Fortescue and Magmatic Resources have agreed to a $3.5 million exploration budget for their Myall joint venture project in the 2025–26 financial year.
This will be focused on an aircore and diamond drill program, with drill planning already underway.
Under the farm-in joint venture agreement for the New South Wales project, Fortescue has a minimum obligation to fulfil in return for up to a 51 per cent stake. It must spend $3 million on exploration activities, including 3000m of drilling, within the first two years of the agreement. The major miner must also spend a further $3 million within the following two years.
Magmatic will continue to conduct its exploration activities as directed by the joint venture exploration committee.
The project has received results from an initial 12-hole drill program, for 2998m metres. While there were no significant results from the last three holes, there was some indications of mineralisation at the project’s Calais target.
The two drills in that area saw grades of 10.8m at 0.39 per cent copper and 0.07 grams per tonne gold.
Magmatic managing director David Richardson said the agreed 12-month budget highlighted Fortescue’s commitment to the project.
“The maiden drilling program with Fortescue identified a potential new discovery at Calais and tested multiple other regional targets,” he said.
“Fortescue and our exploration team are excited to fast-track exploration and are looking forward to commencing follow-up drilling as quickly as possible at Calais, as well across the greater project area.”
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