Magmatic Resources (ASX:MAG) reports it has seen immediate ‘strong results’ from high impact diamond drilling at the Corvette prospect at its 100% owned Myall Project, located in New South Wales.
The company reports the final assay for first full hole at Corvette highlights the scale of the copper-gold system.
The project, situated 25km southwest of Narromine and about 60km north along strike of the world-class Northparkes Cu-Au Mine (owned by China Molybdenum/Sumitomo), has at least 5,000 metres remaining to be drilled in the current program.
Final assay results have now been received for the first full diamond drillhole at the Corvette prospect (22MYDD415), returning a ‘very extensive’ mineralised interval of 722.5m at 0.25% Cu, 0.05g/t Au and 14ppm Mo from 134.5m (base of cover), including 151.5m at 0.37% Cu, 0.08g/t Au and 43ppm Mo from 134.5m and 240m at 0.36% Cu, 0.07g/t Au and 3ppm Mo from 499m.
While the 722.5m interval in hole 22MYDD415 extends to a down hole depth of 857m, it is noted that moderate alteration and weaker mineralisation was encountered even deeper in the hole, with copper intervals above 0.1% observed to at least 968m.
The mineralisation in the hole has also substantially expanded the footprint at the Corvette prospect, with strong copper mineralisation now extended at least 350m east of the original target zone defined by previous Newcrest drill hole ACDNM090.
In the company’s previous update to the ASX, Magmatic Resources reported ‘very strong’ results from the first full hole of the 2022 Myall drilling program, with 22MYDD415 returning 511.5m at 0.29% Cu, and 0.06g/t Au from the base of the cover sequence at 134.5m down hole.
Magmatic notes that at the time, assay results had only been received to a down hole depth of 650m, with variable weak to moderate visual sulphide mineralisation noted to 852m down hole.
Commenting on the latest drilling results from the Corvette prospect, Magmatic Resources Managing Director Dr Adam McKinnon said: “I couldn’t be any more impressed with results from first full hole our Myall program. With over 700 metres of porphyry-associated copper gold-molybdenum mineralisation now confirmed from the first hole, these results simultaneously comprise the highest-grade interval, the broadest interval and now deepest mineralised interval ever drilled in the Myall region.
“The latest results also extend the footprint of the Corvette prospect at least 350 metres to the east, highlighting the immense potential to expand the system in multiple directions”
The latest results also extend the footprint of the Corvette prospect at least 350 metres to the east, highlighting the immense potential to expand the system in multiple directions. Initial assay results for the upper portion of follow-up hole 22MYDD416 have proved equally as impressive as those from the upper portion of the first hole, with the strong molybdenum and gold associated with the higher-grade copper zones being particularly encouraging.
Results from this latest hole also point to the potential for a significant shallow high-grade zone, as each hole we’ve drilled to date has returned strong assay results from immediately below the cover sequence.”
Hole 22MYDD416 was collared from the same drill pad as 22MYDD415, targeting mineralisation directly along trend to the north. Assay results have been returned from the base of cover at 137.6m to 288m down hole, with this zone intersecting a strongly mineralised polymict breccia zone immediately below the cover sequence.
As with the upper portion of 22MYDD415, the shallow zone in 22MYDD416 is characterised by elevated grades across the entire assayed interval, with maximum copper values of 2.29% (at 217m), maximum gold at 0.58g/t (at 237m) and maximum molybdenum at 364ppm (at 217m). Assays results for the remainder of the hole 22MYDD416 are expected in late October 2022.
Dr McKinnon noted that Magmatic’s technical team and contractor Ophir Drilling continue to do an incredible job executing the Myall program through what has been an ‘exceptionally’ wet period in central western New South Wales.
Write to Adam Orlando at Mining.com.au
Images: Magmatic Resources Ltd