Announcement Date: 2022-11-29
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. 134.4m at 0.30% Cu, 0.07g/t Au, 12.00ppm Mo, from 466.6m
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 a further 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 Northparkes Mine (owned by China Molybdenum/Sumitomo). The world-class Northparkes porphyry coppergold deposits have a current combined Resource and Reserve base of 607Mt at 0.55% Cu & 0.21g/t Au2 , with Magmatic Resources targeting similar Northparkes-style mineralisation and grades. Diamond drilling has now been under way at the site for four months, with very strong results delivered from multiple holes at the Corvette Prospect (ASX MAG 10 October 2022 & 7 November 2022).
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