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Magmatic Resources Limited (ASX:MAG)

ALERT: Price-sensitive ASX Announcement for MAG
Current share price for MAG : $0.027 -0.027 (-50%)+
Announcement
Release
12 Jan 2026 8:25AM
Price at Release
$0.054
Full Release
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Summary
Magmatic Resources Limited announced the commencement of a diamond drilling program at its Myall FJVA Copper-Gold Project. The program aims to drill 14 holes up to a total of 5,000 meters, targeting Northparkes-style copper-gold porphyry deposits. This initiative is backed by a $3.5 million budget for the fiscal year 2025-26 and is part of a partnership with FMG Resources Pty Ltd, a subsidiary of Fortescue Ltd. Key targets for the drilling include sites at Calais, Interceptor, Barina, and Gemini. The program also includes an Induced Polarisation survey to delineate sulphides.
Key Points
  • Magmatic Resources has initiated a diamond drilling program at the Myall FJVA Copper-Gold Project.
  • The drilling program includes 14 diamond drillholes with a total drilling depth of 5,000 meters.
  • The project is funded with a $3.5 million budget for the 2025-26 financial year.
  • The exploration targets Northparkes-style copper-gold porphyry deposits.
  • Key drilling targets include Calais, Interceptor, Barina, and Gemini.
  • An Induced Polarisation survey was completed to test for sulphides.
  • Magmatic is collaborating with Fortescue’s subsidiary, FMG Resources Pty Ltd.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.