Fortescue

Tue 25 Mar 25, 04:12 AM | Team Kalkine

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Highlights

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.

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