Magmatic’s 100%-owned Myall Project is a single exploration license (EL6913) covering 244km2 over the northern portion of one of the largest volcano-intrusive complexes in the East Lachlan province.
The intrusive complex is interpreted to be a similar age as the Cadia Valley and Northparkes porphyry systems. Magmatic has completed geological, geochemical, lithogeochemical and geophysical work on the project. The work has redefined the geology of the Narromine Igneous Complex and identified intrusions similar to those related to mineralisation at Northparkes., 60km south.
Magmatic believe the Myall project has the right geological features and under-explored search space available to identify Northparkes-style porphyry Copper Gold deposits. Magmatic has defined strong geological similarities between Myall and the nearby giant Northparkes porphyry Copper Gold mine:
- Greater Kingswood area copper anomaly shows similar dimensions and tenor to Northparkes copper anomaly
- Extensive lithogeochemical analysis identifies possible Wombin Volcanics equivalent (host rocks to, and age equivalent of Northparkes mineralisation) in Myall’s Narromine Igneous Complex (NIC) for the first time which Magmatic consider a major milestone for the project
- Pathfinder element analysis confirms Kingswood and SLR as highest priority targets and add a third target in Greater Kingswood area
- MAG’s work has defined an Exploration Model at Myall based on a Northparkes analogue
- Previous intercepts at Kingswood include:
- 121m at 0.4% Cu, 0.09 g/t Au from 103m incl. 70m at 0.54 Cu, 0.15 g/t Au, from 141m
- 110m at 0.42% Cu, 0.11 g/t Au from 192m incl. 60m at 0.56% Cu, 0.16 g/t Au from 211m.
Geochemistry over the greater Kingswood and SLR areas within the project has outlined an extensive Copper anomaly with similar dimensions and tenor to the Northparkes anomaly.
The porphyry system at Kingswood hosts chalcopyrite-pyrite-bornite-molybdenite sulphide mineralisation associated with potassic altered, magmatic-hydrothermal breccias, quartz stockwork vein arrays, and sheeted and massive magnetite vein systems.
Previous significant drill hole intercepts at Kingswood include:
- 121m at 0.4% Cu and 0.09g/t Au from 103m, including 70m at 0.54% Cu and 0.15g/t Au, from 141m
- 110m at 0.42% Cu and 0.11g/t Au from 192m, including 60m at 0.56% Cu and 0.16g/t Au from 211m.
SLR is associated with altered monzodiorite with minor pyrite and trace chalcopyrite. Significant previous drill hole intersections include:
- 1m at 0.22% Cu and 0.053g/t Au from 146m to end of hole
- 9m at 0.11% Cu from 153m to end of hole
- 3m at 1.02% Cu and 0.34g/t Au from 302m
Epithermal gold mineralisation has also been identified at the Barina and Gemini prospects. Significant drill hole intersections from Barina include:
- 5m at 204g/t Au from 221.9m
Significant drill hole intersections from Gemini include:
- 9m at 3.19g/t Au from 359m, including 1m at 8.83g/t Au from 360m and 2m at 6.38g/t Au from 363m
- 3m at 5.06g/t Au and 0.66% Cu from 692m
- 3m at 3.86g/t Au and 8m at 0.92g/t Au from 702m