Company
ASX:M2R
Miramar Resources Ltd (ASX:M2R) is a Western Australian-focused mineral exploration company actively exploring projects in the Eastern Goldfields, Murchison and Gascoyne regions and listed on the ASX in October 2020. Miramar’s Board has a track record of discovery, development and production within Australia, Africa and North America, and aims to create shareholder value through the discovery of high-quality mineral deposits.
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“We believe there is potential for multiple NNE-trending high-grade veins at Glandore East, as well as substantial supergene gold mineralisation," Miramar executive chairman Allan Kelly said.
“We believe there is potential for multiple north-northeast trending high-grade veins at Glandore East, as well as substantial supergene gold mineralisation,” said chair Allan Kelly.
Miramar executive chairman Allan Kelly said the identification of multiple new targets underscored the highly prospective but underexplored nature of the company’s strategic 2,000-square-kilometre Bangemall landholding.
The company is planning geochemical sampling to target the rare earth element (REE) potential and pending the results, also plans to undertake aircore drilling.
“We believe that systematic drill testing, down dip and along strike, has a good chance of outlining further bedrock gold mineralisation and we look forward to continuing the current diamond drilling program,” said executive chairman Allan
“We believe there is potential for multiple north northeast-trending high-grade veins at Glandore East, as well as substantial supergene mineralisation, and we are off to a good start with the first hole,” executive chair Allan Kelly said.
Drilling will test a very large area of coincident copper-uranium-REE anomalism uncovered from soil sampling last year and will take four weeks to complete.
“We believe that, with a bit of luck, Miramar could quickly outline a deposit at Glandore East capable of being developed with the existing and/or proposed gold processing infrastructure nearby,” executive chairman Allan Kelly said.
The fresh results point to a 1-kilometre gold target that remains open in all directions, giving Miramar a sizeable follow-up target.
Executive chairman Allan Kelly said results from the Highway target underscored the significant gold potential at Gidji.
Miramar recently received multiple, high-grade gold results from aircore drilling at its 80%-owned Gidji JV Project in WA.
The JMEI scheme allows greenfield mineral exploration companies to generate a tax incentive by giving up a portion of their tax losses from eligible greenfield mineral exploration expenditure for distribution to eligible shareholders.
Funds raised will be channelled into accelerated exploration at the Gidji Joint Venture Project and other prospects and used as working capital.
Several of the high-grade gold results come from Marylebone East, where the company recently announced that RC drilling intersected a highly altered and sulphidised dolerite.
Miramar has been actively exploring at Gidji since listing on the ASX and it believes there’s scope for a new gold camp with multiple deposits.
“Blue Bar [the new tenement] has the most significant historical nickel and copper assay results of any of the targets we have identified at Bangemall to date,” executive chair Allan Kelly said.
The company’s board has a track record of discovery, development and production within Australia, Africa, and North America, and aims to create shareholder value through the discovery of high-quality mineral deposits.
The entitlement offer is available to all Australian and New Zealand shareholders named on the register as at June 20.
“The new tenement application covers similar geology along strike from the historic high-grade diamond drilling results at Glandore East, so was an obvious piece of ground for us to pursue,” says MD.
“The recent capital raising gives us the comfort to continue systematically exploring both at Gidji and our other WA projects with the aim of creating significant value for our shareholders,” says executive chair Allan Kelly.
