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Miramar Resources Limited (ASX:M2R, “Miramar” or “the Company”) provides an update on exploration at the Company’s 100%-owned Whaleshark Project, in the Ashburton region of WA, where Miramar is exploring for Iron Oxide Copper Gold (IOCG) mineralisation beneath the Northern Carnarvon Basin.
- Bedrock copper sulphide mineralisation confirmed by XRF and assays
- Anomalous assay results up to 0.2% Cu and 0.11g/t Au
- Geochemical vectors towards potential IOCG mineralisation
- Further drilling planned following completion of heritage survey
Diamond drilling results
The Company has recently received assays from the initial 3-hole diamond drilling programme which was co-funded under the Western Australian government’s Exploration Incentive Scheme (EIS).
The initial drilling targeted a gravity anomaly within the Whaleshark granite crosscut by a 4 km long NW- trending structure.
The gravity anomaly sits beneath MMI soil anomalism and strongly anomalous “interface” aircore results up to 435ppm copper (Cu), 889ppm cobalt (Co), 16ppm molybdenum (Mo), 0.16g/t gold (Au) and 7.7g/t silver (Ag).
WSDD001 targeted the southern half of the gravity anomaly, whilst WSDD002 and WSDD003 targeted the NW-trending structure (Figure 1).
Drilling intersected biotite-rich granodiorite which did not explain the gravity anomaly. As such, the Company will model recently collected specific gravity data before retesting the gravity anomaly.
Fine-grained sulphides, including chalcopyrite, were observed throughout two of the three holes. The presence of chalcopyrite was confirmed with handheld XRF at the time of logging and returned spot readings up to 1.2% Cu from the thin shear observed in WSDD002 (Figure 2).
Multi-element assays subsequently confirmed the presence of copper and anomalous Au, Ag, Mo, Lanthanum (La), Cerium (Ce) and Tungsten (W) throughout the Whaleshark granodiorite including:
- WSDD001 – 1m @ 0.10g/t Au (119-120m) and 1m @ 31.4ppm Mo and 1022ppm W (433-434m)
- WSDD002 – 0.4m @ 0.2% Cu and 1.07ppm Ag (231.5 – 231.9m)
- WSDD003 – 1m @ 0.11g/t Au (134-135m)
Summary cross sections of each hole are attached.
Miramar’s Executive Chairman, Mr Allan Kelly, said the Company continued to be encouraged by the results from Whaleshark.
“Since commencing exploration at Whaleshark, we have narrowed the target down from a very large MMI surface geochemical anomaly, outlined aircore copper, gold and silver anomalism and intersected bedrock copper sulphide mineralisation in the first diamond drilling programme,” Mr Kelly said.
“Given the positive indicators seen at Whaleshark so far, including copper mineralisation and anomalous IOCG pathfinders within the Whaleshark granodiorite, we believe we are in the right area,” he added.
“Whaleshark is an exciting project with potential to discover Western Australia’s first IOCG deposit. We are looking for a large deposit here, and there is plenty of room to find one. Each phase of our exploration is helping bring us closer to that potential discovery,” Mr Kelly said.
Figure 1. Whaleshark Project 2VD magnetic image showing diamond holes in relation to MMI, aircore, and gravity anomalies and potential magnetite alteration.
Figure 2. XRF copper readings from WSDD002 showing “background” copper content for granodiorite (dashed red line). (Note: readings were routinely taken every meter, with additional targeted readings taken where sulphide mineralisation was observed.)
Geochemical Vectors
Examination of the multi-element XRF and assay data from this programme has highlighted geochemical vectors that could be useful for further exploration for IOCG mineralisation at Whaleshark.
Published data from the Prominent Hill and Carrapateena IOCG deposits in South Australia showed that monazite grains related to IOCG mineralisation have high La and Ce concentrations, and correspondingly low Y and Th concentrations, when compared to “background” samples.
This diagnostic high La and Ce geochemical signature has also been observed in analysis of cover sediments over the Prominent Hill deposit (Figure 3).
At Whaleshark, the aircore and diamond drilling results show similar distributions of La and Ce values from both XRF and multi-element analysis, with the highest La and Ce results in the diamond drilling coming from WSDD003 (Figure 4) suggesting a geochemical vector towards potential IOCG mineralisation in the northwest, where a large magnetic anomaly is seen.
The highest copper values observed in WSDD003 are associated with very coarse-grained magnetite confirmed by elevated magnetic susceptibility readings.
Combined, these two observations indicate that the large magnetic anomaly at the northwestern end of the structure could represent magnetite alteration associated with IOCG mineralisation.
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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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Maiden Drill Program Set to Commence at the High-Priority Cangallo Porphry Copper Project
- Maiden RC drill program to commence at Cangallo in mid-December
- Program will test a large-scale, undrilled porphyry copper target
- Assay results expected around the end of January 2025
- Permitting underway for drill programs across other high-priority, large-scale porphyry copper targets at Lantana and Playa Kali
Access and drill pad preparations have commenced with drilling scheduled to start around mid-December. The planned program, which comprises a minimum of eight drill-holes for a total of ~2,500m, will take 3 to 4 weeks to complete with assay results expected around the end of January 2025.
Figure 1: Cangallo Porphyry Copper Prospect showing copper and molybdenum values and permitted drill sites.
Geological mapping and rock-chip sampling has outlined a partially exposed potential copper (+/- gold) porphyry system, within a large-scale (3km x 2km) caldera-like structure containing extensive colluvial and younger sediment cover.
The initial drilling program will test areas containing relatively intense veining (quartz) and porphyritic dykes, where higher copper (up to 0.65% Cu) and gold (up to 0.3g/t Au) values have been found. The possibility of a buried porphyry copper system beneath the extensive cover within the interpreted caldera-like structure will also be tested.
Cangallo is located close to significant infrastructure and is approximately 25km from the town of Chala, and within 10km of the coast.
Commenting on the imminent commencement of drilling at Cangallo, AusQuest’s Managing Director, Graeme Drew, said:
“This is a very exciting time for the Company as we are about to commence the maiden drill program at this high-priority porphyry copper target in Peru which we have been working towards for over 12 months.
Cangallo has never been drilled before and demonstrates classic geochemical and alteration signatures which suggest there is significant potential to discover large-scale copper porphyry mineralisation.
Success at Cangallo has potential to create significant value for our shareholders and we look forward to keeping our shareholders updated as the results become available.”
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This article includes content from AusQuest 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.
