Miramar (ASX:M2R) samples high-grade multi-metal ground in the Gascoyne
July 18, 2024Miramar Resources has returned high-grade copper, lead, and silver samples and enjoyed a hefty share price bump after its first field visit to its Chain Pool part-project, a venture among its large and wholly owned collection of assets in the Western Australian Gascoyne region.
Sampling over the project’s Joy Helen prospect returned assays to the tune of up to 5.49 per cent copper, 54.5% lead and 73.48 grams per tonne silver, with two samples both exceeding 5.4% copper and 36% lead.
The Chain Pool, Mount Vernon, and Trouble Bore subprojects comprise Miramar’s greater Bangemall nickel-copper-cobalt-platinum group elements-focused assets in a Gascoyne area undergoing a new wave of exploration.
Salt is currently the main resource mined in the area, with its location between two major mining regions in the form of the Pilbara and Mid West has been flagged among considerable opportunities for regional towns to act as supply hubs.
The Gascoyne has been noted for oil and gas, uranium, mineral sands, lithium, and rare earth potential, with the latter two a current focus for some of Western Australia’s most successful explorers.
Miramar Resources Executive Chairman Allan Kelly said the company’s regional projects had potential for various commodities and commodity types but had been left underexplored.
“For example, there has not been any modern and/or systematic exploration or drilling at the Joy Helen prospect despite the presence of high-grade base metal mineralisation,” he said.
“We look forward to getting this tenement granted and uncovering the potential of the project.”
Once the licence covering the Joy Helen prospect is granted, Miramar will undertake systematic rock chip sampling and grid soil surveys to determine the potential strike extent of mineralisation under cover.
The Perth-based explorer is also preparing for drilling this quarter over both Mount Vernon and Trouble Bore projects, where it has outlined multiple large and shallow Ni-Cu-Co-PGE targets for a maiden campaign.
Miramar’s share price had more than doubled by mid-morning Perth time off the back of the initial result.
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