Visible Copper Sulphide Mineralisation Intersected Over +740 Metre Interval

Magmatic Resources Limited (‘ASX:MAG’ or ‘the Company’) is pleased to provide an update on the progress of the ongoing drilling program at its 100% owned Myall Project, located 25 kilometres southwest of the central New South Wales town of Narromine and approximately 60 kilometres north along strike of the world- class Northparkes Cu-Au Mine (China Molybdenum/Sumitomo). The high impact program is set to comprise +3,000 metres of diamond drilling designed to test the broader Myall area, with work commencing late in July (ASX MAG 28 July 2022).

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• First assay results from drilling at the Corvette Prospect at Myall highlight strong porphyry-style copper- gold-molybdenum mineralisation in the upper levels of the prospect

• Assays received for hole 22MYDD415 between 134.5 and 300 metres down hole include:
  • 151.5 metres at 0.37% Cu, 0.08g/t Au & 43ppm Mo (from base of cover sequence)
    including 13 metres at 0.81% Cu, 0.19g/t Au & 90ppm Mo
    and 22 metres at 0.50% Cu, 0.08g/t Au & 67ppm Mo
    and 13 metres 0.35% Cu, 0.09g/t Au & 126ppm Mo (high molybdenum zone)

• Drilling of 22MYDD415 is still in progress, passing 876m down hole overnight and extending the hole nearly 400 metres past the design depth
• Extended drilling follows the ongoing intersection of porphyry-style alteration, veining, brecciation and variable weak to moderate visible sulphide mineralisation over a down hole interval of +740 metres¹
  • This includes the strongest visible sulphide mineralisation observed to date, intersected between 573-602 metres down hole, estimated to average 2-4% chalcopyrite by volume¹
• 22MYDD415 remains in a zone of weak to moderate visible sulphide mineralisation¹ at the current depth and is expected to be drilled to at least 1,000 metres, with further extensions to be determined by the tenor of alteration and continuation of visible mineralisation at that depth

• Hole 22MYDD414, which was stopped at 227 metres down hole due to excessive deviation in the pre- collar, also returned a shallow, strongly mineralised zone of:
  • 88.4 metres at 0.35% Cu, including 15 metres at 0.90% Cu (from base of cover sequence)
• Shallow high-grade zones immediately below the cover sequence returned in both 22MYDD414 and 22MYDD415 are currently open in all directions

• Variable visible sulphide mineralisation in the lower portions of 22MYDD415, including the strong visible mineralisation between 573-602 metres¹, represents a potential new target zone and is completely untested in all directions

• The Company’s technical team are currently evaluating a modified drilling program that will look to expand the exceptional assay and visual results¹ from 22MYDD415

• Assays for the deeper portions of hole 22MYDD415 are expected by mid to late September

• A further 4-5 holes are currently planned as a part of the proposed program to evaluate the full potential of the greater Kingswood Prospect area

“This is an absolutely stunning result for the first full hole of our drilling program at Myall. It’s difficult to describe the excitement of our team each time we look over the previous day’s core and see an ever-increasing interval of visible sulphide mineralisation. We are so far past our original target now that we are effectively exploring a brand-new search space to the east of the original Corvette Prospect – currently untested in every direction – and still going.

In terms of the assays returned for the upper part of hole 22MYDD415, on a length-weighted basis the strong copper, gold and molybdenum results already define one of the best intersections from the Myall Project area to date, and that’s with more than 75% of this interval yet to be assayed. The intensity of visible copper sulphide mineralisation observed in several zones further down the hole is also very encouraging and highlights the immense potential of the project. While we have to wait for the assays for confirmation, we are very confident these areas will be key targets for follow-up drilling.

We believe the incredible overall length and intensity of the porphyry style-alteration and mineralisation encountered in 22MYDD415 has progressed the Myall Project significantly closer to a major, potentially regionally significant copper-gold discovery. Given the Myall region has been actively explored for the last 25 years, the outstanding results so far are a testament to the vision, persistence and technical skill of the entire Magmatic team.”

Strong assay result received for the upper portion of the Corvette Prospect

Earlier this month, Magmatic Resources gave an update on observations from the first drilling of the 2022 Myall program (ASX MAG 9 August 2022), with oblique scissor hole 22MYDD415 commenced to target mineralisation intersected some two decades earlier by Newcrest in historic hole ACDNM090 (Figure 1). The Company reported initial visual observations for the hole that showed a breccia zone with weak to moderately- intense visible magnetite+chalcopyrite±pyrite mineralisation had been intersected, extending from immediately below the cover sequence at 134.5m to just over 300 metres depth (ASX MAG 9 August 2022).

The assay results for this interval have now been received and include a broad copper-gold-molybdenum mineralised zone (Figure 2) including:

22MYDD415 151.5 metres at 0.37% Cu, 0.08g/t Au & 43ppm Mo from 134.5m (base of cover),

including 13.0 metres at 0.81% Cu, 0.19g/t Au & 90ppm Mo from 152m,
and 22.0 metres at 0.50% Cu, 0.08g/t Au & 67ppm Mo from 201m,
and 13 metres at 0.35% Cu, 0.09g/t Au & 126ppm Mo from 225m (high-Mo zone),
and 6 metres at 0.65% Cu, 0.19g/t Au & 11ppm Mo from 276m

Figure 1. Plan of the Corvette Prospect over airborne magnetics (1VD RTP) showing previous (ASX MAG 4 June 2017) and recent diamond drilling with down hole copper mineralisation and visual sulphide intersections in 22MYDD415. Vertical air core holes <150 metres depth are omitted for clarity

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