InvestSMART

Magmatic Resources Limited (ASX:MAG)

ALERT: Price-sensitive ASX Announcement for MAG
Current share price for MAG : $0.018 -0.009 (-33.33%)+
Announcement
Release
27 Aug 2026 9:25AM
Price at Release
$0.027
Full Release
download
Summary
Magmatic Resources Limited announced final FY2026 exploration results from the Myall Farm-in and Joint Venture Agreement Copper-Gold Project in New South Wales, funded by Fortescue under an FY2026 program budget expanded from about $3.5 million to about $3.9 million. The program comprised 16 diamond drill holes for 6,240.4 metres and a March 2026 aircore campaign of 17 holes for 1,846 metres, targeting Northparkes-style copper-gold porphyry analogues and extensions around the Corvette-Kingswood Inferred Mineral Resource Estimate of 110Mt at 0.33% CuEq. The most material outcomes were at Calais, where hole FMD0522 returned 38 metres at 0.17% Cu and 0.04 g/t Au from 324 metres and displayed alteration considered consistent with Macquarie Arc porphyry systems, and at Stingray southwest of Kingswood, where FMD0528 returned 36.3 metres at 0.16% Cu and 0.03 g/t Au from 400 metres plus 39 metres at 0.13% Cu from 166 metres, supporting the interpretation that mineralisation continues south of the existing inferred resource. Aircore drilling at Interceptor also returned 3 metres at 0.15% Cu from 111 metres in FMAC026, confirming the effectiveness of low-cost cover-basement interface testing for geochemical and geophysical anomalies. Additional encouraging but lower-tenor or more distal-style results were reported from SLR, Gemini and Calais Trend, while Sandman returned no significant result, and the company said these outcomes will guide a focused FY2027 drilling and aircore follow-up program with Fortescue.
Key Points
  • FY2026 exploration at the Myall FJVA Copper-Gold Project has been completed with final assay results reported by Magmatic Resources.
  • The Myall Project is funded by Fortescue under a farm-in and joint venture arrangement signed in March 2024, under which Fortescue may earn up to 75% for $14 million expenditure.
  • The FY2026 work program budget was increased from about $3.5 million to about $3.9 million with an extra $400,000 for diamond drilling.
  • A total of 16 diamond drill holes for 6,240.4 metres were completed across Barina, Interceptor, Gemini, SLR, Calais, Calais Trend, Sandman and Stingray.
  • The March 2026 aircore program comprised 17 holes for 1,846 metres, bringing the total aircore program to 42 holes for 4,169 metres.
  • The program targeted new geophysical and geochemical anomalies analogous to Northparkes-style copper-gold porphyry systems and extensions near the Corvette-Kingswood inferred resource.
  • The Corvette and Kingswood deposits host a 2023 Inferred Mineral Resource Estimate of 110Mt at 0.33% CuEq containing 293 kt copper, 237 koz gold and 2.8 Moz silver.
  • The standout Calais result was 38 metres at 0.17% Cu and 0.04 g/t Au from 324 metres in FMD0522.
  • Magmatic said alteration in Calais hole FMD0522 is consistent with Macquarie Arc porphyry mineral systems and provides useful vectors for future drilling.
  • The standout Stingray result was 36.3 metres at 0.16% Cu and 0.03 g/t Au from 400 metres in FMD0528.
  • FMD0528 also returned 39 metres at 0.13% Cu from 166 metres at Stingray.
  • Magmatic interpreted the Stingray drilling southwest of Kingswood as evidence that mineralisation continues beyond the current inferred resource area.
  • The best March 2026 aircore result was at Interceptor with 3 metres at 0.15% Cu from 111 metres in FMAC026.
  • SLR hole FMD0519 returned 4 metres at 0.20% Cu and 1.55 g/t Au from 336 metres, with trace bornite and K-feldspar veining noted.
  • Gemini hole FMD0516 returned 10.9 metres at 0.13% Cu and 0.09 g/t Au from 391 metres to end of hole.
  • Calais Trend hole FMD0523 returned a polymetallic interval of 2 metres at 2.8 g/t Au, 0.2% Cu, 0.7% Pb and 1.0% Zn interpreted as distal to a porphyry centre.
  • Sandman hole FMD0526 intersected volcanic and intrusive rocks beneath cover but returned no significant result.
  • Magmatic plans focused FY2027 drilling and further aircore work to follow up geochemical vectors and priority porphyry targets with Fortescue.
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.