Miramar Resources Ltd (ASX:M2R) has demonstrated its confidence in the Gidji Joint Venture (JV) Project’s potential for more gold mineralsation with a large conceptual exploration target of 1.3 to 3.1 million tonnes, at a cut-off grade of 1.2 to 1.5 g/t gold for the Marylebone area.
This initial exploration target – which was generated from aircore, reverse circulation (RC) and diamond drilling data – is restricted to the shallow supergene and alluvial gold mineralisation observed at Marylebone.
Miramar estimates that Marylebone could hold 55,000 to 155,000 ounces of gold, appearing similar in nature to the historical Panglo gold deposit, which held a maiden supergene gold resource of about 117,000 ounces in 1987.
Bedrock source yet to be discovered
Miramar Resources executive chair Allan Kelly said the initial exploration target underscored the ‘significant’ gold endowment potential of the Gidji JV Project.
“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,” he 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.”
Miramar chose not to include other target areas like Blackfriars and Highway, despite the large footprints observed there, as there was not enough drilling data available.
From here, the company will focus on further drilling programs to convert the initial exploration target into a JORC-compliant mineral resource estimate, including more RC drilling, fire assay analysis, and systematic gravity measurements across several holes.