Magmatic Resources Ltd (ASX:MAG) MD Adam McKinnon speaks with Proactive after welcoming its first inferred mineral resource estimate (MRE) for the Corvette and Kingswood deposits at its 100%-owned Myall Project, some 60 kilometres north along strike of the Northparkes Mine in central New South Wales.
This MRE comes in at 110 million tonnes for the two prospects, at 0.33% copper equivalent (0.27% copper, 0.07 g/t gold, 0.8 g/t silver and 10 parts per million (ppm) molybdenum) at a 0.20% copper equivalent cut-off," McKinnon said.
We are very pleased to announce the maiden inferred mineral resource for Corvette and Kingswood following a successful drilling program that has seen the intersection of multiple exceptionally long copper and gold intervals."
With an initial contained metal endowment of 354,000 tonnes of copper metal-equivalent, the maiden mineral resource highlights the incredible potential not just of the Corvette area but of the entire Myall Project.
The mineral resources are currently open or poorly constrained in every direction and at depth, leaving a clear pathway to potential rapid growth, with numerous key target areas emerging. The identification of higher-grade zones associated with mineralising intrusives will also be a key target of future exploration programs."
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Magmatic Resources Ltd