High-Grade Copper, Lead and Silver Results from New Gascoyne Project

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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