Miramar Resources Ltd’s (ASX:M2R) diamond drilling at 8-Mile target at the 80-% owned Gidji JV Project in the Eastern Goldfields of Western Australia has intersected visible gold while also extending the Runway porphyry deposit.
Holes GJDD001 and GJDD002 both intersected an intrusive unit which is interpreted to represent an extension of the unit that hosts the 314,000-ounce Runway deposit immediately south of the Gidji project boundary.
Both holes also intersected numerous quartz/sulphide veins in the hanging wall sandstone unit with several specks of visible gold observed in hole GJDD002 at 124.7 metres downhole.
Core from the first two holes has been logged and submitted for analysis with a third diamond hole underway.
“Very excited about potential"
Miramar executive chairman Allan Kelly said the first two holes intersected the same geological sequence seen at Runway, to the south.
He said: “Importantly, both holes intersected the Runway porphyry at a shallower depth to that seen to the south, lending weight to the idea of a southerly plunge.
“The fact that we are seeing visible gold and widespread alteration and sulphide mineralisation in our first two diamond holes has us very excited about the potential of this target.”
Phase 2 drilling 50% complete
The company’s phase 2 aircore program is now more than 50% complete.
Results have already been received for infill holes drilled at the 8-Mile target with the most significant result of 4 metres at 1.1 g/t gold in GJAC097 from 52-56 metres.
This hole is above the hanging wall sandstone which contains the high-grade veins observed in the diamond holes.
Plan view of 8-Mile target showing location of new diamond holes.
New Piccadilly target upgraded
As part of the phase 1 and 2 aircore drilling, the company routinely collects a bottom of hole sample from each hole for analysis of gold by fire assay and a multi-element suite.
Results from the EOH samples for phase 1 have recently been received and have upgraded the newly named ‘Piccadilly’ target - located halfway between 8-Mile and Marylebone.
Hole GJAC058 previously returned an initial result of 2 metres at 0.78 g/t gold at the end of hole from the first pass aqua regia digest method and analysis of the 1-metre EOH sample returned a result of 4.5 g/t gold.
Likewise, hole GJAC059 initially returned a result of 1-metre at 0.13 g/t gold at the end of hole from the first pass analysis, whereas analysis of the 1-metre EOH sample returned a result of 0.83 g/t gold.
Examination of historical geophysical data potentially suggests the presence of another intrusive unit, like that seen at Runway/8-Mile.
Looking forwards
The Piccadilly target has a strike length of around 850 metres and remains open along strike, and the company is currently infilling the first phase aircore drilling over this target.
Kelly said it was an exciting time for the company.
He said: “We look forward to completing these two drill programs and reporting results from both the diamond and aircore drilling across the various targets.
“We still have about 50% of the project tenements yet to be granted, and these areas hold additional highly prospective targets.”