Magmatic Resources Ltd (ASX:MAG) MD Dr Adam McKinnon tells Proactive the company has received approval from its Board of Directors for a new high-impact diamond drilling campaign in the greater Corvette and Kingswood area within the Myall Project in central New South Wales. The follow-up drilling is designed to rapidly expand the known footprint of the porphyry copper-gold system at Myall. Drilling will target shallow mineralisation immediately below the transported cover, with 8-10 holes at an average depth of 250 metres. The new program follows the completion of an initial mineral resource estimate for the Corvette and Kingswood deposits, comprising 110 million tonnes at 0.33% copper equivalent and equating to 354,000 tonnes of copper metal equivalent.
McKinnon said: I am very excited that diamond drilling will shortly recommence at the Myall Project.
The proposed drilling represents somewhat of a step-change in approach, with the company looking to rapidly test multiple high-potential target areas around the Corvette and Kingswood deposits and further afield. With 55% of this MRE tonnage within 300 metres of surface, the upcoming drilling provides an opportunity to expand this shallow footprint and also potentially to make new high-grade discoveries.
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Magmatic Resources Ltd
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