Announcement Date: 2022-08-23
Announcement Type: Drilling Results
Announcement Code: JORC
Company name: Magmatic Resources Ltd.
Project name: Myall
Location: Australia
Commodities: Gold,Copper,Molybdenum
Highlight: Drilling results incl. 151.5m @ 0.37% Cu, 0.08g/t Au, 43ppm Mo from 134.5m
Resources: only available to subscribers
CP/QP: only available to subscribers
Announcement summary: Magmatic Resources Limited (‘ASX:MAG’ or ‘the Company’) is pleased to provide an update on the progress of 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 worldclass Northparkes Cu-Au Mine (China Molybdenum/Sumitomo). The high impact program is set to comprise +3,000 metres of diamond drilling designed to test the broader Myall area, with work commencing late in July (ASX MAG 28 July 2022). Strong assay result received for the upper portion of the Corvette Prospect Earlier this month, Magmatic Resources gave an update on observations from the first drilling of the 2022 Myall program (ASX MAG 9 August 2022), with oblique scissor hole 22MYDD415 commenced to target mineralisation intersected some two decades earlier by Newcrest in historic hole ACDNM090 (Figure 1). The Company reported initial visual observations for the hole that showed a breccia zone with weak to moderatelyintense visible magnetite+chalcopyrite±pyrite mineralisation had been intersected, extending from immediately below the cover sequence at 134.5m to just over 300 metres depth
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