Magmatic Resources believes it is “closing in” on a potential copper-gold discovery at its Calais prospect within the Myall project in New South Wales.

The recent diamond drilling program is under a farm-in and joint venture agreement (FJVA) with Fortescue subsidiary FMG Resources.

The second diamond drill hole at Calais was completed to 393.8m and followed up on earlier results which intersected 10.8m at 0.39 per cent copper and 0.07 grams per tonne (g/t) gold from 197m to end of hole.

Assay highlights include 11.7m at 0.59g/t gold, 0.38 per cent zinc, 2.9g/t silver, 1.8 parts per million molybdenum and 0.05 per cent copper from 138m.

Other notable results include 8m at 0.23 per cent copper and 0.04g/t gold from 255m within a broader interval of 26m at 0.14 per cent copper and 0.08g/t gold from 241 metres, as well as 26m at 0.10 per cent copper and 0.01g/t gold from 329m.

These intercepts sit within a broader magnetite-pyrite-chalcopyrite alteration zone of 271.2m grading 660 parts per million copper from 122.6m to end of hole.

Magmatic projects the mineralisation lies within the wallrock of a porphyry system and that the gold result may be linked to an epithermal overprint.

“The gold mineralisation intersected by recent drilling at Calais has continued to open up this second exploration front within the Myall FJVA project and intersecting a gold-copper zone at this early stage is very encouraging,” Magmatic Resources’ managing director David Richardson said.

“We are working closely with Fortescue on a follow-up program.”

Twelve holes totalling 2988m have been drilled so far across the program.

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