Magmatic Resources disclosed positive results from its recent quarter activities centred on exploration and evaluation at the Myall Project.

The completion of an eight-hole drilling program, covering 1,956m across six key targets, revealed copper mineralisation in all holes and expanded the mineralisation target zone.

The company discovered significant copper-molybdenum mineralisation in a newly tested area west of the Corvette deposit.

The company concluded the December 2023 quarter with $842,000 in cash and is poised for a follow-up drilling program.