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Exploration program for Myall locked in

Copper

Magmatic Resources and Fortescue have formed an exploration committee to direct exploration efforts at the Myall copper-gold project in New South Wales.

The committee formation follows Magmatic and Fortescue executing a farm-in and joint venture agreement for Myall in March, which will see Fortescue spend up to $14 million over six years to earn up to a 75 per cent joint venture interest in Myall.

Now, the Myall exploration committee has organised a two-phase work program for the 2024–25 financial year, with the first phase having started and expected to be completed by the end of 2024.

Phase 1 of the program will see Magmatic’s technical team carry out a historic core and drill chips re-assay program to collect information from multi-element geochemical and hyperspectral data not previously collected. Existing geophysical datasets will also be reprocessed and integrated with the updated geochemical datasets.

The team will also resample up to 75 holes within the Corvette, Kingswood and Monaro prospects to feed into a detailed study to identify potential vectors towards higher-grade copper-gold mineralisation.

Phase 2 of the program will see six 400–500m diamond holes drilled in the greater Corvette and Kingswood areas, with final targets and drill-hole designs to be agreed by Magmatic and Fortescue after the integration of Phase 1 works.

“With a work program now in place for the project, I am excited to see the next chapter for Myall commence in partnership with Fortescue,” Magmatic Resources managing director Adam McKinnon said.

“Our technical team have done an excellent job over the last two of years in unravelling some of the key geological complexities of the region and in defining a major copper-gold system at Corvette and Kingswood.

“We very much look forward to building on this work with Fortescue’s technical input and unlocking the enormous copper-gold discovery potential the Myall project holds.”

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