Magmatic Resources (ASX:MAG) said that diamond drilling results from the Myall farm-in and joint venture project with Fortescue (ASX:FMG) in New South Wales showed potential for a major copper-gold porphyry deposit, according to a Tuesday Australian bourse filing.
Drilling at the Calais target ended in mineralization, returning an intersection of 10.8 meters at 0.39% grade of copper and 0.07 grams per tonne grade of gold at the end of the hole.
Magmatic's managing director David Richardson said this showed the potential of the project to contain a major copper-gold porphyry deposit.
Drilling results also extended the mineralization of the Corvette-Kingswood resource, including an intercept of 12 meters at 0.58% grade of copper and 0.04 g/t grade of gold from 289 meters.
Its shares rose 4% on market close on Tuesday.
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