Magmatic Resources has delivered “encouraging” updates on ongoing activities at its Myall Project with FMG Resources, a wholly owned subsidiary of Fortescue near Narromine in New South Wales.
This drilling program was designed to test multiple regional conceptual targets based on geophysical and geochemical modelling conducted by Fortescue, as well as test and extend Magmatic’s geological model at the Corvette–Kingswood copper-gold maiden.
“The gold mineralisation intersected by recent drilling at Calais has continued to open up this second exploration front within the Myall FJVA Project and intersecting a gold-copper zone at this early stage is very encouraging,” Myall FJVA Project, Magmatic Resources’ managing director David Richardson said. “We are working closely with Fortescue on a follow-up program.”
Magmatic interprets these results to indicate that the copper and gold intercepts at Calais are within the wall rock of a mineralised porphyry system and the anomalous gold result is potentially related to an epithermal overprint at the upper levels of a porphyry system.
Further work, including drilling, is required to vector to the centre of the system. Magmatic staff and consultants are working closely with Fortescue to further understand the system and refine the geological framework of the Narromine Igneous Complex.
This is the second deep hole at Calais and the controls on mineralisation are not well understood. The high-grade copper intercept was not intersected and so significant search space remains to be tested.
For this drilling program, results were reported on March 25, 2025 while 12 holes were completed.
