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Miramar Resources Limited (ASX:M2R, “Miramar” or “the Company”) is pleased to announce high-grade results from sampling completed during an initial reconnaissance field trip to the Company’s new “Chain Pool” Project, in the Gascoyne region of Western Australia.
- High-grade copper, lead and silver results from “Joy Helen” prospect
- Assay results up to 5.48% Cu, 54.5% Pb and 73.48g/t Ag
- Non-Renounceable Entitlement Offer closing 5:00pm (WST) Thursday, 18 July
Samples collected from around the “Joy Helen” prospect returned high-grade results including:
- 5.49% Cu, 42.0% Pb and 73.48g/t Ag (CP003)
- 5.43% Cu, 36.7% Pb, 36g/t Ag and 0.27% Zn (CP002)
Miramar’s Executive Chairman, Mr Allan Kelly, said the Company’s Gascoyne region projects had potential for various commodities and deposit types but have been under-explored previously.
“For example, there has not been any modern and/or systematic exploration or driling at the Joy Helen Prospect despite the presence of high-grade base metal mineralisation,” he said.
“We look forward to getting this tenement granted and uncovering the potential of the Project,” he added.
Figure 1. Sample CP003 (5.49% Cu, 42%Pb, 73.48g/t Ag) showing malachite (green), galena (shiny grey) and sphalerite (grey-brown).
Joy Helen
The “Joy Helen” Cu-Pb-Zn-Ag occurrence is located approximately 275km northeast of Carnarvon in the Gascoyne region of Western Australia, and contains historic workings and costeans over a strike length of approximately 400 metres.
Mineralisation is hosted in fine-grained dolomite of the Irregully Formation, towards the base of the Proterozoic Edmund Basin, and is interpreted to be sub-horizontal.
The mineralisation-style is interpreted to be “Mississippi Valley Type” with similarities to the Abra Pb-Zn- Ag deposit, which is also hosted in the Irregully Formation.
There is no outcrop and the geology and structure of the Joy Helen occurrence is therefore not well understood.
There has been no modern and/or systematic exploration of this prospect.
Historic drilling completed in the 1960’s intersected lead and copper mineralisation, including 1.5m @ 13.7% Pb and 1.6% Cu, however the locations of the drill holes are not recorded (WAMEX report a567).
In the 1990’s, CRA Exploration collected a limited number of rock chip samples around the workings and completed a regional stream sediment sampling programme further to the northeast, in the area now covered by the Barlee Range Nature Reserve.
In the period 2006-2009, Quadrio Resources Pty Ltd, a subsidiary of Dominion Mining Limited, conducted exploration for SEDEX gold and base metal mineralisation within their “Edmund Project” which covered the area now held as E08/3676 (WAMEX Reports a075044, a077849 and a081694).
Quadrio collected rock chip samples, including around the Joy Helen workings which returned significant copper, lead and silver results.
Miramar recently conducted a brief site visit to the Joy Helen prospect as part of a wider Gascoyne field trip and collected a limited number of samples from amongst the workings which contained varying amounts of malachite, azurite, galena, sphalerite, cerussite and possibly also barite.
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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.
Drilling to Commence at Evelyn
- Diamond rig mobilised to Evelyn, targeting high-grade copper mineralisation
- First drilling at Evelyn since 2022 when RC hole 22AER005B intersected 13m @ 4.46% Cu, 3.10% Zn, 1.61 g/t Au and 45 g/t Ag1
- Programme to test for down-plunge extensions and increased drill density
- Up to 1,700m of extensional and resource drilling planned
Anax’s Managing Director, Geoff Laing, commented“We continue to focus on project growth through the planned extension drilling at our high-grade Evelyn deposit in parallel to the Pilbara consolidation program. Our strategy remains to position Anax to become a significant copper producer and key player in consolidating base metal production in the Pilbara.”
Figure 1: Whim Creek Project location
In mid-2022, the Company drilled two RC holes at Evelyn. The initial hole was abandoned due to excessive deviation and despite also experiencing substantial deviation, the second hole, 22AER005B, intersected 13m @ 4.46% Cu, 3.10% Zn, 45 g/t Ag and 1.61 g/t Au from 204m (Figure 2).1
Figure 2: Massive sulphide mineralisation (dark samples) intersected within 22AER005B
The primary purpose of the programme will be to test for down-plunge extensions of high-grade copper below 22AER005B with a further two holes planned to increase drill density in the vicinity, which may allow for conversion from Inferred to Indicated Resources.
Diamond drilling will be used due to the excessive deviation experienced in the previous RC programme. The core holes will undergo geotechnical logging which will add to the existing geotechnical database and increase confidence in the geotechnical assessment. Mineralised intersections will also be retained for metallurgical variability testing.
Click here for the full ASX Release
This article includes content from Anax Metals 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.
Miramar Resources Investor Kit
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- Insights
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- Upcoming projects