The Conversation (0)
Miramar Resources (ASX:M2R) explores multiple projects with the potential to host world-class mineral deposits in Australia's Eastern Goldfields and Capricorn Orogen, a rapidly emerging yet largely underexplored mineral province.
The company's two large and highly prospective landholdings includes the Whaleshark Iron-Oxide-Copper-Gold (IOCG) project and the Bangemall Nickel-Copper-PGE projects. Miramar also 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 deposits. It's well-positioned to do exactly that, with active exploration programs, a tight share register and low enterprise value. The company is also quite well-funded, owing to a recent $2 million round of capital raising.
The Whaleshark Iron-Oxide-Copper-Gold (IOCG) project is located roughly 40 kilometers east of Onslow in the Ashburton region of Western Australia, Miramar secured $180,000 in Exploration Incentive Scheme (EIS) funding from the Western Australia Government to fund diamond drilling and project development at Whaleshark.
Company Highlights
- The current focus on battery metals creates significant upside opportunities for exploration, particularly on copper and nickel.
- Australian exploration company Miramar Resources is well-positioned to take advantage of the battery metals opportunity.
- Led by an experienced board with a track record of successful discovery, development and production, Miramar has acquired multiple potential world-class deposits, including:
- Large, shallow IOCG 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.
This Miramar Resources profile is part of a paid investor education campaign.*
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M2R:AU
Drilling Commenced at Viani in Fiji
HIGHLIGHTS
- The Phase 1, three-hole diamond drilling program has commenced at the Viani Project, Fiji and will test for extensions to the quartz vein gold mineralisation at depth.
- Phase 1 is expected to be completed in early 2025, with plans for additional drilling under the same program dependent on the initial results
- The Viani Project (SPL1513) covers an area of approximately 200km2 and is largely underexplored.
- At the Dakuniba prospect within Viani, low sulphidation epithermal high-grade gold mineralisation has been mapped over >3km strike length.
- Diamond drilling completed by Japan International Cooperation Agency (JICA) in 1995 to 1997 intersected high-grade gold in low sulphidation epithermal quartz veins, including 0.6m @ 27.6 g/t Au.
Alice Queen’s Managing Director, Andrew Buxton said,
With drilling underway, Alice Queen is positioned to test the epithermal gold-style mineralisation identified in historic drilling at the Viani Project. Weather permitting, we anticipate completing the Phase 1, three-hole diamond drilling program in early 2025. Following this, our exploration team will mobilise the drill rig to the Sabeto Project in Fiji to maintain the momentum of this campaign. To deliver timely results to shareholders, we intend to accelerate the analysis of the drill core at ALS Brisbane.”
Image 1 – Diamond drilling at Viani
Details
Geology
The geology of the Viani Project (SPL 1513) comprises olivine basalts and volcaniclastics of the Natewa Volcanic Group which are intruded by andesite sills and dykes. In the 1940s, gold mineralisation was found by local prospectors near the village of Dakuniba. At Dakuniba, low sulphidation style epithermal gold occurs in quartz veins, and silicified rocks along a 3km long NE trending zone.
In 1995-1997, Japan International Cooperation Agency (JICA) drilled six diamond holes at Dakuniba and intersected high-grade gold in chalcedonic, crustiform, colloform banded quartz veins at depths of 50m to 100m below surface (i.e. MJVFV-5 intersected 2.2m @ 11.3 g/t Au, incl 0.6m @ 27.6 g/t Au at 121m downhole). This high-grade gold mineralisation is open in all directions.
Proposed Drill program
The initial Phase 1 drill program at Viani (see Table 1) will comprise three diamond drillholes designed to test continuity to the epithermal gold mineralisation previously intersected in JICA drillhole MJVFV- 5 (2.2m @ 11.3 g/t Au) (see Figure 2). The drilling will test for extensions to the gold mineralisation at depth and along strike.
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