Miramar Resources Ltd (ASX:M2R) has expanded its 100%-owned Glandore Project, in the Eastern Goldfields of WA through a new tenement application covering ground along strike from historic high-grade diamond drill results.
The company applied for a new Exploration Licence, E25/611, over a recently released Exploration Release Area and was “first in time” for the ground.
Acts quickly
Miramar’s executive chairman Allan Kelly said the company had recognised the opportunity and acted quickly to secure the ground.
“Our drilling to date has highlighted northeast trending gold mineralisation over about 2 kilometres of strike, similar to that seen at the nearby Majestic and Trojan gold deposits,” he said.
Along strike
The new application is immediately adjacent to Miramar’s existing Glandore Project tenements and is along strike to the northeast from the Glandore West and Glandore East targets, where high-grade mineralisation up to 4 metres at 44.3 g/t gold was intersected in historic diamond drilling.
“The new tenement application covers similar geology along strike from the historic high-grade diamond drilling results at Glandore East, so was an obvious piece of ground for us to pursue,” Kelly added.
Drilling planned
Miramar plans to complete a diamond drilling program at the Glandore East target and is waiting on the availability of a suitable drill rig.
Glandore is approximately 40 kilometres east of Kalgoorlie and Miramar purchased 100% of the project as part of its 2020 IPO.
The highest priority western part of the project is underlain by a layered mafic sill intruding into basalt and sedimentary rocks.
This dolerite sill comprises various varieties of dolerite and gabbro analogous to the Golden Mile Dolerite and has been intruded by a later granodiorite.
Historic work included a limited diamond drilling program on the east side of a small internal granite which intersected high-grade gold, including 4 metres at 44.3 g/t.
Upcoming General Meeting
Miramar will hold a General Meeting on Friday, June 10, for shareholders to vote on several items, including ratifying the recent placement and a rights issue.
Under the proposed rights issue, shareholders will be eligible to subscribe for listed options at the ratio of 1 option for every 2 shares held at the record date of June 20, 2022.
The new listed options will have a purchase price of 1 cent each, an exercise price of 25 cents and an expiry date two years after listing.
Miramar’s General Meeting will be held at 2pm (WST) at South Perth Bowling Club, 2 Mends Street, South Perth, WA, 6151.