Magmatic Resources Kicks Off $3.5M Drilling Push at Myall FJVA Project

Exploration Momentum Builds at Myall FJVA

Magmatic Resources has officially commenced its highly anticipated $3.5 million exploration drilling program at the Myall FJVA Project, marking a significant step forward in its partnership with Fortescue Metals Group. This program, budgeted for the 2025-26 financial year, aims to test multiple advanced conceptual targets across the project area, with a focus on discovering Northparkes-style gold-copper porphyry mineralisation.

The program features a combination of aircore and diamond drilling techniques. The aircore component involves approximately 24 holes totaling around 3,000 meters, designed to probe basement rocks beneath Ordovician-aged cover. These holes will test three key magnetic features interpreted as prospective for porphyry-style mineralisation. Complementing this, up to 14 diamond holes, potentially extending to 3,000 meters, will target significant magnetic anomalies at depth, including well-known prospects such as Calais, Interceptor, Barina, and Gemini.

Targeting High-Potential Porphyry Deposits

Among the diamond drilling targets, Calais stands out with encouraging results from earlier this year, including an intersection of 10.8 meters grading 0.39% copper and 0.07 grams per tonne gold near the end of the hole. The Interceptor target, a newly identified magnetite-brecciated monzonite located about one kilometre south of Magmatic’s Corvette-Kingswood inferred resource, also presents a compelling opportunity. Barina and Gemini prospects have previously yielded high-grade gold intersections, reinforcing the potential for significant discoveries.

To enhance targeting accuracy, Magmatic has initiated a 9 line-kilometer induced polarization (IP) geophysical survey across key prospects such as Corvette-Kingswood and Calais. This survey aims to delineate the extent of sulphide mineralisation beneath cover, increasing the chances of identifying economically viable deposits. Should initial results prove promising, the survey will be expanded to cover additional sections of the project.

Government Support and Broader Exploration Efforts

In addition to the Myall FJVA drilling program, Magmatic has secured a $141,000 co-contribution grant from the New South Wales Government’s Critical Minerals and High-Tech Metals Exploration Program. This funding will support diamond drilling at the Black Ridge prospect within Magmatic’s 100%-owned Parkes Project. Previous mapping and sampling at Black Ridge have identified a strong copper anomaly over a six-kilometer trend, with encouraging copper and gold-in-soil results that warrant further investigation.

Managing Director David Richardson expressed enthusiasm about transitioning from planning to active exploration, highlighting that all necessary approvals are in place and that drilling rigs and contractors are mobilising. The aircore drilling is set to begin imminently, with diamond drilling scheduled for early January 2026, positioning Magmatic to deliver a steady flow of exploration news in the coming months.

This concerted effort, backed by a major partner and government support, underscores Magmatic’s commitment to advancing its portfolio and unlocking value from its strategically located projects.