Magmatic (ASX:MAG) delivers more copper-gold from Corvette
November 29, 2022Magmatic Resources has confirmed a 400-meter+ copper-gold intersection at the Corvette prospect, part of the Company’s 100% owned Myall Project in the New South Wales town of Narromine.
It is the third confirmed consecutive 400m+ run for the Company from 4 months of diamond drilling targeting similar mineralisation to the 607Mt Northparkes Mine located approximately 60 kilometres north along strike from the Corvette prospect.
Highlights
- 466.6 metres at 0.30% Cu, 0.07g/t Au & 12ppm Mo from 134.4m i, including 154.6 metres at 0.47% Cu
- 10g/t Au & 26ppm Mo from 134.4m i, including 117.0 metres at 0.55% Cu
- 12g/t Au & 33ppm Mo from 137m also 100.0 metres at 0.39% Cu, 0.11g/t Au & 2ppm Mo from 483mincluding 33.0 metres at 0.62% Cu, 0.15g/t Au & 1ppm Mo from 550m
Plan of the Corvette Prospect over airborne magnetics (RTP) showing previous (ASX MAG 4 June 2017) and recent diamond drilling with dodownholeopper mineralisation. Assay reresultsor the lower portion of 22MYDD418, and all 22MYDD419 are currently pending. Vertical air core holes <150 metres dein pth are omitted for clarity.
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“The results we are seeing delivered from each hole at the Corvette Prospect are, quite simply, stunning,” Managing Director Adam McKinnon said.
We have now returned three consecutive +400 metre copper-gold-molybdenum intervals from our first three full holes, which highlights the potentially vast volumes of highly mineralised rock in the Corvette system.
In addition to the width of these intersections, all five holes we’ve drilled at Corvette so far have hit strong mineralisation immediately below the cover and this shallow high grade zone now extends out to 130 metres along a north south trend.
With the weather improving at the site over the last fortnight, we’ve been able to construct an additional pad further south, allowing us to continue drilling a zone that remains poorly tested in every direction.
Given that we know the Kingswood-Corvette mineralised corridor already extends to at least 1.1 kilometres in length and is only sparsely drilled, I am as excited as ever by the enormous potential that Corvette and the broader region may unlock as we continue our high impact exploration into the new year”
Price Action
The Company’s ASX-listed shares are 9.5c at Market Open.
Next Steps
The next hole to be drilled will be collared ~80 metres south of 22MYDD418, targeting further extensions to the strongly mineralised trend already defined at Corvette
A.bout Magmatic Resources
Magmatic Resources Limited (Magmatic) is an ASASX-listed old-copper exploration company focussed on the East Lachlan region in New South Wales.
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