​​Magmatic Closing In on Potential New Copper-Gold Porphyry Discovery at Calais

​​Magmatic Closing In on Potential New Copper-Gold Porphyry Discovery at Calais

Myall FJVA Project (Farm-in and Joint Venture with Fortescue)

Magmatic Resources Limited (‘Magmatic’ or ‘the Company’) is pleased to provide an update on ongoing activities at our Myall Project with FMG Resources Pty Ltd (‘Fortescue’), a wholly-owned subsidiary of Fortescue Ltd (ASX:FMG) near Narromine in New South Wales.


HIGHLIGHTS
  • Magmatic Resources Limited (‘Magmatic’ or ‘the Company’) is pleased to provide an update on ongoing activities at our Myall Project with FMG Resources Pty Ltd (‘Fortescue’), a wholly-owned subsidiary of Fortescue Ltd (ASX:FMG) near Narromine in New South Wales. This drilling program1, organised pursuant to the Farm-in and Joint Venture Agreement signed between the Company and Fortescue in March 2024 (ASX MAG 8 March 2024), was designed to test multiple regional conceptual targets (Calais, Barina, SLR, Monaro, Sandman) 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 Inferred Mineral Resource Estimate2.
  • A second diamond drill hole (FMD0508, 393.8 m; Table 2; Figures 1-5) was completed at the Calais prospect, following up on previously released results from FMD0504: 10.8 m at 0.39% Cu, 0.07 g/t Au (from 197 m to 207.8 m, at end of hole) within 42.8 m at 0.19% Cu, 0.03 g/t Au (from 165 m to eoh). Best assay results include;
    • 11.7m at 0.59 g/t Au, 0.38% Zn, 2.9 g/t Ag, 1.8 ppm Mo, 0.05% Cu (from 138 m)
    • 8 m at 0.23% Cu, 0.04 g/t Au (255m) within 26 m at 0.14 % Cu, 0.08 g/t Au (from 241m)
    • 26m at 0.10 % Cu, 0.01 g/t Au (from 329m)
    • The above results are within a broad magnetite-pyrite-chalcopyrite zone of 271.2m at 660ppm Cu (122.6 to 393.8m end of hole) in intensely magnetite-epidote altered diorite.
  • Magmatic interpret these results to indicate that the copper and gold intercepts in FMD0504 and FMD0508 at Calais are within the wallrock of a mineralised porphyry system and the anomalous gold result in FMD0508 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.
  • FMD0508 is only the second deep hole at Calais and the controls on mineralisation are not well understood. The high-grade copper intercept in FMD0504 was not intersected in FMD0508, and so significant search space remains to be tested.
  • For this drilling program, including results for FMD0501 to FMD0507 reported in March (ASX MAG 25 March 2025), 12 holes for 2,988 m were completed (FMD0501 to FMD0512, Table 1). Assay results have been received for FMD0508 (Calais) and FMD0509 (Monaro). Results for the remaining holes (FMD0510- 512 Monaro and Sandman) are pending and will be reported once results are received.

Commenting on the latest diamond drilling results from the Myall FJVA Project, Magmatic Resources’ Managing Director Mr David Richardson said:

“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. We are working closely with Fortescue on a follow-up program.”


Figure 1. Calais conceptual geological cross section looking north with drilling over 3D modelled magnetic isosurfaces of equal field strength with interpreted magnetite-pyrite-chalcopyrite shellFigure1.Calais conceptual geological cross section looking north with drilling over 3D modelled magnetic isosurfaces of equal field strength with interpreted magnetite-pyrite-chalcopyrite shell

Click here for the full ASX Release

This article includes content from Magmatic Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.



MAG:AU
The Conversation (0)
Thistle Resources Corp.

St. Davids Capital Inc. and Thistle Resources Corp. Enter Definitive Agreement for Qualifying Transaction

St. Davids Capital Inc. (TSXV: SDCI.P) ("St. Davids" or the "Company") and Thistle Resources Corp. ("Thistle") are pleased to announce that, further to the news release dated July 10, 2025, they have entered into a definitive acquisition agreement dated September 15, 2025 (the "Acquisition Agreement") in respect of the previously announced arm's length "qualifying transaction" (the "Qualifying Transaction"), as such term is defined in Policy 2.4 - Capital Pool Companies of the TSX Venture Exchange (the "TSXV") Corporate Finance Manual. In this news release, the term "Resulting Issuer" refers to the Company after the closing of the Qualifying Transaction.

Thistle Resources Corp.

Keep reading...Show less
Gareth Soloway, gold, silver and Bitcoin.

Gareth Soloway: Gold's Next Price Target, Plus Silver and Bitcoin Calls

Gareth Soloway of VerifiedInvesting.com shares price targets for gold, silver and Bitcoin.

He also discusses the health of the US economy and shares concerns about the stock market.

Keep reading...Show less
Three gold bars on price chart with magnifying glass.

What Was the Highest Price for Gold?

Gold has long been considered a store of wealth, and the price of gold often makes its biggest gains during turbulent times as investors look for cover in this safe-haven asset.

The 21st century has so far been heavily marked by episodes of economic and sociopolitical upheaval. Uncertainty has pushed the precious metal to record highs as market participants seek its perceived security.

And each time the gold price rises, there are calls for even higher record-breaking levels.

Keep reading...Show less
Prince Silver (CSE:PRNC)

Prince Silver Announces Approved to Commence Trading on OTCQB

Prince Silver Corp. ("Prince" or the "Company") (CSE:PRNC)(OTCQB:PRNCF) is pleased to announce that it has been approved for trading on the OTCQB Venture Market ("OTCQB") effective September 24, 2025. The shares trade on the OTCQB under trading symbol "PRNCF". The Company's shares will continue to trade on the Canadian Securities Exchange (CSE) under the symbol "PRNC"

"Trading on the OTCQB gives Prince enhanced access to the U.S. capital markets and makes it easier for American investors to participate in our Nevada based silver growth story" said Ralph Shearing, President of the Company.

Keep reading...Show less
Mount Hope Mining Managing Director and CEO Fergus Kiley.

Mount Hope Mining Kicks Off Maiden Drilling in NSW’s Prolific Cobar Region

Mount Hope Mining (ASX:MHM) has commenced its maiden drill program at its 100 percent owned Mount Hope project in New South Wales. The company’s managing director and CEO, Fergus Kiley, outlined the company’s exploration strategy, emphasising the geological significance of its targets.

“Looking for those key major continental structures that formed the (Cobar) Basin is really important. We've got three of them that run north-south through the entirety of our tenure," he explained. "And as I said, these structures already host existing, known, previously operating mines within our area. So being on these major structural trends, these north-south faults in our area, is really important. We've actively chosen these areas to explore from a geological context."

The program is focused on the Mount Hope East, Black Hill, Blue Heeler and Mount Solitary targets.

Keep reading...Show less
Adavale Resources (ASX:ADD)

Adavale Resources


Keep reading...Show less

Latest Press Releases

Related News