Magmatic Resources Limited provided an update on exploration underway at its 100% owned Myall Project, located approximately 60 kilometres north along strike of the Northparkes Mine. 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. The Company has drilled ten diamond holes totaling nearly 8,000 metres, with every hole to date intersecting significant copper-gold mineralisation.

Porphyry deposits provide more than 60% of global copper supply and are typically low grade (0.2 - 1.0% copper and 0.01 - 1.0g/t gold) and large tonnage (from 100 million to several billion metric tonnes)3. Magmatic's two porphyry projects, Myall and Wellington North, are located near the two largest porphyry mines in Australia, being the Northparkes and Cadia Valley Mines, respectively. In the previous drilling update for the Myall Project (ASX MAG 22 February 2023), the Company reported that assay had been returned for the upper and middle portions of Corvette step-out hole 23MYDD422, producing the strongest mineralised intersection to date at the project. Final assay results have now been received for the lower portion of this hole (Figures 2 & 3), resulting in the largest mineralised interval ever drilled in the Myall region: 23MYDD422 875.2 metres at 0.21% Cu, 0.04g/t Au, 0.5g/t Ag & 6ppm Mo from 146.8m (base of cover), including 355.2 metres at 0.38% Cu, 0.09g/t Au, 0.9g/t Ag & 5ppm Mo from 146.8m, including 241.0 metres at 0.45% Cu, 0.11g/t Au, 1.0g/t Ag & 7ppm Mo from 261m.

Given the impressive scale and tenor of the copper-gold mineralisation in 22MYDD424, Magmatic has today recommenced drilling at the Corvette Prospect, with new hole 23MYDD423 to step a further 100 metres into the untested area to the north (see Figure 2). This drilling is expected to be completed in early April, with additional drilling to further test the geometry of the mineralisation in the northern part of Corvette also planned. Assay results have also now been received for 23MYDD424, completed 300 metres southwest of Corvette at the Kingswood Prospect.

The hole was designed to pass obliquely below hole 21MYDD412, drilled by Magmatic in early 2021, that included 382 metres at 0.20% Cu (ASX MAG 29 March 2021). 23MYD424 produced a number of strongly mineralised intervals, particularly in the shallower portions of the hole: 23MYDD424 107.0 metres at 0.29% Cu, 0.14g/t Au, 1.0g/t Ag & 8ppm Mo from 183m, incl. 36.0 metres at 0.38% Cu, 0.31g/t Au, 1.2g/t Ag & 8ppm Mo from 237m (high Au zone), 37.0 metres at 0.36% Cu, 0.06g/t Au, 0.6g/t Ag & 2ppm Mo from 343m, incl.

19.0 metres at 0.54% Cu, 0.11g/t Au, 0.9g/t Ag & 2ppm Mo from 360m, 11.0 metres at 0.57% Cu, 0.01g/t Au, 2.7g/t Ag & 4ppm Mo from 422m. These intersections occur within a broader mineralised interval comprising 311.7 metres at 0.21% Cu, 0.07g/t Au & 4ppm Mo from the base of cover at 132.3m. The new results from Kingwood are particularly encouraging as they push the shallow mineralised footprint into a completely untested area nearly 150 metres to the east.

The presence of a zone of strongly elevated gold within the broader interval is also highly encouraging, pointing to the potential for Kingswood to be equally as prospective as Corvette.