After one year of Corvette Kingswood target area and 14 deep diamond drilling, Magmatic Resources estimated its first resource quantity of Corvette copper mine in Lachlan Fold Belt, New South Wales, Australia.
As of now, only one borehole has been found in the adjacent Kingswood deposit, while the remaining 13 have been deployed to Kervet. The company calculated that its ore resources are 110 million tons, copper grade is 0.27%, gold 0.07g/t, silver 0.8g/t, that is, the copper Metallicity amount is 293000 tons, gold 237000 ounces, and silver 2.8 million ounces.
Molybdenum was also found through drilling, but it was not included in the resource due to the absence of beneficiation and smelting experiments.
Both deposits have the possibility of further expanding their scope, which has not yet been verified in various directions and depths.
Hope to discover the porphyry group
The company is collecting and analyzing the results of the 10000 meter drilling, hoping to discover high-grade ore bodies in the next step and expand the scope of near surface work.
Adam McKinnon, the manager of the company, said that through the analysis of the regional data set of the Myall project recently, a number of large-scale targets have been identified. Their geochemical and geophysical characteristics are similar to those of Kervit and other mines in the region. The project has a "great" potential for rapid growth, but at present, deep drilling is insufficient.
Porphyry copper mines account for 70% of global copper supply and typically occur as ore deposits, with ore quantities ranging from hundreds of millions to billions of tons and grades ranging from 0.24% to 0.75%, "he said.
Insufficient exploration
As of now, the company's exploration activities are limited to a small area of the Mayor project, which is located within the Naromine igneous complex, north of the small but stable Tomingley gold mine in Cadia and Northparks, as well as Alkane Resources.
In 2019, Alcani Resources announced the discovery of a large porphyry copper mine nearby, with a resource of 10.1 million ounces of gold equivalent. Subsequently, the Kaiser deposit was discovered in its northwest direction, with a gold equivalent of 4.7 million ounces.
In the past, Kelvit's exploration was mainly influenced by the cover layer after 100 meters.
Previously, air drilling had tracked the Kingswood deposit along a strike length of 2.5 kilometers, with a copper anomaly of 1000 ppm, similar to North Parks, which had an ore volume of 607 million tons, a copper grade of 0.55%, and a gold content of 0.21g/ton. The latter has already delineated 22 porphyry deposits.
The Kelvit Kingswood target area extends at least 1.2 kilometers and is over 600 meters wide.
Kelvit drilling once saw a mine of 722 meters, with a copper equivalent grade of 0.29%, reaching a maximum of 0.64%.