Magmatic Kicks Off $3.5M Diamond Drilling at Myall Copper-Gold Project
Magmatic Resources has launched a significant 5,000-metre diamond drilling campaign at its Myall copper-gold project, backed by Fortescue under a $3.5 million FY26 exploration budget. The program targets multiple promising porphyry-style deposits, aiming to build on earlier encouraging results.
- 14-hole, 5,000m diamond drilling program commenced at Myall FJVA Copper-Gold Project
- Exploration funded by Fortescue Resources under $3.5 million FY26 budget
- Targets include Calais, Interceptor, Barina, and Gemini prospects
- Drilling aims to test geochemical and magnetic anomalies indicative of porphyry deposits
- Assay results from recent WA and NSW drilling expected later this month
Exploration Momentum Builds at Myall
Magmatic Resources has officially started a 14-hole diamond drilling program at its Myall Farm-in Joint Venture Agreement (FJVA) copper-gold project in New South Wales. The campaign, totalling 5,000 metres, is funded by Fortescue Resources Ltd, Magmatic’s major shareholder and joint venture partner, under a $3.5 million exploration budget for the 2025-26 financial year.
This drilling phase is designed to test a series of geochemical and magnetic anomalies that the company interprets as prospective for Northparkes-style copper-gold porphyry deposits. These targets include advanced prospects such as Calais and Interceptor, as well as conceptual targets like Barina and Gemini, where previous drilling intersected encouraging mineralisation.
Targeting Porphyry Deposits with Proven Potential
Calais, one of the key targets, previously returned notable copper and gold intersections, including 0.39% copper and 0.07 grams per tonne gold over 10.8 metres near the end of a hole. Interceptor lies just one kilometre south of a significant inferred mineral resource estimate of 110 million tonnes at 0.33% copper equivalent, highlighting the potential scale of mineralisation in the area.
Other targets like Barina and Gemini have shown high-grade gold hits in earlier drilling campaigns, with Barina intersecting 0.5 metres at 204 grams per tonne gold and Gemini delivering 9 metres at 3.19 grams per tonne gold. These results underpin the rationale for the current diamond drilling program, which aims to deepen understanding of the mineral systems and advance the project towards resource definition.
Broader Exploration and Upcoming Results
This diamond drilling phase follows earlier air-core drilling and geophysical surveys, including a December 2025 Induced Polarisation trial designed to delineate sulphide mineralisation beneath conductive cover. Magmatic is also awaiting assay results from recent drilling at its Weebo Gold Project in Western Australia, with those results expected later this month.
Managing Director David Richardson expressed optimism about the coming months, noting the company’s busy schedule of drilling and assay results across multiple projects. The ongoing collaboration with Fortescue provides both financial backing and technical support, strengthening Magmatic’s position in the competitive copper-gold exploration sector.
With the diamond drilling underway and multiple targets to test, Magmatic is poised to deliver important updates that could reshape the outlook for the Myall project and its broader portfolio.
Bottom Line?
As assays roll in, Magmatic’s drilling campaign could unlock significant value at Myall and beyond.
Questions in the middle?
- Will the new diamond drilling confirm the scale and grade of copper-gold mineralisation at Myall?
- How might Fortescue’s involvement influence the pace and scale of project development?
- What impact will upcoming assay results from Weebo and NSW projects have on Magmatic’s exploration strategy?
