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Highlights:
- Magmatic has released partial assay result from the drilling program at Corvette Prospect.
- The assay results have confirmed the presence of copper, gold and molybdenum.
- Backed by this update, Magmatic shares closed 107.865% stronger on ASX on Tuesday (23 August).
Australian gold and copper explorer Magmatic Resources Limited (ASX:MAG) shares gained 107.865% to close at AU$0.185 per share on ASX on 23 August 2022.
Meanwhile, Magmatic’s share price, on ASX, has gained by 208.33% in last one month, gone up 42% in last one year and has risen more than 68% on YTD-basis as of 23 August 2022.
What pushed Magmatic’s share price on ASX today?
Magmatic has released assay results from its recent drilling program at the Corvette Prospect..
It is to be noted that the company is yet to complete the drilling program. It has received partial results for its drilling program at hole 22MYDD415 at a depth between 134.5 and 300 metres.
Magmatic’s assay results have demonstrated 0.37% copper at a depth of 151.5m, 0.8 grams per tonne of gold and 43 parts per million molybdenum. Apart from that, the assay results have also shown the presence of 0.81% copper at a depth of 13 metres and 0.19 g/t gold and 99 parts per million molybdenum.
The assay results released by the company demonstrated that almost the entire length of the drilling hole consists of elevated copper mineralization, with grades rising up to 2.88%. The mining firm has also discovered 0.67 g/t gold and 309 ppm molybdenum.
At present, Magmatic is focusing on drilling the same hole at a depth of 876m which is almost 400m more than the previous depth.
Meanwhile, the S&P/ASX 200 Materials sector (INDEXASX:XMJ) was spotted 1.474% higher at 16,606.6 points at 10:20 AM AEST today (24 August 2022). The index had closed 0.08% lower yesterday.
