Drilling commences at Myall FJVA Project
| Stock | Magmatic Resources Ltd (MAG.ASX) |
|---|---|
| Release Time | 18 Nov 2025, 8:19 a.m. |
| Price Sensitive | Yes |
Drilling commences at Myall FJVA Project
- Magmatic has commenced drilling on its Myall FJVA Project following a $3.5M work program commitment from FMG Resources
- Aircore and diamond drilling programs planned to test multiple conceptual and advanced targets
- Trial Induced Polarisation (IP) survey to delineate sulphides at Corvette-Kingswood and Calais prospects
Magmatic Resources Ltd (ASX:MAG) has commenced drilling on its Myall FJVA Project in New South Wales, Australia, following a $3.5M work program commitment from FMG Resources Pty Ltd, a wholly owned subsidiary of Fortescue Metals Group Ltd (ASX:FMG). The exploration program is designed to drill test multiple conceptual and advanced targets across the project, including a trial Induced Polarisation (IP) line. An aircore (AC) program of 24 holes for about 3000 m is planned to test Ordovician-aged basement across three conceptual magnetic features interpreted to be prospective for Northparkes-style copper gold porphyry mineralisation. Additionally, 14 diamond drill holes up to 500 m deep for 3000 m will test significant magnetic features also interpreted to be prospective for Northparkes-style copper gold porphyry deposits. Diamond drill targets include Calais, where previous drilling intersected 10.8 m at 0.39% Cu, 0.07 g/t Au, the newly identified Interceptor target, and the Barina and Gemini prospects which have intersected high-grade gold mineralisation. Magmatic has also been successful in its application to the NSW Government's Critical Minerals and High-Tech Metals Exploration Program and will receive $141,000 in co-contribution funding to assist with diamond drilling at the Black Ridge Copper target.
Magmatic is very excited to be moving from the detailed planning phase into the delivery phase of its Myall FJVA Project with its Farm-in and Joint Venture partner, Fortescue. All required approvals are in place and the AC drilling is planned to commence shortly with the rig mobilising this week and the IP contractors later in the year. Diamond drilling is scheduled to begin in early January 2026.