Magmatic Resources Limited has completed its FY2026 exploration program at the Myall Copper-Gold Project in New South Wales, returning mineralised intercepts from diamond drilling at Calais and Stingray alongside positive aircore results at Interceptor.

The exploration work was funded by farm-in and joint venture partner FMG Resources, a wholly owned subsidiary of Fortescue Ltd. Fortescue is funding exploration under an agreement signed in March 2024 to earn up to a 75% interest in the project through expenditure of $14 million, and remains Magmatic’s largest shareholder with a 19.9% stake.

The FY2026 program budget was initially set at approximately $3.5 million before being extended to approximately $3.9 million following the addition of $400,000 for extra diamond drilling. Across the campaign, the teams completed 16 diamond drill holes totaling 6,240.4 metres across targets including Barina, Interceptor, Gemini, SLR, Calais, Calais Trend, Sandman, and the greater Corvette-Kingswood area, known as Stingray.

Assay results from the final 13 diamond drill holes and a March aircore program of 17 holes for 1,846 metres highlighted ongoing porphyry potential. At the Calais prospect, hole FMD0524 returned 38 metres at 0.17% copper and 0.04 g/t gold from 324 metres. Hole FMD0522 also returned alteration consistent with Macquarie Arc porphyry systems.

At the Stingray prospect, situated south of the Corvette-Kingswood Inferred Mineral Resource Estimate, hole FMD0528 intersected 36.3 metres at 0.16% copper and 0.03 g/t gold from 400 metres, confirming the continuation of mineralisation south of the existing resource. The Corvette and Kingswood deposits currently host an Inferred Mineral Resource Estimate of 110 million tonnes at 0.33% copper equivalent, containing 293 kilotonnes of copper, 237 kilounces of gold, and 2.8 million ounces of silver.

Meanwhile, aircore drilling at the Interceptor target returned 3 metres at 0.15% copper from 11 metres in hole FMAC026, following up previous anomalous aircore results southeast of the inferred resource.

“Our FY26 exploration program at the Myall FJVA Copper-Gold Project has been completed with final assay results now received. These results continue to show the potential of this area with Calais showing the hallmarks of a porphyry system. The Stingray result at FMD0528 confirms mineralisation south of Kingswood continues and we are working closely with our FJVA partner, Fortescue, to deliver a focussed FY27 drilling program.”

— David Richardson, Managing Director

Further aircore drilling is planned for the FY27 exploration program as Magmatic and Fortescue continue to assess geochemical vectors across the Myall project area.

Read the full announcement: Exploration Results from Myall FJVA Copper-Gold Project