Miramar (ASX:M2R) goes long and short at Gidji
February 2, 2023Miramar Resources plan to realise a close-the-surface gold opportunity while targeting what it believes could be a significantly deeper bedrock resource at the Company’s 80%-owned Gidji JV Project in Western Australia’s Eastern Goldfields.
Last year the Company began understanding the potential of its substantial projects within its extensive portfolio, starting from Gidji bedrock testing for gold and nickel.
Miramar’s Executive Chairman Allan Kelly said aircore, reverse circulation and diamond drilling since 2020 has led to an initial shallow gold exploration target of 1.3 to 3.1 million tonnes.
He said at a grade of 1.2 to 1.5g/t Au for the Marylebone target, it could conceivably contain 55,000 to 155,000 ounces of gold similar to the historic Panglo gold deposit.
Gidji Project showing Exploration Target about drilling
“Our primary aim at Gidji is to discover one or more large bedrock gold deposits, similar to the large Paddington deposit, immediately north of our project,” Mr Kelly said.
“After our first aircore drilling campaigns at Gidji, we recognised that there could also be significant shallow supergene and/or alluvial gold mineralisation which could potentially be developed in the short term, given the proximity to the Goldfields Highway and various gold processing operations.
“The amount of shallow supergene and/or alluvial gold discovered to date, along with multiple other targets, also implies a significant bedrock source nearby which is yet to be discovered.
Price Action
Miramar Resources (ASX:M2R) shares are 8.4c before today’s Market Open.
Mineral Resource Estimate
Work is ongoing to estimate a JORC-compliant Mineral Resource, including further RC drilling, fire assay analysis, and conducting systematic specific gravity measurements across several holes, plus exploration of bedrock gold mineralisation at the Marylebone target also continues.
Fundamental Data
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