Introduction to Miramar Resources Limited
Miramar Resources Limited (ASX:M2R) has made a significant announcement regarding the first RC drill hole at the 8 Mile target. The company is pleased to report that this drill hole has intersected high-grade gold and ended in mineralisation, providing promising results for the project.
Location and Background of the 8 Mile Target
The 8 Mile target is situated within the Gidji JV Project, approximately 15 kilometres north of Kalgoorlie. This location is surrounded by multiple gold mining and processing operations, including Northern Star Resources Limited’s Kalgoorlie gold operations. The 8 Mile Target is located immediately adjacent to Northern Star Resources Limited’s "8-Mile Dam" gold deposit, which is estimated to contain around 7Mt @ 1.4g/t Au for 313,977 ounces.
Drill Hole Results and Implications
A limited number of fast-tracked results from the first RC hole, GJRC029, show a wide zone of gold mineralisation with a similar tenor to 8 Mile Dam. The results indicate 18m @ 0.94g/t Au from 480m, including 1m @ 6.04g/t Au, approximately 75m north of the tenement boundary. The hole ended in mineralisation, with 3m @ 0.52g/t Au. These results suggest that gold mineralisation continues onto Miramar’s ground for a significant distance.
Reaction from Miramar’s Executive Chairman
Miramar’s Executive Chairman, Mr Allan Kelly, expressed excitement about the discovery of significant gold mineralisation on the company’s side of the fence. He noted that the drill hole’s deviation from the planned target actually extended the strike of gold mineralisation for over 100m onto the company’s tenements. Mr Kelly also highlighted the demonstrated relationship between the IP anomalism and gold mineralisation, making other IP anomalies at Gidji more prospective.
Drill Hole Details and Future Plans
GJRC029 aimed to test an Induced Polarisation (IP) anomaly on the tenement boundary, interpreted to represent the sulphide-rich gold mineralisation seen at the neighbouring 8 Mile Dam Deposit. Although the hole deviated significantly from the planned azimuth, it intersected a thick section of the steep westerly-dipping and highly altered 8 Mile mafic unit with widespread sulphide mineralisation. The company is awaiting assay results from the remainder of the hole, expected in 2-3 weeks. Once all assays are received, the company will plan further RC and/or diamond drill holes to test the dip and strike extent of the mineralisation intersected in GJRC029.
Conclusion
The discovery of high-grade gold and the extension of gold mineralisation onto Miramar’s ground are significant developments for the company. With the initial RC drilling programme nearing completion and further results expected, Miramar Resources Limited is poised for potential growth and exploration success. The company’s plans for further drilling and exploration will be crucial in determining the full extent of the mineralisation and its potential for future mining operations. As the company moves forward, it will be essential to monitor its progress and the implications of these findings for the mining industry and investors.
