Exploration Risks Loom as Magmatic Expands Drilling and Licence Holdings in NSW

Drilling Momentum at Myall Project

Magmatic Resources has initiated a significant diamond drilling program at its Myall Project in New South Wales, marking a key phase in its partnership with Fortescue. The program, comprising 13 holes totaling approximately 3,000 metres, focuses on high-priority targets including the Corvette and Kingswood prospects. These targets lie immediately along strike to the south and west of the existing Mineral Resource Estimate at Corvette, which already boasts an inferred resource of 110 million tonnes at 0.33% copper equivalent.

This drilling campaign represents the second phase of work under the Farm-in and Joint Venture Agreement with Fortescue, which includes a $14 million investment over six years to earn up to a 75% interest. The commencement of drilling follows a successful resampling phase of historic drill holes, underscoring the project's potential to expand known mineralisation.

Encouraging Soil Sampling at Wellington North

At the Wellington North Project, Magmatic has completed a comprehensive soil sampling program at the Boda Southwest area, adjacent to Alkane Resources' significant Boda-Kaiser gold-copper discovery. The final batch of 83 soil samples revealed gold anomalies up to 0.24 g/t, extending the high-grade gold-in-soil anomaly southwards. Across the entire 409-sample program, peak gold values reached 4.7 g/t, alongside copper results up to 201 ppm.

These results have prompted plans for a ground magnetic survey to better delineate geological structures and refine drill targets. The proximity to a 14.7 million ounce gold-equivalent deposit discovered by Alkane adds strategic significance to Magmatic's exploration efforts in this prolific corridor.

Copper-Gold Anomalies at Parkes Project

Magmatic's Parkes Project continues to deliver promising exploration data, with soil sampling at the Black Ridge prospect highlighting copper-gold anomalies consistent with previous induced polarisation (IP) geophysical surveys. The best soil assays included 0.35 ppm gold with 85 ppm copper, and copper concentrations reaching 161 ppm. These findings follow earlier rock chip samples that returned copper grades as high as 7.35%.

Further refinement of IP data modelling is underway to sharpen drill targeting. Additionally, Magmatic has secured a new exploration licence, Glenbrook EL9731, covering 101.4 square kilometres adjacent to its 100%-owned Alectown licence. This expansion consolidates Magmatic’s position within the Parkes Fault Zone, a region known for significant gold mining operations.

Strategic Positioning and Next Steps

Magmatic’s exploration activities across the East Lachlan region are gaining momentum, supported by its strategic alliance with Fortescue and recent capital raises. The company’s portfolio benefits from proximity to world-class mining districts, including Newcrest’s Cadia Valley and Evolution Mining’s Northparkes and Cowal mines.

With drilling underway at Myall and ongoing geophysical and geochemical surveys at Wellington North and Parkes, Magmatic is well-positioned to advance its resource base. The next critical milestones will be assay results from the Myall drilling program and further geophysical interpretations to refine drill targets across its projects.