Magmatic Resources has launched a Fortescue-backed $3.5 million drilling and geophysics program at its Myall FJVA project, stepping up the search for Northparkes-style copper-gold systems.
The commitment from FMG Resources, a wholly owned Fortescue subsidiary, marks the strongest show of support yet for the emerging district.
“We’re very excited to be moving from the detailed planning phase into the delivery phase of our Myall FJVA project with our farm-in and joint venture partner, and major shareholder, Fortescue,” Magmatic Resources managing director David Richardson said.
“All required approvals are in place and AC [aircore] drilling is planned to commence shortly with the rig mobilising this week and the IP contractors later in the year. Diamond drilling is scheduled to begin in early January 2026.”
AC drilling is mobilising this week, with diamond drilling scheduled to begin in early January, signalling a decisive shift from planning to high-impact on-ground exploration.
The 2025–26 financial year (FY26) program includes 24 AC holes totalling around 3000m, testing three untested magnetic features interpreted to overlie prospective Ordovician basement.
A further 14 diamond holes, also totalling 3000m, will target deeper magnetic bodies consistent with porphyry copper-gold systems.
Front and centre is Calais, where earlier drilling delivered 10.8m at 0.39 per cent copper (Cu), 0.07 grams per tonne (g/t) gold (Au) (197m to 207.8m at end of hole) within 42.8m at 0.19 per cent Cu, 0.03g/t Au (from 165m to end of hole).
The team will also drill the newly defined Interceptor target, a porphyry-prospective magnetite-cemented monzonite breccia located 1km south of the Corvette–Kingswood inferred resource. High-grade gold prospects Barina and Gemini, which returned stand-out intercepts in past drilling, are again in focus.
A trial 9km induced polarisation survey will run across Corvette–Kingswood and Calais, using a high-energy configuration designed to map disseminated sulphides at depth, a key signature of porphyry systems.
Momentum is also building across Magmatic’s broader portfolio, with a $141,000 grant from the NSW Government’s Critical Minerals and High-Tech Metals Exploration Program supporting upcoming drilling at the Black Ridge copper target, where 2024 work outlined a 6km copper trend and rock chips up to 7.4 per cent copper.
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