Magmatic Resources reports promising copper and gold intercepts from its FY2026 drilling at the Myall FJVA Copper-Gold Project, funded by Fortescue, while preparing to ramp up gold drilling at Weebo in Western Australia.
- Anomalous copper intersections at Interceptor Prospect south of Corvette-Kingswood
- 4 m at 0.5 g/t gold at Barina Prospect highlights gold potential
- 16 diamond drill holes completed with assays pending for 13 holes
- Trial induced polarisation survey limited by conductive cover
- Weebo gold drilling scheduled to commence targeting multiple prospects
Key Copper-Gold Intercepts Expand Myall System
Magmatic Resources Limited (ASX:MAG) has delivered encouraging early assay results from its FY2026 exploration program at the Myall Farm-in and Joint Venture Agreement (FJVA) Copper-Gold Project in New South Wales. The program, funded by Fortescue Ltd (ASX:FMG), included 16 diamond drill holes totaling 6,240 metres and aircore drilling, targeting porphyry-style copper-gold mineralisation.
The standout results come from the Interceptor Prospect, located about 1 km south of the Corvette-Kingswood inferred Mineral Resource Estimate (MRE). Hole FMD0515 intersected multiple anomalous copper zones, including 7 metres at 0.19% Cu from 223 metres, 10 metres at 0.15% Cu from 365 metres, and a broader 36-metre interval at 0.10% Cu with 0.03 g/t Au from 427 metres. These intersections lie within a magnetite-albite altered diorite host rock, indicating the mineralising system extends further south than previously mapped.
At the Barina Prospect, diamond drill hole FMD0513 returned 4 metres at 0.5 g/t gold from 395 metres, following up a historic high-grade gold intercept of 0.5 metres at 204 g/t Au. This suggests potential for significant gold mineralisation in this part of the project.
Aircore Drilling and Geophysical Survey Results
The November 2025 aircore program, comprising 25 holes for 2,323 metres, focused on geochemical and magnetic anomalies prospective for Northparkes-style copper-gold porphyry deposits. The highlight was a modest 4-metre intercept at 0.1% Cu from 92 metres at the FJ Prospect. A follow-up March 2026 aircore program of 17 holes is complete, with assay results expected later this quarter.
Magmatic also trialled a 4.3 line-kilometre induced polarisation (IP) survey over the Corvette-Kingswood area in December 2025. The survey was designed to test the method’s ability to detect sulfide mineralisation beneath up to 100 metres of cover. However, the results were hampered by highly conductive cover sequences, limiting the technique’s effectiveness in delineating mineralisation. Based on this, further IP surveying is not planned.
Weebo Gold Project Drilling to Resume
Meanwhile, Magmatic is preparing to recommence drilling at its Western Australian Weebo Gold Project in May 2026. The upcoming aircore and reverse circulation drilling will target a suite of gold prospects including Ockerburry Trend, Scone Stone, Otto 2, Wheel of Fortune, Sholl’s Find, and West Gold. This follows a series of encouraging gold intersections reported earlier this year, confirming the project's potential along a 5-kilometre mineralised trend.
The Myall exploration program is part of a broader strategy supported by Fortescue, which has committed approximately $3.9 million to FY2026 activities, slightly above the initial $3.5 million budget following additional diamond drilling. The partnership aims to advance understanding of the porphyry copper-gold system and identify new resource opportunities.
Magmatic’s Managing Director David Richardson emphasised the progress at Myall and the excitement around Weebo drilling, noting the company’s focus on advancing multiple projects simultaneously. The pending assay results from the remaining 13 diamond drill holes at Myall will be closely watched for further insights into the scale and grade continuity of mineralisation.
The ongoing work at Myall, including the recent diamond and aircore drilling, builds on earlier campaigns and the company’s growing geological dataset. The extension of mineralisation at Interceptor, near the established Corvette-Kingswood MRE, adds a new dimension to the project’s potential. However, the true widths of mineralisation remain unknown, and further drilling and analysis will be necessary to clarify the resource implications.
Magmatic’s exploration approach, backed by Fortescue’s funding and technical input, positions it well to test the northern Macquarie Arc’s copper-gold porphyry potential. The company’s simultaneous push at Weebo underscores its dual focus on copper-gold and gold assets.
These developments follow Magmatic’s earlier announcements of strong gold mineralisation at Weebo and a $3 million capital raise led by FMG Resources, highlighting a period of active growth and exploration across its portfolio. The upcoming assay releases and drilling results will be critical in shaping the next phase of Magmatic’s exploration narrative.
With the Myall IP survey proving less effective due to conductive cover, Magmatic may need to consider alternative geophysical methods to refine targets beneath cover. The scheduled drilling at Weebo also offers a timely opportunity to generate new resource models and advance towards resource definition.
Investors and observers will be keen to see how the remaining Myall assay results compare to these initial promising intercepts, and whether the Weebo drilling can replicate or exceed the strong gold hits reported earlier in the year.
Bottom Line?
Magmatic’s recent Myall drilling extends known copper-gold mineralisation, but pending assays and Weebo drilling will be crucial to define resource potential.
Questions in the middle?
- Will the remaining 13 diamond drill holes at Myall confirm continuity of copper-gold mineralisation?
- Can Magmatic overcome the limitations of IP geophysics beneath conductive cover with alternative methods?
- How will the upcoming Weebo drilling campaign impact Magmatic’s gold resource development plans?