Miramar Resources (ASX:M2R) outlines maiden Gidji JV gold resource
Miramar Resources has announced a Maiden Inferred Gold Resource at its 80% owned Gidji JV Gold Project, located 15 kilometres north of Kalgoorlie.
The Resource totals 1,042,688t at 1.20g/t Au for 39,764 ounces and is based on shallow drilling across multiple targets including Marylebone, Powerline, Blackfriars and Highway.
Highlights
Maiden Inferred Gold Resource of 1,042,688t at 1.20g/t Au for 39,764 ounces, reported above a 0.2g/t Au cut off and on a 100% basis.
Resource areas occur as a series of flat lying blankets at depths between 40m and 50m below surface.
Miramar plans infill and/or extensional drilling, a Mining Lease application and discussions with potential development partners.
The Gidji JV Project is located approximately 15 kilometres north of Kalgoorlie Boulder in the Eastern Goldfields Province of WA.
The project contains approximately 15 kilometres of strike of the Boorara Shear Zone, which hosts several gold deposits along strike in either direction.
The Maiden Inferred Gold Resource includes supergene, oxide, transitional and fresh material, with the oxide component totalling 410,375t at 1.22g/t Au for 16,088 ounces and the transitional component totalling 431,719t at 1.22g/t Au for 16,917 ounces.
The resource has been optimised within pit shells at various gold prices and lies within a larger block model calculated above a 0.2g/t Au cut off.
The Resource is classified entirely as Inferred, based on approximately 100m by 50m drill spacing within the pit shell used for classification.
The Highway prospect is the largest and most contiguous of the Resources outlined to date, totalling over 10,000 ounces.
It is characterised by a porphyritic diorite intruding into the Black Flag Beds west of the Goldfields Highway.
Recent RC drilling noted the presence of sulphides including pyrite, arsenopyrite and/or pyrrhotite in several holes along with widespread alteration.
Miramar Chief Executive Officer Marion Bush said the Maiden Resource at Gidji was a step towards progressing the Gidji gold project towards potential development.
“We’re thrilled to announce these Maiden Inferred Gold Resources which are a key step towards progressing Gidji from an exploration project into a development opportunity.”
The company has identified potential to grow the initial Resource through converting existing Block Model ounces to Resources through infill drilling, testing for bedrock mineralisation under the open pits, evaluating supergene mineralisation outside the paleochannel and testing untested bedrock targets including the Lake and Claypan targets.
The Blackfriars prospect is located east of the Goldfields Highway and shallow gold mineralisation has been intersected in aircore drilling over approximately 1.2km of strike.
The Marylebone prospect contains shallow high grade gold intersections over 1.2 kilometres of strike, with the 3 optimised open pits containing shallow gold mineralisation totalling over 10,000 ounces to date.
Miramar’s next steps for the Gidji JV Project include infill and/or extensional drilling at several targets including Highway, Blackfriars and Lake, an application for a Mining Lease and discussions with potential development partners.