Miramar Resources (ASX:M2R) reports significant increase to Gidji JV Gold Exploration Target

Miramar Resources has announced a significant increase to the Gidji JV Gold Exploration Target within its 80%-owned Gidji JV Gold Project, located 15 kilometres north of Kalgoorlie.

The updated Exploration Target is based on drilling across the Marylebone, Powerline, Blackfriars, Highway and Railway targets following recent drilling and assay data.

Highlights

• Gidji JV Gold Exploration Target increased to 6,187,520t to 7,562,525t at 124,871oz to 325,125oz of contained gold.
• Updated Exploration Target is based on drilling across the Marylebone, Powerline, Blackfriars, Highway and Railway targets.
• Exploration Target prepared using actual drilling data and reported in accordance with the 2012 edition of the JORC Code.
• Planned activities include JORC compliant Mineral Resource estimation, a Mining Lease application and early discussions with potential development partners.
• Company identified potential for additional primary bedrock mineralisation and supergene mineralisation outside the paleochannel.

The updated Exploration Target follows the initial Exploration Target released in February 2023, which was outlined for shallow gold at the Marylebone target only.

Recent aircore drilling at Gidji outlined additional supergene and or paleochannel gold mineralisation at the Powerline, Blackfriars and Highway prospects, resulting in a significant increase to the total Gidji JV Exploration Target.

The updated estimate was prepared using a subset of the Miramar drilling database comprising 939 aircore holes for 53,362m, 26 RC holes for 4,007m and 1 diamond hole for 190.75m, together with limited historical drilling data from previous tenement holders.

The estimate does not include the 8 Mile or the northern targets, including Boorara North, Lake and Claypan, because those targets have had limited or no recent drilling.

The company states that the Exploration Target has been prepared and reported in accordance with the 2012 edition of the JORC Code.

Although the Exploration Target is based on actual drilling data, the potential quantity and grade remain conceptual in nature and there has been insufficient exploration drilling to estimate a Mineral Resource.

The announcement also states that it is uncertain whether further exploration drilling will result in the estimation of a JORC compliant Mineral Resource.

The announcement identifies potential for additional gold mineralisation in 2 forms, beginning with primary bedrock mineralisation.

The company states there has been limited deeper drilling across the project to date, with an average hole depth, including RC and diamond drilling, of less than 60m.

It also states that, given the bedrock structures and the extensive aircore end of hole pathfinder anomalism, it remains of the belief that the shallow supergene gold mineralisation has come from 1 or more bedrock sources nearby.

The second is supergene mineralisation outside the paleochannel, where areas remain untested but coincide with significant pathfinder anomalism.

Miramar Managing Director Marion Bush commented on the updated Exploration Target.

“This update has been estimated using actual drilling and assay data and has more than doubled the gold Exploration Target at Gidji, with further potential identified in areas with little or no deep drilling to date. This gives us reason to believe there is potential for a significant maiden mineral resource estimate and we’re currently working with resource geologists who are reviewing our drilling data.”

The Gidji JV Project is located approximately 15 kilometres north of Kalgoorlie Boulder and contains approximately 15 kilometres of strike of the Boorara Shear Zone, which hosts several gold deposits along strike in either direction.

The company states that the project has been underexplored due to extensive shallow transported cover and the Gidji Paleochannel, which crosscuts the most prospective basement geology.

Since commencing exploration in late 2020, Miramar has made multiple new supergene gold discoveries with systematic aircore drilling and has defined multiple bedrock targets for deeper drilling.

The company has engaged a resource geologist to examine the drilling data with a view to estimating 1 or more JORC compliant Mineral Resources and advising on infill drilling if necessary.

Miramar is also in the early stages of discussions with potential development partners and is preparing a Mineralisation Report for use in applying for a Mining Lease over the main mineralised areas under the Gidji Paleochannel using the drilling data gathered to date.

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