Magmatic, Fortescue uncover new copper/gold target at Myall
Australia's Magmatic Resources has identified a potential new copper/gold discovery at the Myall project in New South Wales, where it is conducting a farm-in and joint venture exploration programme with iron-ore major Fortescue.
Drilling at the Calais target returned 10.8 m at 0.39% copper and 0.07 g/t gold at the end of hole FMD0504, within a broader 42.8 m intercept grading 0.19% copper and 0.03 g/t gold. The result, over 100 m from the nearest historical aircore hole, opens a second major exploration front within the project.
At the Corvette-Kingswood area, drilling extended mineralisation southward, with hole FMD0501 intersecting 12 m at 0.58% copper and 0.04 g/t gold, within a broader 67 m interval at 0.22% copper.
Magmatic MD David Richardson said the early-stage success at Calais underscored the potential for a cluster of porphyry systems at Myall, comparable to Evolution Mining’s nearby Northparkes mine.
Further drilling was planned for the second quarter.
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