Strongest copper-gold intersection to date at Corvette

Magmatic Resources Limited provided an update on the ongoing exploration program at its 100% owned Myall Project, located approximately 60 kilometres north along strike of the Northparkes Mine (owned by China Molybdenum/Sumitomo).

The world-class Northparkes porphyry copper-gold deposits have a current combined Resource and Reserve base of 607Mt at 0.55% Cu & 0.21g/t Au2 and Magmatic Resources is targeting similar Northparkes-style mineralisation and grades.

The Company has now drilled ten diamond holes totaling nearly 8,000 metres, with multiple +400 metres copper-gold intersections returned during the high impact program. Porphyry deposits provide more than 60% of global copper supply and are typically low grade (0.2 – 1.0% copper and 0.01 – 1.0g/t gold) and large tonnage (from 100 million to several billion metric tonnes). Magmatic’s two porphyry projects, Myall and Wellington North, are located near the two largest porphyry mines in Australia in the Northparkes and Cadia Valley Mines, respectively.

Commenting on the new results from the Corvette Prospect, Magmatic Resources’ Managing Director Dr. Adam McKinnon said: “The latest results from hole 422 are simply outstanding. Having decided to make our biggest step out at Corvette into the untested northern part of the prospect, to intercept the strongest interval of copper-gold mineralisation so far is a great result for the program, and speaks to the massive scale of the system.” “I am particularly pleased that, along with strong copper mineralisation, the last couple of holes have returned multiple zones with significant gold. Recent results from hole 421 have also shown very high grade molybdenum mineralisation is present in the Corvette system, with individual grades up to 1,100ppm.” “We are now starting to define portions of Corvette with copper-gold zones up to 600 metres wide and up to 800 metres deep, already suggesting the potential for a system with huge mineralised volumes at this early stage. Corvette continues to be open or poorly tested in all directions and I am very much looking forward to seeing what upcoming drilling to the north may yield.” “Perhaps the most exciting part of the recent drilling success at Myall is that we have only tested a tiny fraction of the highly prospective 245 square kilometre Myall tenement. We know that in our region porphyry deposits of this type, including the world-class Cadia and Northparkes Mines, tend to occur in clusters of multiple deposits within several square kilometres. Given everything we are seeing at Myall, from the geology and geophysics to the geochemistry and alteration signatures to the large-scale mineralised intersections, I am confident Myall has the potential to develop into a Tier-1 project.”