Miramar (ASX:M2R) neighbouring success for Dooley Downs
January 17, 2023Miramar Resources plan to target similar successful REE-bearing geology to its successful neighbours at its 100%-owned Dooley Downs Project in the Gascoyne region of Western Australia.
Aeromagnetic and radiometric survey results indicate multiple anomalies over 35km of strike near the Capricorn Orogen, which hosts the Yangibana REE Project and recent REE discoveries, including by Dreadnought Resources Ltd and Lanthanein Resources.
The Company said the survey results highlight the significant multi-commodity potential of its strategic Bangemall Project tenements.
“When we targeted the Bangemall region in 2019, the area was poorly explored and only sporadically pegged,” Executive Chairman Allan Kelly said.
“Our initial target was nickel, copper and PGE mineralisation associated with Proterozoic dolerite dykes, but we were always alert to the potential for other styles of mineralisation, including gold and rare earths, and designed our exploration programmes to include discovery of these other deposit types.”
“The last 12 to 18 months have seen extensive tenement pegging and new REE discoveries by some of our neighbours. We have many of the same indicators at Dooley Downs and plan to develop these targets further over coming months.”
About the Survey
In late 2022, the Company commissioned a detailed airborne magnetic and radiometric survey across the Dooley Downs Exploration Licence, E09/2484, highlighting several magnetic and radiometric features resembling igneous intrusions within the Edmund Basin.
Miramar Resources Gascoyne Region Projects
Several ovoid magnetic features, ranging in size from 600m x 600m to 6km x 2km, have been identified in the central and southeastern parts of the Project (Figure 2).
The most significant magnetic anomalies had previously been mapped as an anticline within the sediments of the Edmund Basin. However, the new magnetic data, along with a sizeable radiometric anomaly (Figure 3), suggests the presence of a buried intrusion.
Several more minor radiometric anomalies are seen in the southeast of the Project and are located within and on the margin of the intrusions interpreted from the magnetic data.
A high-priority target has been identified where the strongest of the more minor radiometric anomalies is located over a circular magnetic low approximately 800m across.
The new “Eden Bore” target appears to have the “classic” carbonatite signature consisting of a central magnetic low, coincident with a Uranium and Thorium anomaly, surrounded by Potassium anomalism potentially related to finite peripherality alteration.
Price Action
The Company’s ASX-listed shares are 7.3c at in early morning trade.
Fundamental Data
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