Magmatic Resources Limited provided a progress update on the ongoing drilling program at its 100% owned Myall Project, located 25 kilometres southwest of the central New
South Wales town of Narromine and approximately 60 kilometres north along strike of the Northparkes Mine (owned by China Molybdenum/Sumitomo). The world-class Northparkes porphyry copper-gold deposits have a current combined Resource and Reserve base of 607Mt at 0.55% Cu & 0.21g/t Au2 and Magmatic Resources is targeting similar Northparkes-style mineralisation and grades. Diamond drilling has now been under way at the site for more than four months, with very strong results delivered from multiple holes at the Corvette
Prospect. The improved weather and site access conditions prevailing over the last 3-4 weeks have allowed the Company to complete additional high impact drill holes at the Corvette Prospect. Hole 22MYD419 was collared several hundred metres northwest of Corvette and completed at a depth of 885.9m, targeting potential large-scale extensions to mineralisation at both the Corvette and Kingswood prospects Subsequent holes 22MYDD420 and 421 were completed from a new pad constructed approximately 80 metres south of the collars for holes 22MYDD417 and 22MYDD418. Hole 22MYDD420 was completed at a depth of
653.4 metres down hole and represents a significant step-out to the south, potentially extending the strong near surface trend at Corvette to over 200 metres in length. Final processing of this hole is currently under way with assay results expected in mid-late January 2023. Drilled from the same pad, hole 22MYDD421 was completed at a depth of 900.6 metres down hole
and was designed to cut across and below the current known mineralisation in the Corvette system. The final hole path for 22MYDD421 passes around 5 metres below 22MYDD418, 30 metres below 22MYDD417, 85 metres below 22MYDD415 and 40 metres below 22MYDD416. The hole was designed as an initial test of the vertical continuity and geometry of the mineralisation at Corvette and will assist in interpreting geology the potential volume of mineralised rock in the system as the drilling program continues. Logging and cutting of this latest hole will be conducted as a high priority, with assay results expected in late-
January 2023. Drill hole collar and survey details for both 22MYDD420 and 421.
Drilling has now paused for a 2-3 week break over the Christmas/New Year period and will recommence in early January 2023. As Corvette remains open or poorly tested in every direction, drilling to target substantial near-term growth in the size and grade of the mineralised system will be a near-term priority for exploration at Myall.