Magmatic Resources eyes diamond drilling at NSW copper-gold JV with FMG

Magmatic Resources has wrapped up aircore drilling at its Myall copper-gold JV project in NSW and moved to an induced polarisation survey ahead of diamond drilling. The 25-hole program targeted the Winkipop, FJ and Angourie prospects, assessing untested or sparsely drilled magnetic features interpreted to be prospective for Northparkes-style copper-gold porphyry deposits. The nearby Northparkes mine is the second-largest porphyry copper mine in Australia, with a resource of 5.5Moz of gold and 4.5Mt of copper, and is characterised by large tonnage and low-grade porphyry mineralisation

Magmatic Resources’ drilling was funded via a commitment by its farm-in and joint venture agreement partner, FMG Resources, a subsidiary of Fortescue, as part of a work program with a total budget of $3.5 million for the 2025-26 financial year. It was the first step in a broader exploration program to drill test multiple conceptual and advanced targets across the project. 

Results are expected in early 2026. An IP survey has now begun, comprising up to 9 km of trial IP, designed to test the potential of the method to delineate the extent of sulphides beneath conductive cover across the Corvette-Kingswood mineral resource estimate. This trial is expected to be followed up on over the Calais target if the initial trial line is successful.