Miramar Resources Ltd (ASX:M2R) has been granted another Eastern Goldfields exploration tenement, one which covers the highly prospective Randalls Project in Western Australia.
The mineral exploration company’s newly-granted asset sits adjacent to the 1.5-million-ounce Mt Belches gold operation, which is managed by fellow ASX-lister Silver Lake Resources Limited. (ASX:SLR)
Miramar bought the Randalls tenement back in October last year and was particularly drawn to its banded iron formation (BIF) extensions, which play host to other gold deposits in the region, and subsequent drill targets.
The company is currently exploring three projects in WA’s Eastern Goldfields: the Gidji Joint Venture, Glandore and Randalls.
Acquiring under-explored projects
Miramar executive chairman Allan Kelly said the company was excited to be able to kick off exploration on the third of its highly prospective Eastern Goldfields projects.
“Our strategy in the Eastern Goldfields was to acquire under-explored gold projects within close proximity to existing mining and/or processing facilities.
“Randalls definitely fits the bill, with a lack of any systematic exploration of a mineralised BIF along strike from multiple existing high-grade gold operations and with a haul road crossing the project.”
Drilling on the cards
With the Randalls tenement now granted, Miramar is firming up exploration plans.
A compilation of any and all historical and geochemical data is first on the list, while an early stage drilling program — involving aircore and/or reverse circulation drilling — will follow.
It’s hoped the drill rigs can turn the soil on a series of key targets at Randalls — a group that includes the obvious fold-hinge targets within the project’s BIF.
Exploring Randalls’ BIF
Miramar’s newly-granted tenement includes extensions to the BIF that hosts the high-grade Maxwell’s, Cockeyed Bob, Rumbles and Santa gold deposits — all of which are operated by Silver Lake Resources.
Several high-grade results have been returned from rock chip sampling of BIF at the Pryde and Logan prospects along strike, which have recently been acquired by Horizon Minerals Ltd (ASX:HRZ).
Despite the proximity to these deposits, the BIF has been relatively poorly explored within Miramar’s 100%-owned tenement, especially the fold hinges, which are generally considered prime targets for BIF-hosted gold mineralisation.
Historical exploration at Randalls involved a limited series of shallow rotary air blast (RAB) traverses, although these did not test the obvious fold hinge positions within the tenement’s northern half.
In addition, surface geochemical sampling is likely to have been ineffective across a significant portion of the because of a north-south trending drainage system.
It means there’s exploration upside at Randalls as Miramar embarks on the next chapter of its Eastern Goldfields development program.