Magmatic Resources Ltd 100%

The Myall Project is located approximately 20 kilometres southwest of Narromine and 60 kilometres north of Northparkes (CMOC/Sumitomo), Australia’s largest porphyry copper mine. Myall comprises a single contiguous tenement of 244 square kilometres (EL6913) located within the Ordovician Narromine Igneous Complex, which is one of the many arc fragments that form part of the Junee-Narromine Volcanic Belt.

Location of the Myall Project showing selected tenement holdings from other major explorers and miners in the region, along with road and rail infrastructure and major towns.

Regional gravity and magnetic imagery, highlighting the similarities between Myall Project and the major deposits of the Junee-Narromine Belt in the East Lachlan region. Metal endowment after Phillips (2017) and Evolution (2018).

The area has been explored by numerous companies since in the late 1970’s, with the most significant work completed by Geopeko, Samedan Oil, Goldfields Exploration, Resolute, Newcrest Mining, Clancy Exploration and Gold Fields Australasia. Previous exploration has included airborne and ground geophysics (magnetics and gravity), extensive air core drilling for geochemical testing of the basement, and more limited diamond drilling to test some of the more prospective areas. In the greater Kingwood Prospect area, historic air core drilling defines a 2.5 kilometre long, +1000ppm basement copper anomaly, with the size and magnitude of this signature similar to the basement footprint at the Northparkes mine.

Comparison of Northparkes (left) and Myall (right) showing the extensive basement copper geochemistry at both locations.

In 2003 Newcrest drilled four diamond holes at an area Magmatic now calls the Corvette Prospect, with each returning modest breccia-hosted Cu-Au mineralised intercepts. The best intersection was in Newcrest hole ACDNM090, which returned a 107m interval at 0.43% Cu & 0.11g/t Au (ASX MAG 4 June 2017). In early 2021, Magmatic drilled a single hole at Kingswood (~1 km southwest of Corvette) returning an interval of 382m at 0.20% Cu.

Diamond drill rig set-up at the site of the first drill hole at the Corvette Prospect in July 2022.

Following a review of the prospectivity of the region and geological modelling of the Corvette area in early 2022, Magmatic geologists identified that Corvette had significant untested potential to host one or more Northparkes-style porphyry deposits, with drilling commencing in July 2022. The first drilling (hole 22MYDD415) was designed to scissor ACDNM090, hitting copper mineralisation from the base of cover and immediately producing the largest intersection ever drilled in the project area of 722.5m at 0.25% Cu & 0.05g/t Au. This first drill hole also contained a significant high grade zone of 111 metres at 0.55% Cu & 0.10g/t Au (ASX MAG 11 October 2022). 

Every subsequent drill hole completed at the prospect since then has hit significant zones of mineralisation, with some of the higher grade intervals including 94m at 0.42% Cu & 0.14g/t Au (22MYDD416), 154.7m at 0.47% Cu & 0.10g/t Au (22MYDD417) and 51m at 0.46% Cu & 0.33g/t Au (22MYDD421). Most recently the Company hit the best intersection to date, with northern step out hole 23MYDD422 returning 241m at 0.45% Cu & 0.11g/t Au within an exceptionally large mineralised interval of 875.2m at 0.21% Cu & 0.04g/t Au (ASX MAG 24 March 2023). Exploration is currently ongoing at the site, with more than 8,000 metres of diamond drilling completed since mid-2022. 

Plan of the Corvette Prospect over airborne magnetics (RTP) showing previous and recent diamond drilling with down hole copper mineralisation. Newly reported results are highlighted in bold. Vertical air core holes <150 metres depth are omitted for clarity (from ASX MAG 24 March 2023).

Schematic cross section of the Corvette Prospect at 6,419,000mN showing recent drill hole 23MYDD422 in reference to previous drilling (ASX MAG 24 March 2023). The potentially very large scale of the mineralised system is also highlighted by the interpreted mineralisation envelopes at >0.1% Cu (light blue) and >0.25% Cu (dark blue).

Schematic level plan of the 200 metres immediately below the base of cover in the Kingswood-Corvette area, showing the lateral extent of copper mineralisation defined by previous (black) and Magmatic (blue) diamond holes in the Kingswood-Corvette corridor, along with dominant vein orientations (ASX MAG 24 March 2023).