A range of activity is underway across Australia’s resources sector this week, with new drilling campaigns, project development progress and strategic mine sequencing marking key milestones for copper, gold and base metals explorers.

Magmatic kicks off diamond drilling at Myall FJVA

Magmatic Resources Ltd has started a 5000m diamond drilling program at the Myall Farm-in joint venture agreement (FJVA) project in WA, targeting copper-gold porphyry mineralisation.

The 14-hole campaign, funded under the Fortescue Resources farm-in commitment, will first test Barina and Interceptor before moving to the Gemini and Calais target corridors.

Earlier induced polarisation (IP) surveys and aircore drilling have refined drill targets, with results from recent AC/RC work due later in January. Deeper diamond holes aim to vector into potential porphyry systems beneath known mineralised zones, with assays expected through the first half of 2026.

Magmatic managing director David Richardson said the program marked the start of a “very busy six months” across the company’s WA and NSW portfolio.

“We’re very pleased to be commencing our diamond drilling program at the Myall FJVA copper gold project with Farm-in and joint venture participant, and major shareholder, Fortescue,” Richardson said.

“We look forward to a very busy 6 months ahead, including receiving assay results later this month from our recently completed drilling programs in both WA and NSW.”

Coda to resume drilling at Elizabeth Creek copper-silver project

Coda Minerals Ltd has recommenced its major diamond drilling program at the flagship Elizabeth Creek copper-silver project in South Australia, following the year-end break.

The fully funded campaign comprises three drill rigs and ~6000–7000 m of core across key deposits including Emmie Bluff, MG14 and Windabout, with approximately 70 per cent of the program now complete. Core samples are being delivered for assay and geotechnical testing to inform ongoing studies and resource definition.

The renewed drilling supports the company’s pre-feasibility study (PFS), which is advancing rapidly with metallurgical variability work, updated mineral resource estimation and mine plan optimisation underway.

Earlier studies highlighted robust economics, with a pre-tax NPV of about $1.3 billion and a 39 per cent IRR, and current copper and silver prices materially higher than prior assumptions.

Coda Minerals chief executive officer Chris Stevens said the company was pleased to have drilling progressing well at Emmie Bluff as it completed the final holes of this program and transitioned into the next stage of value creation at Elizabeth Creek.

“With a substantial body of high-quality core and data now in hand, the focus is firmly on converting this work into updated technical and economic outcomes across the project,” Stevens said.

Auric advances Munda gold mining and toll processing

Auric Mining Ltd has commenced mining at its Munda gold project in WA, with first ore trucking to toll processing facilities on track to begin shortly.

As at 31 December 2025, approximately 67,000 tonnes of high-grade ore was stockpiled on the Munda ROM pad.

Auric has secured toll treatment arrangements with a third-party processing plant to ensure early ore processing while its own infrastructure is advanced. This strategy is designed to accelerate early production and deliver cash flow.

The company’s initial production schedule will see trucking and processing ramp up into early 2026, providing a platform for broader project development and eventual standalone plant commissioning.

“The restart of mining at Munda and the commencement of haulage marks an important step forward for Auric as we move into the next phase of our toll processing strategy,” Auric managing director Mark English said.

“With ore already stockpiled on the ROM and processing scheduled to begin later this month, we are now firmly focused on delivering our first cashflows for 2026. Given the current gold price, we expect the cash inflow to be substantial for a company of Auric’s size.”

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