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Miramar Resources Limited (ASX:M2R, “Miramar” or “the Company”) is pleased to advise that diamond drilling at the Company’s 100%-owned Whaleshark Project, in the Ashburton region of WA, has confirmed the presence of bedrock copper sulphide mineralisation within the Project for the first time.
- Initial EIS co-funded diamond drilling campaign completed
- Bedrock copper mineralisation (chalcopyrite) intersected in two holes
- Core being processed for analysis – further drilling planned
Diamond drilling
The Company recently completed an initial diamond drilling programme which consisted of three holes totalling 1,050m. The programme is co-funded under the WA government Exploration Incentive Scheme.
The first diamond drilling campaign targeted a discrete gravity anomaly within the Whaleshark granite which is crosscut by a NW-trending structure and located beneath coincident MMI soil anomalism and strongly anomalous “interface” aircore results up to 435ppm Cu, 889ppm Co and 7.7g/t Ag (Figure 1).
WSDD001 targeted the southern part of the gravity anomaly, whilst WSDD002 and WSDD003 targeted the 4 km long NW-trending structure itself (Figure 1).
WSDD001 and WSDD002 intersected medium to coarse-grained biotite-rich granodiorite, with varying chlorite and/or epidote alteration, and fine-grained disseminated sulphides, predominantly pyrite.
WSDD003 intersected chlorite-altered and silicified diorite, also with coarse grained biotite, fine-grained disseminated pyrite and occasional coarse-grained magnetite.
Chalcopyrite was observed in two of the three holes with the most significant copper mineralisation observed within a steeply dipping shear zone in WSDD002 at 231.6m downhole (Figure 2).
Rafts of brown iron oxide-rich material were also observed within the shear zone (Figure 3) indicating that the copper sulphides and iron-rich rafts had been dragged into the NW-trending structure from elsewhere.
Miramar’s Executive Chairman, Mr Allan Kelly, said the Company was greatly encouraged by the results of the first diamond drilling programme.
“We have now confirmed the presence of bedrock copper sulphide mineralisation at Whaleshark for the first time indicating the MMI and aircore anomalies have a bedrock source,” Mr Kelly said.
“This is the most significant evidence of the potential for IOCG mineralisation at Whaleshark since the project was first highlighted by WMC Resources in the mid 1990’s” he added.
“Given the strong relationship between copper mineralisation and iron oxides in this style of deposit, our next step will be to drill test the other MMI, gravity and aircore anomalies associated with the Banded Iron Formation at each end of the NW-trending structure” Mr Kelly said.
Core from the three holes was logged on site in Onslow and has been shipped to Kalgoorlie for cutting, sampling and analysis. Results for these holes will be released once received and processed.
The next steps at Whaleshark include:
- Further diamond drilling along the NW-trending fault
- Completion of interface aircore drilling over all MMI anomalies identified to date
- Investigation of suitable geophysical methods to help target further drilling
Figure 1. Whaleshark Project showing diamond drilling in relation to MMI and aircore results.
Figure 2. Chalcopyrite “seam” in shear zone within biotite granodiorite (WSDD002 – 231.6m).
Figure 3. Iron oxide “raft” within shear zone (WSDD002 – 231.6m)
Table 1. Diamond drilling summary
Table 2. Summary Geological Log for Whaleshark diamond drilling
Cautionary statement: Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analyses where concentrations or grades are the factor of principal economic interest. Visual estimates also potentially provide no information regarding impurities or deleterious physical properties relevant to valuations.
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This article includes content from Miramar Resources Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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Miramar Resources
Overview
With the explosive growth of the electric vehicle market and the global push for sustainability, demand for battery metals is skyrocketing. This has created significant upside potential for exploration, particularly where copper and nickel are concerned.
Miramar Resources (ASX:M2R) intends to leverage that potential to the fullest. Led by an experienced board with a proven track record of successful exploration, discovery, development and production, the company has acquired multiple projects with the potential to host world-class mineral deposits. These discovery opportunities lie in Western Australia's Eastern Goldfields and Gascoyne regions, including the Capricorn Orogen, a rapidly emerging yet largely underexplored mineral province.
Proterozoic orogens are well-established as hosting major mineral deposits. Capricorn is no exception. It's highly prospective for multiple commodities and deposit types.
Recognizing this opportunity, Miramar has acquired two large and highly prospective landholdings within the Capricorn Orogen: the Whaleshark copper-gold project and the Bangemall nickel-copper-PGE projects. In addition to these, Miramar maintains two gold projects in the Eastern Goldfields, one of which — Gidji JV — has the potential to become a new gold camp in the region.
Miramar's strategy is simple — to create shareholder value through the discovery of world-class mineral deposits. It's well-positioned to do exactly that, with active exploration programs, a tight share register and low enterprise value.
Company Highlights
- Australian exploration company Miramar Resources is well-positioned to take advantage of the battery metals opportunity.
- The current focus on battery metals creates significant upside opportunities for exploration, particularly on copper and nickel.
- Led by an experienced board with a track record of successful discovery, development and production, Miramar has acquired multiple projects with the potential to host world-class deposits, including:
- Large, shallow copper-gold targets at Whaleshark
- Multiple nickel-copper-PGE targets at Bangemall
- Multiple strategic Eastern Goldfields projects, including one with the potential to become a new gold camp
- Miramar is an active explorer with regular news flow, a tight share register and low enterprise value.
Key Assets
Whaleshark (Ashburton)
Located roughly 40 kilometres east of Onslow in the Ashburton region of Western Australia, Whaleshark. It was acquired by Miramar as part of its initial public offering in 2020.
Miramar secured $180,000 under the Exploration Incentive Scheme (EIS) funding program from the Western Australia Government to fund diamond drilling and project development at Whaleshark. Assay results from the diamond drilling confirmed the presence of bedrock copper sulphide mineralisation at Whaleshark and the company also identified the potential for very large magnetite iron deposits near existing infrastructure.
Project Highlights:
- Prospectivity: Whaleshark displays all the necessary characteristics for the presence of a large copper-gold deposit, including:
- Proterozoic granite with nearby iron-rich rocks
- Overlapping magnetic anomalism and gravity
- Strong anomalous “interface” geochemistry
- Sodic and potassic alteration
- High-priority Drilling: Miramar has identified multiple high-priority bedrock drill targets which comprise overlapping:
- Mobile metal iron (MMI) surface geochemical anomalism over roughly 1.2 square kilometers
- Gravity anomalism crosscut by a northwest-trending structure
- Strongly elevated copper, cobalt, gold and silver results gathered from “interface” aircore drilling
- Advantageous Geology: Whaleshark’s geology is similar to the large Ernest Henry IOCG deposit in Queensland, including the scale, suite and magnitude of elements. However, Whaleshark also displays shallower cover compared to Ernest Henry.
- Bedrock copper sulphide confirmed: Results from the completed diamond drill program confirmed the presence of bedrock copper sulphide mineralisation within the project. Multi-element assays subsequently also confirmed the presence of anomalous copper, gold, silver, molybdenum and tungsten throughout the Whaleshark granodiorite.
- Large Magnetite Iron Opportunities: The drill program, coupled with analysis and comparisons to historical data and magnetic anomalies also indicate potential for a large shallow magnetite iron deposit at Whaleshark in close proximity to significant infrastructure.
Bangemall/Mount Vernon (Gascoyne)
Miramar has several granted and pending exploration licences in its district-scale Bangemall project which are prospective for Proterozoic magmatic Ni-Cu-PGE mineralisation associated with 1070Ma Kulkatharra Dolerite sills which are the same age as the Giles Complex, host to the large Nebo and Babel Ni-Cu deposits in the West Musgraves of WA.
Both the Geological Survey of Western Australia and Geoscience Australia have identified the area as being highly prospective for numerous types of mineral deposits.
Since 2020, Miramar has built a strategic land position in the Bangemall region, focusing on areas containing key ingredients and/or regional-scale indicators for Norilsk-style Ni-Cu-PGE mineralisation:
- Kulkatharra Dolerite sills – source of Ni, Cu +/- PGE’s
- Proximity to major crustal-scale faults (+/- cross faults) - potential plumbing systems +/- traps
- Sulphidic sediments - potential sulphur source
- Regional-scale geochemical anomalism (GSWA regional geochemistry)
- Regional-scale EM anomalism (2013 Capricorn AEM Survey)
The company’s Mount Vernon project is a high priority. In early 2022, Miramar flew a detailed magnetic and electromagnetic survey over the Mount Vernon project, identifying multiple late-time anomalies potentially related to nickel-copper-PGE sulphide mineralisation. A ground EM is underway and RC drilling is planned for Mount Vernon targets.
Project Highlights:
- Mount Vernon potential: Miramar's VTEM survey at Mount Vernon confirms historic exploration at the project, which identified:
- Nickel, copper and platinum group elements soil anomalies
- Significant nickel-copper in rock chips
- Drilling intersected elevated nickel-copper-PGEs in dolerite
- 50 rock chip samples taken, with several containing course-grained pyrite in fine grained chill margin and coarser grained gabbro in the centre of the sill
- Current Work: Geophysical contractors have commenced a fixed loop electromagnetic survey to refine targets for future drill testing
- Expansion of Bangemall Project: In early 2024, Miramar announced the grant of the Trouble Bore Exploration Licence, adjacent to Mount Vernon, where historic EM surveys had identified a strong late-time EM anomaly that could be representative of buried Ni-Cu-PGE mineralisation.
Gidji JV Project (Eastern Goldfields)
Located roughly 15 kilometres north of Kalgoorlie, Gidji is a highly prospective yet underexplored gold project with potential nickel mineralisation. Miramar has been actively exploring the project since October 2020, resulting in the identification of several new targets and outlining large aircore gold anomalies at Marylebone, Blackfriars and Highway/Piccadilly, each of which could host a significant gold discovery. The Marylebone target is the highest priority target as it has the same geology, structural setting and scale as the 4-Moz Paddington gold deposit which is also located in the ‘Boorara Shear Zone’ to the north and where Miramar discovered high-grade gold in a quartz vein. At the Marylebone target alone, Miramar has outlined a large shallow gold “exploration target” of 1.4 to 3.2 million tons (Mt) @ 1.2 to 1.5 grams per ton (g/t) gold. The company believes Gidji has the potential to become a new gold camp.
Highlights:
- Multiple High-potential Gold Targets: Potential mineralisation at Marylebone ranges from 1.4 to 3.2 Mt @ 1.2 to 1.5 g/t gold. Other gold anomaly targets include Blackfriars, Highway-Piccadilly and Railway. Miramar is currently refining bedrock targets for further deep drilling.
- Potential Nickel Sulphide Mineralisation: Through re-analysis of multiple aircore holes, Miramar has produced significant platinum and palladium assays commonly associated with high nickel and copper results.
Glandore (Eastern Goldfields)
Situated 40 kilometres east of the Kalgoorlie Gold Field, Miramar's 100-percent-owned Glandore project displays the potential for significant high-grade gold mineralisation. Previous exploration of the project area identified a large aircore gold footprint along with significant gold anomalism. Diamond drilling in 2005 returned results that included 4 metres @ 44.3 g/t gold.
In 2022, Miramar completed a diamond drilling program at the high-grade “Glandore East’ target, at the edge of the salt lake, with results returning high-grade gold mineralisation and visible gold. Multiple parallel mineralised structures have been outlined beneath a very large aircore gold footprint and bedrock gold mineralisation is present over 600 metres of strike and open. A UAV magnetic survey identified multiple northeast-trending structures. More surveys are planned to further refine and assist in targeting.
Management Team
Allan Kelly - Executive Chair
Allan Kelly is a geologist and manager with over 30 years’ experience in mineral exploration, development and production throughout Australia and the Americas. Kelly graduated in 1994 with a Bachelor of Science (with honors) in applied geology from Curtin University. He has been involved in targeting early-stage exploration of gold, nickel and copper deposits in Australia, Alaska and Canada, and has previously held senior exploration positions at Western Mining Corporation and Avoca Resources.
In 2009, he founded Doray Minerals, which was listed on the ASX in early 2010. Under Kelly's management, Doray discovered the high-grade Wilber Lode gold deposit within the Andy Well Project in the Murchison Region of Western Australia, which moved from discovery to production within three and a half years. He subsequently funded, constructed and commissioned the Deflector gold-copper project within 14 months of completing the takeover of Mutiny Gold in 2014.
In 2014, Kelly was awarded the Association of Mining and Exploration Companies (AMEC) ‘Prospector Award’, along with Doray’s co-founder Heath Hellewell, for the discovery of the Wilber Lode and Andy Well gold deposits. He is a fellow and former councilor of the Association of Applied Geochemistry (AAG), a member of the Australian Institute of Geoscientists (AIG), and a member of the Institute of Brewing and Distilling (IBD).
Marion Bush - Technical Director
Marion Bush is a geologist with over 25 years’ experience in senior management, directorship, commercial management, analyst and marketing roles within the UK, Australia, Africa and South America. She was the former CEO of TSX-V listed Cassidy Gold and a former mining analyst.
Bush holds a Bachelor of Science (geology) from Curtin University, a Master of Science (mineral project appraisal) from the University of London (Imperial College) and is a member of the AIG.
Terry Gadenne - Non-executive Director
Terry Gadenne has over 30 years’ experience in military and civilian aviation, agriculture and mining management. He was the chief pilot of Mackay Helicopters and managing director of Mining Logic, located in Queensland. Throughout his career, Gadenne has had various board positions in not-for-profit organisations.
He holds a Bachelor of Aviation Studies (management) from the University of Western Sydney, completed the Company Directors Course with AICD and was a former army and navy pilot.
Mindy Ku - Company Secretary
Mindy Ku has over 15 years' international experience in financial analysis, financial reporting, management accounting, compliance reporting, board reporting, company secretarial services and office management across multiple jurisdictions (Australia, Malaysia, UK, Sweden and Norway) including ASX-listed public and private companies.
Ku holds a Bachelor of Science in computing from the University of Greenwich, United Kingdom, is a member of Certified Practising Accountant Australia and a fellow member of the Governance Institute of Australia.
Unconformity Uranium Drill Targets Identified from 2024 Geophysical Data
Key Highlights
- Final data received and interpretation completed for the ground electromagnetic geophysical surveys from the winter 2024 program at the Marshall and North Millennium projects.
- Several conductive anomalies identified at Marshall, located above and below the unconformity, consistent with regional exploration model.
- Stacked anomalies concurrently with multigenerational geophysical data provides a base to assess the exploration targets and refine drillhole targets.
- The projects are located 15 kilometres from the majority Cameco owned Millennium deposit, and just 40km from the world class McArthur River mine.
- Basin remains funded for the next round of field exploration.
The ground electromagnetic successfully identified 3 main targets which confirms the geological and exploration model. Of note is Target 1 (Figure 1), where modelled EM plates below the unconformity align with a sandstone ZTEM anomaly, which is interpreted to be alteration within sandstone. The identification of these targets is encouraging and consistent with regional trends in the southeastern Athabasca and provides increased confidence in drill hole targeting. Basin is currently reviewing options and priorities of how to progress exploration of these confirmed targets.
Basin’s Managing Director, Pete Moorhouse, commented:
“Conducting ground geophysical surveys on Marshall and North Millennium was a milestone in advancing these underexplored projects in Basin’s uranium portfolio. The form of these anomalies is highly encouraging given the proximity to some of the world’s largest uranium deposits.”
Key results
Following the encouraging conductive anomalism highlighted by the 2023 3D inversion of two historic airborne Electromagnetics (Z‐Tipper Axis) (“ZTEM”) datasets partially covering the current North Millennium and Marshall projects3,4, Basin contracted Discovery International Geophysics5 to carry out ground Stepwise Moving Loop Transient Electromagnetic (‘Ground EM’) surveys on areas of immediate interest within the Projects.
Figure 1 Three main anomalies shown from 2024 ground EM, in plan view (top diagrams) and cross- section looking northeast (bottom diagram). The ground EM anomalies are displayed with the modelled plates against the historical ZTEM data.
The 2024 Ground EM survey data returned six conductive anomaly picks producing three main target areas (Figure 1). The anomalies correlate strongly with the southern edge of the circular ZTEM conductive anomaly at Marshall and the interpreted northern edge of the circular anomaly identified in the historic data. A weaker EM pick was also interpreted centred between the two prominent ZTEM conductivity anomalies.
Three-dimensional modelling using Maxwell produced six electromagnetic conductive plates within the basement stratigraphy, all below the unconformity (Figure 1). The two southeastern plates are clearly aligning with a conductive sandstone ZTEM anomaly identified from the historic data, which is above the interpreted unconformity. This is interpreted as potential basal sandstone alteration proximal to the EM anomalies and constitutes a high-priority drill target area, refer figure 2.
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This article includes content from Basin Energy, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Airborne EM over Multiple Targets on Ti-Tree Project
- Augustus Minerals has contracted UTS Geophysics to conduct a VTEM Max survey over several Copper, Cu-Ni-PGE, Zn-Pb-Ag and Uranium targets along the money Intrusion and within proximity of the prospective 85k long Ti-Tree Shear.
- The surveys will cover:
- The Money Intrusion, prospective for Cu-Ni-PGE mineralisation.
- Copper Ridge and Nics Bore over anomalous Copper Drilling results
- The Coo Creek prospect where drilling by Augustus in 2023 identified strongly anomalous Zn-Pb-Ag mineralisation.
- The Munaballya Well North area which shows potential for economic Uranium mineralisation.
- The surveys will help to advance the untapped potential of the Ti-Tree project to host economic mineralisation of multiple commodities.
Andrew Ford, GM Exploration
“The VTEM survey will provide key targeting data over three highly prospective and different prospects with potential for multiple commodities. Whilst the high prospectivity for copper mineralisation has been well documented, the addition of uranium and Broken Hill base metal style mineralisation highlights the quality of the underexplored Ti-Tree project”.
VTEM
UTS Geophysics has been engaged to conduct a helicopter borne VTEM Max survey comprising 646-line km over three separate survey areas. The system is excellent for locating discrete conductive anomalies as well as mapping lateral and vertical variations in resistivity which helps map structure, alteration and rock type. The system also collects magnetic data through a caesium magnetometer. The transmitter/receiver loop is suspended on a cable approximately 40m below the helicopter (Figure 1).
Figure 1 VTEM Max helicopter deployed electromagnetic survey arrangement.
Figure 2 Prospects and VTEM Survey areas.
Money Intrusion
The Money Intrusion, which has proven potential to host Ni-Cu-Co-PGE (platinum group elements), is part of the regional Mundine Well Dolerite Suite, a regionally extensive dolerite (strike length >80km). This extensive mafic intrusion, which is comprised of a variety of lithologies, including gabbro in the core, olivine dolerite on the chilled lower contact or keel and fine-grained dolerite on the outer edges. Mapping, aeromagnetics and multi-spectral imagery show that the Money Intrusion within the Ti-Tree Project covers a strike length greater than 16km, reaching widths >600m in the north of E09/23241.
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This article includes content from Augustus Minerals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Latest Kameelburg Assays Up To 10.38% Nb2o5 and 9.89% TREO
Highlights
- A total of 74 highly prospective rock samples recently collected from various beforsite and mafic dykes
- Most notable assays reveal up to 10.38% Nb2O5 and 9.89% TREO
- Large scale geological mapping of Kameelberg carbonatite is nearing completion
- Track access clearance & preparation for underground water supplies underway for upcoming maiden diamond drilling programme
Results from recently collected seventy-four (74) samples were received and highlighted the REE rich nature of the carbonatite with TREO(+Y) assays ranging from 1.16 to 9.89%, refer to Figure 1 for samples locations and Table 1 for results.
Figure 1: Southern Carbonatite Margin Geological mapping area with rock chip samples
Niobium Results Along Mafic Dykes
In addition to sampling the carbonatite plug, a further four (4) samples were collected across the Nb dyke zone on the southwest flank of the carbonatite. Results for these samples ranged from 5.44% to 10.38% Nb2O5. This provides additional confidence to previous niobium findings (see announcements dated 28 February 2024 and 27 December 2023). Table 2 compiles the Nb results with Figure 2 depicting recent sample locations in relation to the previous Nb2O5 results.
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This article includes content from Aldoro Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Miramar Resources Investor Kit
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