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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).
- 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)
- 151.5 metres at 0.37% Cu, 0.08g/t Au & 43ppm Mo (from base of cover sequence)
- 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
Commenting on the initial assays and visual results from hole 22MYDD415, Magmatic Resources’ Managing Director Dr. Adam McKinnon said:
“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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Premium Magnetite Iron Product (>70% Fe) Confirmed Across Waterfall Prospect (WA)
Key Points:
- Premium grade iron product (>70% Fe) has been produced across the Waterfall Prospect by beneficiation test work using the Davis Tube Recovery (DTR) method.
- Magnetite was liberated from its host rock using a relatively coarse grind size of 75um and 106um, which suggests potential savings on future processing costs.
- Average DTR recoveries of approximately 34% indicate that most, if not all, of the magnetite has been recovered in the concentrate.
- Impurity levels (silica, alumina, sulphur and phosphorus) within the magnetite concentrate are extremely low.
- The Morrisey Project is well located, being ~120km by road north of Mullewa and then ~80km by rail to the Port of Geraldton.
- Waterfall is the first of at least five targets identified within the Morrisey Project, with potential to host magnetite mineralisation.
Next Steps:
- Native Title clearance surveys over further magnetite targets are scheduled to be completed later this year.
- Drilling of additional targets is being planned for 2025, under the Strategic Alliance Agreement with a subsidiary of South32 Limited.
Beneficiation test work using the DTR method confirmed excellent recoveries of magnetite from its host rock (averaging ~34%) across the prospect, using coarse grind sizes of 106um and 75um, highlighting potential for the prospect to deliver a premium iron (Fe) product with very low impurity levels and enhancing the future commercial potential of the Project.
The Morrisey Project is well located, being ~120km by road north of the town of Mullewa, and a further 80km by rail to the Port of Geraldton (Figure 1). No discussions have been held with transport providers at this stage.
Figure 1: Morrisey Project: Location Plan showing road and rail access to the Port of Geraldton.
DTR results for all remaining drill-holes have now been received, confirming that iron (Fe) grades greater than 70% Fe can be achieved from both the 75um and 106um grind sizes for all the composite samples (varying from 4m to 12m in length). The distribution of DTR grades and down-hole thicknesses for the 75um grind size is shown in Figure 2, with cross-sections provided in Figures 3 and 4.
While there are no significant differences between results from the two grind sizes used, results for 75um are slightly more consistent, with less variations than for the 106um data (see Tables 1 and 2 below).
DTR Fe grades for the 75um grind size vary from 70.25% Fe to 71.63% Fe with recoveries varying from 18.6% for the lower grade composite samples (<25% Fe) and up to 44.3% for higher grade composites (>35%Fe), with an average recovery of magnetite across the prospect of ~34%.
Deleterious elements for the 75um product were all very low, including silica (average 1.3% SiO2), alumina (average 0.19% Al2O3), sulphur (average 0.08% S) and phosphorous (average 0.004% P), only increasing slightly for the coarser grind product.
Petrological examination of selected samples indicates that the magnetite grains are highly fractured, which is likely to contribute to the excellent magnetite recoveries achieved via the DTR test work.
Similar magnetic and gravity anomalies to the Waterfall prospect occur at a number of locations within the Morrisey Project. Five targets have been identified for drilling to help determine the overall magnetite potential of the district.
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Exploration Update - Visible Gold Intersected at Salanie
HIGHLIGHTS:
- Visible gold identified in drilling at the A1 prospect at 19m depth (Figure 1), associated within a broader 13m zone of quartz veining and shearing from 9.6m downhole:
- Interpreted as extension to system in trench SATR001 (10.3m @ 3.4g/t Au and 1.4m @ 15.7 g/t Au) (Figure 5);
- Assays for this hole are pending.
- At P6, a significant quartz veining/shear system over 20m with associated sulphides has been identified along the trend of historical high-grade underground workings that produced at an average of 16g/t Au.
- The underground workings at P6 represent a priority target that will be further targeted in the 2025 drill season:
- System displays as quartz veining and associated visual estimates of sulphides (trace to 25% pyrite+/-chalcopyrite) intersected in three principal positions in drillhole SLDD002 (61- 65m; 71-75m and 84-87m).
- Drilling completed for the current field season, with discussions advanced with a highly reputable new drilling contractor for drilling in 2025.
- At Salanie, five holes for 328m (two at the P6 prospect and three at the A1 prospect) were completed (two of these did not reach target depth due to drilling performance), with assay results received for 3 holes.
- In the northern areas around the Mikouma and Binda prospects, infill soil sampling has strengthened existing gold targets in these regions with anomalies up to 200ppb Au. Follow up ground reconnaissance will assist in delineating further the drill targets.
- Company to undertake a one (1) for three (3) non-renounceable entitlements offer to raise approximately $3.25 million (before costs).
Figure 1: Examples of visible gold identified in SLDD004 – at 19.04m (associated with chalcopyrite (Cpy) and galena (Gn)).
The Company cautions that visual estimates of sulphides or mineral abundance should never be considered a proxy or substitute for laboratory analysis. Laboratory analysis would be required to determine the widths and grades of sulphides, visible gold, or suspected mineralised intervals reported herein. Visual information also potentially provides no information regarding impurities or deleterious physical properties relevant to valuations. Assays are expected within 3-5 weeks.
Apollo Minerals’ Managing Director, Mr Neil Inwood, commented:
“The first pass drilling is highly encouraging having identified visible gold associated with quartz veining at A1 and a significant shear/quartz vein system at P6. Assays are pending from the key holes at A1. The Salanie system is interpreted to be in the same regional trend of Archean greenstones as Managem’s 1m oz Eteke deposit; highlighting the potential in the broader system.”
“Unfortunately, a combination of late arrival and poor performance from the drilling contractor and the end of the field season has meant that less than a quarter of the planned holes for 2024 were completed and the P6 target was only partially tested by one drill hole. We are in advanced discussions with another drilling company to commence drilling in the new year. Such a partner will enable a significant increase in drilling rate and quality and enable us to further unlock the untested potential at the Salanie Gold Project.”
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This article includes content from Apollo Minerals Limited, 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.
Wadi Al Junah VMS-Style Copper-Zinc-Gold-Silver Project in Saudi Arabia
Highlights
- As announced on 6 November, MBK’s Saudi Arabian JV company, has been awarded the Wadi Al Junah Project as part of the Saudi Government’s Exploration Licensing Round 6
- Wadi Al Junah is prospective for volcanogenic massive sulphide (VMS) copper-zinc- gold-silver mineralisation and for shear zone gold-silver, with several untested priority targets
- The Project is 35km east of the Al Hajar Au-Ag-(Cu-Zn) deposit previously mined by Ma’aden and is proximal to the regional centre of Bisha, and close to major access routes, local towns and workforce
- Saudi exploration strategy is supported by a well capitalised in-country JV Company in CMC and significant Saudi government incentives to de-risk and fast-track exploration
- Metal Bank continues to assess new potential project areas in Saudi Arabia prospective for copper, gold and other critical minerals – several tenement applications in progress
CMC is a Saudi Arabian limited liability company owned by MBK (60%) and Central Mining Holding Company (‘CMH’, 40%). CMH is a member of the Al Qahtani Holdings group, and was the JV partner of Citadel Resources which, under the leadership of Inés Scotland as Managing Director, was responsible for the exploration and development of the Jabal Sayid copper project in Saudi Arabia (prior to its acquisition by Equinox). CMC will be responsible for managing and implementing the work program for the Wadi Al Junah project utilising the technical expertise of MBK, as the exploration JV partner, in combination with the KSA expertise of the Al Qahtani Group. CMC has a current capitalisation of SAR5m (~AUD2.1m).
Wadi al Junah with an area of 427km2 was the largest of the projects offered in Round 6 and is proximal to the major regional centre and airport of Bisha, with major access routes passing through the license area and local towns and workforce close by. The Project is located in the prospective Wadi Shwas Gold Belt, a region under-explored for shear zone gold, VMS copper-zinc-gold-silver and intrusion-related gold and base metal deposits. It is supported by several mineral occurrences with encouraging geological observations, and gold, silver and copper grades in historic regional- scale reconnaissance mapping, which have not been followed up by modern work.
MBK’s technical team has prepared a comprehensive two-year work program, with an initial focus on following up the previous limited and surface based exploration for mineral occurrences of copper, gold and silver. MBK is aiming to be drill-ready within the next six months.
Commenting on this acquisition, Metal Bank’s Chair, Inés Scotland said:
“The successful tender for the Wadi al Junah project in Saudi Arabia by our JV company CMC via a tightly contested and highly competitive exploration round speaks to our commitment, capability and technical expertise in achieving our strategy of acquiring prospective tenure within Saudi Arabia, which we believe remains underexplored and highly prospective.
Wadi al Junah represents our first project back in Saudi Arabia, a region in which MBK’s management team has extensive experience and a proven track record of success, having previously developed the Jabal Sayid project. We are well-supported by both our JV partner and the significant government incentives provided by the Kingdom of Saudi Arabia in search for the next Jabal Sayid. The Arabian Shield has so much underexplored potential, and we are ready to get our initial phase of exploration underway as quickly as possible.”
Wadi al Junah Copper-Zinc-Gold-Silver Summary
The Wadi al Junah project area covers an area of 427sq km within the Asir province of the Arabian Shield, southwest Saudi Arabia (Figures 1 and 2). It is approximately 375km south-east of Jeddah, 150km east-northeast of the port of Al Quinfidhad and around 35km east of the Al Hajar Au-Ag-(Cu- Zn) deposit previously mined by Ma’aden. It is proximal to the major regional centre and airport of Bisha, with major access routes passing through the license area and local towns and workforce close by. The majority of the project area is accessed by local tracks and wadi valleys in moderate topography.
Figure 1: MBK MENA projects showing Wadi al Junah (Saudi Arabia) and Malaqa, Area 47 and Area 65 (Jordan).
Figure 2: Wadi al Junah location map within the Arabian Shield showing major geological provinces and major Au and Cu mines (modified from KSA Ministry of Industry and Minerals publication after Nehlig et al, 2002)
Geology
Wadi al Junah is situated within the central Asir terrane of the Archaean Arabian Shield (Figure 2) within the ~80km long north-trending Wadi Shwas Gold Belt. The Shwas VMS belt on the western margin of the Wadi Shwas Gold Belt is host to the Al Hajar Au-Ag-Cu-Zn deposit, and numerous other VMS base metal and Au mineral occurrences of Proterozoic age are present in the region (Figure 3).
Three known mineral occurrences occur in the tenement area – Haniyat (Ag-Cu-+/-Au+/-Zn), Wadi al Maytha (Ag-Cu) and Wadi Umm Rahka (Ag-Cu). Very limited rock chip sampling as part of regional scale mapping work in the 1960’s and 1970’s includes results up to 1.53% Cu, 0.44g/t Au and 160g/t Ag from these prospects, which were never followed up1.
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Octava to Commence Drilling at Yallalong High-Grade Antimony Project
Highlights
- Drill rig relocating to site with drilling to commence this weekend.
- The 3000m reverse circulation (RC) drill program is targeting further high-grade antimony at the Discovery prospect.
- Historic drilling at Discovery recorded high-grade antimony intercepts over a strike length of ~300m and remains open. Results include:
- YRC16: 7m @ 3.27% Sb from 12m including 1m @ 11.5% from 18m
- YRC06: 3m @ 6.83% Sb from 21m including 1m @ 13.6% Sb from 22m
- After drilling at Discovery, the drill rig will relocate to the Central antimony target, 2km north along strike. There has been no previous drilling at Central.
- A detailed geophysical survey over the antimony corridor at Yallalong is now complete, with the data being processed. This is expected to generate further targets within the antimony corridor.
Octava’s Managing Director Bevan Wakelam stated, "It’s great to have the rig heading to site and earlier than we had planned. The drilling will start on Discovery, then move to the Central target and should take about 2 weeks to complete. High-grade antimony has already been intersected at Discovery over a significant strike length and this drilling will further test the size. We will also twin some of the previously drilled holes."
Figure 1. Planned drill hole locations at the Discovery antimony target - Yallalong Antimony Project.
The antimony (Sb) mineralisation identified at Yallalong appears within a 10km north-south striking mineralised corridor that is interpreted to be related to a structural belt between the regional scale Darling and Woodrarung faults. Previous exploration identified four principal antimony targets where antimony mineralisation was exposed at surface. Only the Discovery Prospect has any drilling and remains open. Antimony ingot prices at that time were ~$8000/tonne compared to over $30,000/tonne now1.
Figure 2. Antimony targets at Yallalong antimony project with underlying geology.
Drilling at Discovery target recorded some of the highest-grade antimony drill intersections in Australia, at shallow depth, over a strike of ~300m including:
- YRC16: 7m @ 3.27% Sb from 12m including 1m @ 11.5% from 18m
- YRC06: 3m @ 6.83% Sb from 21m including 1m @ 13.6% Sb from 22m
- YRC27: 6m @ 1.35% Sb from 13m
After drilling at the Discovery target is complete, the rig will then move to the Central target, which is located 2 kilometres north along strike. There has been no previous drilling at the Central target.
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This article includes content from Octava Minerals Limited, 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.
Targeted Exploration Focus Delivers an Additional 471koz or 99% Increase in Ounces, and a Higher Grade for Ricciardo
HIGHLIGHTS:
- Updated Mineral Resource Estimate (MRE) for the Ricciardo Deposit (part of the broader Golden Range Project) of 16.44 Mt @ 1.8 g/t Au for 947.5 koz gold.
- Represents a 99% increase in Ricciardo MRE contained gold ounces.
- Proven high-returning exploration with the increased Ricciardo MRE ounces delivered at an attractive all-in discovery cost of only approx. A$16/oz.
- High-quality resource additions given drilling focus on high-grade growth ounces with strong commercial potential.
- The updated Ricciardo MRE comprises:
- 467.5 koz @ 1.6 g/t Au open-pit gold Resource (75% M&I) (optimised pit shell constrained at A$3,300/oz)
- 480.0 koz @ 2.0 g/t Au underground gold Resource
- Critically, the Ricciardo system remains wide open at depth and along strike.
- Total Golden Range Project Mineral Resources now stand at over 1.28 Moz gold, a 58% increase from the previous level.
- This initial outcome validates the excellent potential for further growth within the broader 25km ‘Golden Corridor’ via the ongoing, simple strategy of targeting fresh rock extensions under shallow existing pits.
- RC drilling at the southern end of the ‘Golden Corridor’ targeting high-grade Resource growth is progressing well; 9 holes completed for 1,472 metres to date, assays pending.
Warriedar Managing Director and CEO, Amanda Buckingham, commented:
“This is the result we have been working towards all year. With less than 15,000m of targeted, efficient drilling we have added over 470 koz to the Ricciardo deposit, doubling the Resource.
We are excited by both the outcome itself, and the outlook that it delivers us for the wider corridor of gold deposits. The simple strategy of drilling below shallow open pits to find mineable ounces worked exceptionally well for our producing neighbours. The validity of this strategy is now beyond doubt, for us.
Not only is the Ricciardo system still wide open down-plunge, but the entire 25km long ‘Golden Corridor’ offers similar potential upside from such a relatively simple drilling focus.
In the middle of the infrastructure-rich southern Murchison, and located on existing Mining Leases, the opportunity in front of us is utterly irresistible.”
The Ricciardo Deposit
The Ricciardo Gold Deposit is located on existing mining leases 100% owned by WA8, in the Murchison Region, approximately 300 km east of Geraldton, and 420 km by road north-northeast of Perth. Sitting approximately 8km South of the Golden Range Mill on M59/421, and M59/458, within the Golden Range group of historic open pit mines and deposits.
Discovered in the 1990’s, open pit mining of the oxide resources commenced in 2001, and the plant entered Care & Maintenance twice (between July 2004 and 2009, and May 2010 to mid- 2013). Production was over 300 Koz before finally going into ongoing Care and Maintenance in August 2019.
The Ricciardo deposit is located 90km north of Capricorn Metals’ Mt Gibson Gold Project, 8kms south of the Company’s plant, 26km from the neighbouring Golden Grove processing facility and 40 km northeast of Vault Minerals’ high grade Rothsay gold mine (Figure 1).
Figure 1: The location of the Ricciardo gold deposit within the Golden Range Project; within the broader Southern Murchison region.
The Ricciardo gold system spans a strike length of approximately 2.3km, with very limited drilling having been undertaken below 100m depth prior to Warriedar drilling. Historical mining operations at Ricciardo were primarily focused on oxide material, with the transition and primary sulphides mineralisation not systematically explored.
Warriedar’s drilling of Ricciardo during CY2024 achieved excellent results, demonstrating high- grade extensions to the resource. The results demonstrated that the previously quantified resource is part of a much larger system.
Warriedar engaged independent mining consultants, Measured Group to update the Ricciardo MRE, previously reported 476Koz gold.1
The Ricciardo Gold Deposit consists of six semi-continuous historical open pit mines along the 2.3 km arcuate stretch of the Mougooderra Shear Zone, running north to south. These mines are named (from north to south) Silverstone North, Ardmore, Copse, Silverstone, Silverstone South, and Eastern Creek (Figure 2).
Figure 2: Drilling carried out by the Company during 2023 & 2024, which was used to update the MRE.
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This article includes content from Warriedar Resources Limited, 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.