Magmatic Resources (ASX:MAG) has commenced a 14-hole, 5,000-metre diamond drilling program at its Myall farm-in and joint venture agreement Copper-Gold Project in New South Wales.
The drilling program is funded through a $3.5 million FY26 exploration budget under the FJVA with partner FMG Resources, a wholly owned subsidiary of Fortescue (ASX:FMG).
The program will test geochemical anomalies and magnetic features interpreted to be prospective for Northparkes-style copper-gold porphyry deposits.
Key targets include Calais, where previous drilling returned 10.8m at 0.39% Cu and 0.07 g/t Au; the newly identified Interceptor target, located ~1km south of Magmatic's inferred mineral resource estimate (110 Mt at 0.33% CuEq); Barina, with historic high-grade gold intersections of 0.5m at 204 g/t Au; and Gemini, which previously intersected 9m at 3.19 g/t Au. Additional conceptual targets include SLR, Sandman, and the Calais trend.
This diamond drilling represents the second phase of a broader exploration program, following a first-phase aircore program of 25 holes for 2,323m completed last month.
Results from the initial program are expected later this month, while the second-phase aircore program is scheduled to start later in the quarter.
Meanwhile, an induced polarisation survey completed in December 2025 tested the potential for mapping sulphide extents beneath conductive cover at Corvette-Kingswood.
Magmatic Resources' Managing Director, David Richardson, said, "We're very pleased to be commencing our diamond drilling program at the Myall FJVA Copper-Gold Project with our farm-in and joint venture partner, Fortescue."
At the time of reporting, Magmatic Resources' share price was $0.054.