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.