Myall JV Targets Calais Copper-Gold Discovery
A fresh chapter is unfolding in New South Wales’ mineral exploration narrative as Magmatic Resources, backed by Fortescue Metals Group (FMG) through a joint venture, continues to expand its footprint at the Myall project. The recent drilling campaign has unveiled promising signs of a porphyry-hosted copper-gold system, centred around the emerging Calais copper-gold discovery.
This effort marks a strategic milestone in the Magmatic–FMG partnership, combining the junior explorer’s regional knowledge with Fortescue’s scale and funding. Drilling results from the program’s latest phase have delivered thick intercepts of copper mineralisation and gold-bearing zones, advancing the site’s potential from concept to emerging prospect.
Diamond Drilling Delivers Encouraging Intercepts
Recent diamond drilling results from the Calais prospect indicate multiple mineralised zones, with copper and gold values present over significant intervals. These findings support the interpretation of a well-developed porphyry system, consistent with early geophysical and geochemical models.
In one standout hole, Magmatic reported broad intercepts containing both copper and gold, with associated sulphide mineralisation and alteration patterns indicative of a maturing mineralised system.
“These results reinforce our confidence in the Calais discovery’s scale and continuity,” said Magmatic Resources managing director Adam McKinnon. “The porphyry and epithermal elements we’re seeing suggest the system remains open in multiple directions.”
Core samples from Calais prospect showing sulphide-rich zones indicative of porphyry-style mineralisation.
Source: Magmatic Resources ASX Updates
Calais Copper-Gold Discovery: A Growing Focus
The Calais copper-gold discovery has quickly become the centrepiece of the Myall exploration effort, building on historical drilling and now delivering higher-confidence results. What makes the Calais zone compelling is the presence of both copper-rich core zones and gold-bearing epithermal overprints, increasing the economic potential of any future resource.
The joint venture agreement between Magmatic and Fortescue allows FMG to earn up to 75% of the project by funding exploration. With the latest round of drilling, the partnership has signalled its intent to aggressively delineate and expand the Calais system in upcoming quarters.
Drill rig operating at Calais prospect under Fortescue–Magmatic JV, targeting deeper copper-gold zones. Source: Discovery Alert
NSW’s Copper-Gold Prospectivity Back in Spotlight
The success at Calais comes at a time when global demand for copper and gold remains strong, with copper’s role in electrification and infrastructure driving renewed exploration focus. The Myall project, located within NSW’s East Lachlan Fold Belt, is in proximity to several major porphyry deposits, placing it within one of Australia’s most prolific mineral provinces.
Geological similarities to nearby tier-one systems, such as Cadia-Ridgeway, are encouraging. The presence of potassic alteration, quartz veining, and bornite-chalcopyrite assemblages all support the ongoing thesis that Calais could evolve into a large-scale copper-gold system.
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Fortescue’s Expanding Exploration Footprint
While FMG is best known for its iron ore dominance in Western Australia, its increasing investment in copper and gold through joint ventures like this one with Magmatic Resources reflects a broader diversification strategy.
The Myall partnership is part of Fortescue’s exploration expansion beyond the Pilbara, targeting critical minerals and new-energy metals in regions traditionally dominated by gold and copper juniors.
“We’re aligning our growth with future-facing commodities,” a Fortescue spokesperson noted during a recent investor call. “Projects like Myall fit well into that vision.”
Geologists logging core at the Myall project, assessing mineralisation continuity within the Calais discovery zone.
Source: Research Gate
Conclusion: Calais Discovery Gains Momentum
The Calais copper-gold discovery represents a potential game-changer for both Magmatic Resources and Fortescue. With multiple promising intercepts, a growing geological model, and a strategic joint venture structure in place, the Myall project is quickly transitioning from early-stage curiosity to a focal point of New South Wales’ exploration landscape.
As further drilling gets underway, all eyes will remain on Calais—where the next round of assays may well define the project’s future.
