Miramar Resources Ltd stakeholders have endorsed the company’s Gascoyne exploration vision, chipping in roughly A$600,000 via a placement to make its plans a reality.
Both new and existing shareholders joined in on the fundraise, which will see the precious and base metal stock issue up to 19.6 million new shares at A$0.05 a pop.
With the cash in hand, Miramar plans to kick things off with a diamond drilling program at the Whaleshark copper-gold property, with further work planned for the Dooley Downs rare earths and Mount Vernon nickel-copper-platinum group element (PGE) targets.
Gascoyne vision comes to life
Miramar executive chairman Allan Kelly said the fresh capital paved the way for exploration in the Gascoyne, including the first bedrock drill testing of a large iron oxide copper gold (IOCG) target at the Whaleshark Project near Onslow.
“Over the last two years, we have advanced the Whaleshark Project from an interesting magnetic anomaly to a highly prospective bedrock drill target with similarities to several large and valuable IOCG deposits elsewhere in Australia,” he said.
“This capital raising will allow us to drill test the Whaleshark IOCG target for the first time as well as allowing us to advance other projects in the Gascoyne prospective for nickel-copper-PGEs and rare earth elements (REEs).
“We thank those existing and new shareholders who participated in the placement and look forward to getting out and testing a number of key targets in the rapidly emerging Gascoyne region,” Kelly added.
All eyes on Whaleshark
Miramar is drawn to Whaleshark’s potential for a large, shallow IOCG discovery, similar to famous deposits like Ernest Henry, Starra, Carrapateena and Prominent Hill but with much shallower coverage.
The explorer kicked off exploration in the region in mid-2021, identifying anomalous copper, cobalt, gold, silver and other pathfinders during shallow aircore drilling.
Detailed gravity surveys have also pinpointed a discrete gravity anomaly — the scale and magnitude of which is comparable to several large IOCG deposits in South Australia and Queensland.
Whaleshark’s key targets compared the Ernest Henry IOCG deposit.
With clearance for a diamond drilling program already in hand, all Miramar is waiting on is heritage clearance to get the campaign underway.
REE potential at Dooley Downs
Dooley Downs is one of several wholly-owned land positions that make up the larger Bangemall Project, originally acquired for nickel-copper-PGE potential.
However, since several REE-bearing carbonatite intrusions were discovered by neighbouring companies, Miramar has flown a detailed magnetic and radiometric survey over the Dooley Downs targets to determine REE prospectivity.
The survey highlighted several radiometric anomalies coincident that could represent unmapped and/or buried intrusions, and the most compelling of these is the Eden Bore target, where a large circular magnetic anomaly is coincident with a strong thorium and uranium radiometric anomaly.
Miramar plans to test this target with systematic soil and/or auger sampling, followed by deeper drilling.
Interpreted intrusion at Eden Bore.
New chapter for Mount Vernon
The Mount Vernon property has seen limited historical exploration work but work to date has identified anomalous nickel, copper and PGEs in soil sampling and drilling.
Miramar flew a detailed magnetic and electromagnetic (EM) survey over the target in early 2022, highlighting several late-time EM anomalies.
Previous drilling targeted copper, lead and zinc, meaning none of the EM anomalies related to dolerite sills have been specifically targeted.
With cash in hand, the company is planning a reconnaissance site visit and sampling program at Mount Vernon in the hopes of identifying nickel, copper and PGE sulphides.
Late-time EM anomalies at Mount Vernon.