Miramar Resources Ltd (ASX:M2R) has delivered some of the best gold results received to date from its aircore drilling campaign at Marylebone and Blackfriars prospects within the Gidji joint venture in the Eastern Goldfields of Western Australia.
The company has intersected multiple high-grade gold hits at Gidji with significant results including:
- 2 metres at 5.28g/t gold;
- 1 metre at 8.55g/t;
- 1 metre at 11.00g/t; and
- 12 metres at 0.30g/t gold, including 1 metre at 1.21g/t.
Looking ahead, aircore drilling is underway at the Blackfriars and Highway targets, while UAV magnetic survey is being undertaken over Boorara North and the southern portion of the project.
The market has welcomed the news with shares trading as high as $0.20 intraday, up 11% from previous close.
“Unique greenfields gold discovery”
Miramar executive chairman Allan Kelly said: “Gidji is in a fantastic location, with the right geology and structures, and a growing supergene gold footprint that indicates the potential for a significant bedrock gold source nearby.
“Each aircore program we have completed at Gidji since listing has improved on the previous results and provided a better understanding of the project, and this program is no exception, with multiple new high-grade gold results from Marylebone and our new Blackfriars target.
“The Gidji Project provides Miramar with a unique greenfields gold discovery opportunity right on the doorstep of the richest patch of ground on earth, and we, therefore, look forward to continuing to uncover the huge potential opportunity at Gidji with systematic and methodical exploration.”
Aircore drilling underway
Miramar has begun an aircore drilling program that will infill the Blackfriars target to a drill spacing of 200 metres by 50 metres and test the Highway target for the first time.
The Blackfriars target is located at the contact between the Black Flag Beds and a porphyritic basalt unit, in a similar geological setting to the Aphrodite and Lily Albany deposits further north along strike.
UAV magnetic survey
Miramar recently commissioned a detailed UAV magnetic survey over the Boorara North target and is currently in the process of obtaining heritage approvals to allow for first pass aircore drill testing of this highly prospective gold and/or nickel target.
In addition, the company also commissioned a new detailed UAV magnetic survey over the southern portion of the project where the pervasive blanket of transported material makes ground magnetic survey data susceptible to near-surface features.
The new magnetic data, collected on 25-metre spaced lines and with a sensor height of 25 metres, has provided a substantially improved data set compared with both the regional magnetic data and the ground magnetic survey data.
Soil sampling is currently underway over at the Jog target.