Magmatic Resources Limited provided the first update for 2023 on 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 Northparkes Mine (owned by China Molybdenum/Sumitomo). The world-class Northparkes porphyry copper-gold deposits have a current combined Resource and Reserve base of 607Mt at 0.55% Cu & 0.21g/t Au2 and Magmatic Resources is targeting similar Northparkes-style mineralisation and grades. Diamond drilling recommenced at the site on the 9th January 2023, aiming to expand on the very strong results delivered from multiple holes at the Corvette Prospect last year (ASX MAG 10 October 2022 & 29 November 2022).

New drilling rapidly expands the mineralised footprint at Corvette: In the last update on drilling progress at the Corvette Prospect (ASX MAG 20 December 2022), the Company reported improved weather conditions had allowed the completion of a number of high impact drill holes at the Corvette Prospect prior to the end of the year. In particular, the final drill hole completed for 2022 was 22MYDD421, which was designed to cut across and immediately below the current known mineralisation in the Corvette system. In logging the bottom of this hole Magmatic's technical team noted, for the first time, a zone characterised by an abundance of early-stage quartz veins with a centre line of sulphides, also known as "B-type" or "B-veins", a style of mineralisation associated with many copper porphyry deposits world-wide.

A zone with a small number of B-type veins was previously logged at the end of nearby hole 22MYDD416, with assays later showing a higher gold to copper ratio than previously observed (including 4 metres at 0.34% Cu & 0.63g/t Au). While assays for most of the upper portions of 22MYDD421 are currently pending, recent partial assays from 749 metres to the end of hole have been received and confirm the presence of strongly elevated gold along with significant copper: 22MYDD421: 51.0 metres at 0.46% Cu & 0.33g/t Au from 797m: including 13.0 metres at 1.07% Cu & 0.61g/t Au from 816m. Combined with strong results in the upper portion of 22MYDD416 (including 207.4 metres at 0.36% Cu, 0.09g/t Au & 39ppm Mo), the strong mineralisation at the end of 22MYDD421 supported the most recent decision to step-out to the north, with drilling recommencing from a new pad in early January this year.

Only recently completed, 23MYDD422 was drilled to a total depth of 1,170 metres and represents the largest step-out on the Corvette trend to date, located approximately 105 metres north of 22MYDD416. Visible copper mineralisation was intersected from the base of cover at 146.8 metres down hole, including disseminated and fracture-controlled supergene native copper and chalcocite with minor remnant chalcopyrite to 178 metres. Highly variable, weak to moderate intensity visible sulphide mineralisation was observed for most of the remainder of the drill hole (to 1,104 metres down hole), comprising chalcopyrite, pyrite and trace bornite.

Estimated visible chalcopyrite abundance varies widely over the length of the mineralised interval, ranging from trace levels up to 4% by volume. The sulphides occur as disseminated, vein and breccia-style mineralisation down to 759 metres, becoming slightly less contiguous and more pyrite-dominant below this point. Final assay results have also been received for holes 22MYDD418 and 22MYDD420, drilled last year from a pad at the southern end of the Corvette Prospect: 22MYDD418: 165.7 metres at 0.32% Cu, 0.05g/t Au, 0.8g/t Ag & 17ppm Mo from 134.3m (base of cover): including 70.7 metres at 0.51% Cu, 0.10g/t Au, 1.2g/t Ag & 24ppm Mo from 134.3m; including 19.0 metres at 0.76% Cu, 0.16g/t Au, 1.2g/t Ag & 34ppm Mo from 186m; 22MYDD420: 104.0 metres at 0.22% Cu, 0.10g/t Au, 0.8g/t Ag & 13ppm Mo from 151m: including 14.0 metres at 0.52% Cu, 0.24g/t Au, 3.0g/t Ag & 5ppm Mo from 199m; and 12.0 metres at 0.40% Cu, 0.42g/t Au, 1.0g/t Ag & 2ppm Mo from 232m.

The results for these holes have pushed the known copper and gold mineralisation significantly further south, particularly in the relatively shallow zone immediately below the cover. Inclusive of the visible mineralisation in 23MYDD422, the mineralised footprint at Corvette now extends for nearly 350 metres in a north-south trend, remaining open or untested in multiple directions.