Miramar Resources Ltd (ASX:M2R) is in a position to push ahead with extensive exploration activities at the Gidji Project, its 80%-owned joint venture in the Eastern Goldfields of WA, with full coffers following a $2.4 million capital raise.
The company has conducted a comprehensive project-wide targeting and ranking exercise which has highlighted several high priority targets for future drill testing.
Targeting exercise
This targeting exercise used a combination of regional and project-scale geological, geophysical and geochemical datasets to rank targets with respect to criteria recognised as being characteristic of large orogenic gold systems.
The rigorous set of criteria took in factors such as proximity to major faults, structural complexity, lithology, geological features such as intrusions and the presence of gold mineralisation, iron-rich rocks and other anomalies.
Components were weighted and recorded, and criteria scores were added together to give a total 'target score' out of 100, along with a 'maturity score' out of 100 to reflect the amount of information known about the target.
Combined, the two scores give a clear indication of the significant potential of the Gidji JV Project and identify several high ranking early-stage targets that require further testing.
“A new gold camp”
Miramar executive chairman Allan Kelly said the company was excited about the ability to accelerate work programs at Gidji without sacrificing the ability to continue exploring its other projects.
“Since listing, we have identified and tested several new high priority gold targets at Gidji,” Kelly said.
“The recent targeting exercise has identified a number of additional targets, any of which could host a significant new gold deposit, which reinforces the potential for Gidji to host a new gold camp.”
“At Gidji alone, we have plans for 25,000 metres of aircore, at least 5,000 metres of reverse circulation (RC) and a number of deeper diamond holes depending on the results of shallower drilling.”
Upcoming work programs
Planning is underway for a number of exploration programs at Gidji now that the war chest has received a boost.
RC drilling is underway at the high priority Marylebone East target where three consecutive aircore holes returned high-grade gold:
- 2 metres at 5.28 g/t gold from 52 metres;
- 1-metre at 8.55 g/t from 55 metres; and
- 1-metre at 11.00 g/t from 55 metres.
On the agenda at Gidji
Along with the current RC drilling program, upcoming work at Gidji includes:
- A heritage survey over the Boorara North target in advance of aircore drilling;
- The receipt of assays from Blackfriars and Highway aircore drilling with follow-up planned;
- An IP survey over the 8-Mile target to help refine future diamond drilling;
- Aircore testing of nickel sulphide targets at Marylebone and Boorara North; and
- The receipt of soil sampling results from 'The Jog' target with RC and/or diamond drilling planned.
Other projects actioned
The company is not neglecting its other projects, and work continues elsewhere as follows:
- Finalising plans for lake diamond drilling at Glandore East;
- Conducting gravity and heritage surveys at Whaleshark in preparation for aircore drilling;
- Planning geochemical sampling of the late-time EM anomalies identified at Mt Vernon; and
- Awaiting assay results from sampling of multiple outcropping pegmatites at Lang Well Project in the Murchison region of WA.
“We could have easily justified committing our entire remaining cash balance to exploring at Gidji but this would have had a significant negative impact on the ability to advance our other highly prospective projects, including Glandore and the Whaleshark IOCG targets,” Kelly said.