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Magmatic Resources (ASX:$MAG) expands mineralised footprint at Myall with high grade copper intersected

Magmatic Resources' Latest Drilling Results


Magmatic Resources Limited (ASX:$MAG) has reported the final assay results from a recent drilling program at its 100%-owned Myall Project. The program aimed to test for shallow mineralisation across six key targets, resulting in the intersection of copper mineralisation in all eight holes. The exceptional copper-molybdenum mineralisation intersected in a previously untested area to the west of the Corvette deposit is among the highest-grade intervals drilled to date at the Myall Project.

Executive Commentary on Drilling Results


Magmatic Resources' Managing Director, Dr. Adam McKinnon, expressed satisfaction with the latest drilling results, highlighting the program's focus on testing for shallow mineralisation in the region surrounding the immediate Corvette and Kingswood deposits. Dr. McKinnon emphasized the consistently positive trend of intersecting copper mineralisation in every hole drilled over the past 18 months at Myall, underscoring the expanding footprint of the mineral system. He also noted the exceptional results from hole 23MYDD434, which returned an outstanding 2.13% CuEq intersection, representing one of the highest-grade zones drilled at the Myall Project. Dr. McKinnon further mentioned the program's contribution to providing key insights into the geology and structural architecture of the basement rocks below the cover sequence, with ongoing interpretation and re-modelling work expected to identify additional high-grade target zones.

Summary of Drilling Results and Outlook


The recent drilling program at Myall has significantly expanded the mineralised footprint, with copper mineralisation intersected in all target areas, including high-grade intervals in previously untested regions. The exceptional results highlight the scale of the porphyry system in the greater Corvette and Kingswood area, with mineralisation remaining open in all directions and at depth. Magmatic Resources is currently interpreting and modelling the expanded Corvette Porphyry System, with several high priority targets identified for follow-up. The company's focus on targeting similar Northparkes-style mineralisation and grades, along with the exceptional prospectivity for a Tier-1 copper-gold discovery, underpins its ambitious corporate strategy. The outlook remains positive as the ongoing work is expected to unveil additional high-grade target zones, further enhancing the potential of the Myall Project.

Sourcehttps://announcements.asx.com.au/asxpdf/20231206/pdf/05y7p5ss1wp7rj.pdf

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