Miramar Resources Ltd (ASX:M2R) has chalked out plans for a busy first quarter that has set the stage for growth, building over the progress made since its listing on the ASX in October.
During the upcoming quarter, the company plans to complete a drilling program, gravity survey and review historical data plan to boost its growth prospects.
Upcoming activities planned for the quarter ending 30 March 2021 include:
- Completing a follow-up drill program at the Gidji JV Project;
- Completing gravity survey at the Lang Well Project;
- Prospecting and geochemical sampling at the Garden Gully Project; and
- Review historical data for E52/3893 and plan initial programs.
December developments
During the quarter, the company’s primary focus was on completing the IPO and ASX listing and then preparing for the first exploration programs in the Eastern Goldfields.
Miramar started trading on the ASX in October 2020, following the company’s heavily oversubscribed IPO to raise a total of $8 million at an issue price of $0.20 per share.
Eastern Goldfields Project
The company has three projects -- Gidji JV, Glandore and Randalls -- in the Eastern Goldfields with the potential for new gold discoveries within proximity to existing mining and/or processing operations.
Gidji JV Project consists of three granted tenements and 14 applications covering a strike length of approximately 12 kilometres.
During the Quarter, the company received program of work (POW) approval from the DMIRS and completed the first aircore drilling campaign, totalling 96 hole and assays were outstanding at the end of the Quarter.
The company has planned two diamond holes at Gidji, adjacent to the southern tenement boundary and directly along strike from the Runway deposit.
It aims to complete the Gidji drill holes in the March quarter, pending rig availability.
According to historic Kalgoorlie Consolidated Gold Mines Pty Ltd reports, the Runway deposit includes a higher-grade oxide component above the deeper primary mineralisation.
Most historic drilling within Miramar’s tenements has been too shallow to intersect this oxide mineralisation, which starts at around 55 metres below the surface.
Eastern Goldfields Projects showing proximity to existing gold operations.
The Glandore Project
The Glandore Project is within the Eastern Goldfields, approximately 40 kilometres east of Kalgoorlie, Western Australia and covers approximately 42 square kilometres and consists of 10 Prospecting Licences and one Exploration Licence, all of which are granted.
During the quarter, the company received POW approval from the DMIRS and applied for Section 18 Approval to conduct work on the Project.
The Company renewed several of the Prospecting Licences for a further four years.
Randalls Project
The Randalls project is in the east of Silver Lake Resources Limited’s Maxwell’s and Cockeyed Bob gold mines, approximately 70 kilometres east of Kalgoorlie.
The project consists of a single Exploration Licence Application and covers the same folded Banded Iron Formation (BIF) and sediments that host the gold mineralisation currently being mined by Silver Lake.
During the quarter, the project vendor, Debnal Pty Ltd, finalised an access agreement with Silver Lake Resources which will allow for the grant of the Exploration Licence.
Soil sampling followed by aircore drilling has proven to be an effective exploration technique in this area and will be used to define targets for drill testing once the tenement is granted.
Randalls Project showing proximity to Silver Lake Resources gold operations.
Lang Well
The Lang Well project consists of a single granted Exploration Licence covering a large, complexly folded remnant greenstone belt located between the Deflector and Golden Grove gold operations.
The company is planning a gravity survey, which will be used to assist in outlining the areas of greenstones, followed by reconnaissance aircore drilling of the existing auger anomalies.
During the quarter, the company received POW approval from the DMIRS for the proposed drilling.
Lakeside
The Lakeside Project covers a concealed greenstone belt east of Cue and consists of a single Exploration Licence Application.
Surface geochemical sampling followed by reconnaissance aircore drill traverses are planned for this project, once granted.
Miramar also has three under-explored gold projects in the Murchison region within proximity of existing mining and/or processing operations.
Garden Gully
The Garden Gully project consists of one granted tenement and two tenement applications covering the western half of the Abbotts Greenstone Belt, west of Meekatharra.
The company plans to conduct systematic geochemical sampling programmes over targets identified from historical drilling and geophysical data with the aim of defining targets for further drill testing.
The company had around $7.0 million in cash following completion of the IPO, and payment of related costs, and cash on hand as of December 31, 2020 of $6.5 million.
Bangemall
The Bangemall projects is in the Gascoyne region of Western Australia and covers a series of major crustal-scale structures at the contact between the Yilgarn and Pilbara cratons.
Once the licences are granted, the initial plan is to conduct reconnaissance soil and rock chip sampling, followed by more detailed soil and ground EM surveys over areas of interest.
Subsequent to the end of the Quarter, the company applied for three additional Exploration Licences and one of these, E52/3893, was granted.