Drilling commences at Kingswood copper-gold porphyry target

Magmatic Resources

Highlights:

  • Drilling has commenced at the Kingswood copper-gold porphyry target testing downdip from historic drillhole

  • Kingswood target shows the dimensions, alteration, host rocks and intrusive setting consistent with the nearby Northparkes E26 Porphyry Mine with known copper-gold porphyry mineralisation open at depth

  • Drilling activity scheduled at Boda South, Wellington North in early February 2021

Magmatic Resources (‘MAG’ or ‘The Company’) is pleased to advise that a diamond drill rig has mobilised to the Kingswood target within the Myall Project (100% MAG) (Figure 1).

Leveraging the ongoing encouraging work conducted by Magmatic’s exploration team (MAG ASX 31 January 2019), recent 3D modelling and comparisons with the Northparkes Porphyry Mining District highlight a priority copper-gold porphyry discovery opportunity at the Kingswood target.

Review of the Myall datasets indicates that the Kingswood target shows the dimensions, alteration, host rocks and intrusive margin setting consistent with the Northparkes E26 Porphyry Mine (China Molybdenum/Sumitomo) with an existing open zone of porphyry mineralisation providing a compelling drill target (Figure 2).

The current diamond drillhole at Kingswood is designed to test the Northparkes porphyry lookalike target and downdip from mineralisation in historic drilling, including 70m

/Public Release.