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Miramar Resources Limited (ASX:M2R, “Miramar” or “the Company”) is pleased to provide an update on activities at the Company’s’ exploration projects in the Ashburton and Gascoyne regions of Western Australia.
- Heritage approval received for Whaleshark EIS co-funded diamond drilling
- Drilling contractor appointed – diamond drilling to commence at end of month
- New tenement granted at Dooley Downs - Bangemall Ni-Cu-PGE Project
Whaleshark IOCG Project
Miramar acquired the Whaleshark Project in 2020, as part of the Company’s IPO, and is exploring for Iron- Oxide Copper-Gold (IOCG) mineralisation beneath younger sediments of the Northern Carnarvon Basin.
Since the Whaleshark tenement was granted in early 2021, Miramar has defined high-priority bedrock IOCG drill targets within the Whaleshark granite (Figures 1 and 2) comprising a combination of:
- Mobile Metal Ion (MMI) surface geochemical anomalism
- A gravity anomaly in the “neck” of the granite crosscut by a NW-trending structure
- Strongly elevated copper, cobalt, gold and silver results in “interface” aircore drilling
- REE anomalism consistent with published data from the Prominent Hill IOCG deposit
As previously advised, the Company has been successful in securing up to $180,000 through the Western Australian government’s Exploration Incentive Scheme (EIS) co-funded drilling programme for the initial diamond drilling programme.
Miramar recently completed a heritage survey over the proposed drill hole locations and has now received the final report from that survey allowing for commencement of drilling.
The Company has recently signed an agreement with a drilling contractor, will complete site preparation within the next 2 weeks and aims to commence drilling at Whaleshark at the end of the month.
Miramar’s Executive Chairman, Mr Allan Kelly, said the Company believed that Whaleshark had the potential to host a significant IOCG deposit, like Ernest Henry, Carrapateena or Prominent Hill.
“Since commencing work at Whaleshark in mid-2021, we have defined a robust IOCG target which has been further validated by the recent successful EIS application,” Mr Kelly said.
“IOCG deposits can be very large, and potentially very valuable, meaning exploration success at Whaleshark would have a very significant positive impact on our Company’ valuation,” he added.
“We are therefore very excited to commence diamond drilling at Whaleshark in the near future,” Mr Kelly said.
Figure 1. Whaleshark magnetic image showing proposed diamond drill holes (“DD…”) in relation to gravity shells and MMI anomalies (pink polygons).
Figure 2. North-south cross section (looking west) showing proposed diamond drill holes in relation to gravity inversion shells (yellow shapes) and MMI soil anomalism.
Bangemall Projects
Miramar is pleased to advise that E09/2647, part of the Dooley Downs Project, has recently been granted.
The newly granted Exploration Licence covers the contact between the older Edmund Basin and younger Collier Basin (Figure 3) and has potential for:
- Ni-Cu-PGE mineralisation associated with Proterozoic dolerite sills.
- Sediment hosted copper mineralisation within the Edmund Basin evident by elevated results in historic rock chip and soil samples
The Company will now compile all previous exploration data before planning the first fieldwork.
Sampling planned for the Mt Vernon Ni-Cu-PGE Project will be completed after the diamond drilling at Whaleshark.
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