Magmatic Resources Ltd (ASX:MAG) Expands Drilling at Myall Project
Expanded Drilling Program at Myall
Magmatic Resources Ltd (ASX:MAG) has announced an expanded drilling program at the Myall Project following agreement by the Exploration Committee. This program includes 13 diamond drill holes totalling 3,000 metres targeting key areas such as Corvette and Kingswood, with drilling expected to commence next week.
New Exploration Details
A diamond rig is secured for this program, focusing on high-priority targets. Particularly, drilling will extend along the strike south and west of the current Mineral Resource Estimate (MRE) at Corvette. Additionally, a four-hole reverse circulation drilling program at the Rose Hill Prospect has yielded sporadic mineralisation, with notable assay results including gold grading up to 6.1 g/t and copper up to 0.46%.
Further Developments and Results
At the Boda Southwest prospect, recent soil sample results have indicated promising gold and copper anomalism, with gold values reaching 4.7 g/t. The ongoing extensive soil sampling program at Parkes is also projected to yield results by mid-December, aiding future drilling targets in conjunction with observed copper anomalism.
Comments from Management
David Richardson, Managing Director of Magmatic Resources, expressed enthusiasm regarding the expanded drill program: “We are excited to be commencing our first joint venture drill program. The expansive drill program will further test and expand on our Maiden Resource Estimate at the Corvette/Kingswood target and also test multiple other priority targets.”
Future Outlook
Magmatic Resources remains focused on advancing its Myall Project, supported by the joint-venture partnership with FMG Resources Pty Ltd, which will invest up to $14 million over six years. This partnership is expected to significantly enhance Magmatic’s exploration capabilities across its projects while maintaining an ambitious growth strategy.
Motley Fool contributor Kiarra Jackson has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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