Miramar Resources (ASX:M2R) reports high grade copper, lead and silver results from Chain Pool
Miramar Resources has reported further high grade results from rock chip sampling completed at the Joy Helen copper, lead and silver prospect during the recent auger drilling campaign.
The Joy Helen prospect is located within the Company's 100% owned Chain Pool Project in the Gascoyne region of Western Australia and contains high grade Cu Pb Ag mineralisation with similarities to Sedimentary Exhalative, or SEDEX, deposits in Queensland and the Northern Territory.
Highlights
Further high grade Cu Pb Ag results reported from rock chip sampling at Joy Helen.
Rock chip results of up to 6.72% Cu, 47.8% Pb and 47.7 ppm Ag.
MR0012 and MR0013 were collected almost 200 m east of the historic workings and close to an interpreted basin margin fault highlighted in the recent gravity survey and a copper in soil anomaly.
Further modelling of the detailed gravity data highlights multiple basin margin faults.
Results from the recent auger drilling programme are expected in mid July.
Planned work includes a passive seismic HVSR survey and the first dedicated bedrock drilling campaign at the Project.
During the recent auger drilling campaign, samples MR0012 and MR0013 were collected almost 200 m east of the historic workings and close to an interpreted basin margin fault highlighted in the recent gravity survey and a copper in soil anomaly.
MR0013 shows relict textures like the breccia ore observed at the main Joy Helen workings, including weathered iron carbonate nodules, and contains strongly anomalous Barium (Ba).
Miramar reported that Ba values in the halos around large SEDEX deposits such as Mount Isa and Abra are commonly in the 1,000s of ppm.
The Company said the high Ba values in the weathered samples indicate that MR0013 could represent a halo to additional SEDEX mineralisation away from the main Joy Helen workings.
The announcement also outlines further modelling of the detailed gravity data, which highlights multiple basin margin faults.
The strongest residual gravity anomalies at Joy Helen are associated with silicified dolomite at surface.
Miramar Managing Director Marion Bush said:
“These new rock chip results, along with the recent detailed gravity survey, indicate that the opportunity at Chain Pool could be significantly larger than indicated by the historic workings at Joy Helen.”
The Chain Pool Project is located approximately 275 km northeast of Carnarvon and consists of a single 100% owned Exploration Licence, E08/3676.
The Project straddles the boundary between a Durlacher Supersuite granite, which hosts the Yangibana and YIN REE deposits, and the Edmund Basin, which hosts the high grade Joy Helen Cu Pb Ag occurrence.
The Project has also been crosscut by later north south trending dolerite dykes of the 750 Ma Mundine Well Suite.
Miramar reported that a large magnetic and gravity anomaly appears to indicate a buried intrusion that could have been a source of heat and/or fluids for the mineralisation at Joy Helen.
The Company is waiting on the results from auger drilling recently completed at the Project and has been advised by the laboratory that results are expected in mid July.
Once all results have been received, Miramar will finalise plans for further work programmes, including a passive seismic HVSR survey to aid in mapping the basement topography and faulting, and the first dedicated bedrock drilling campaign at the Project.
The Company is also examining drilling data from the Gidji JV Gold Project with the aim of determining the potential for one or more shallow gold resources.
Pending the results of that study, Miramar plans to progress the Project towards potential development, including by applying for a Mining Lease.