Miramar confident of potential for a ‘large new gold discovery’ at Gidji JV
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Explorer Miramar Resources reckons the latest high-grade gold results from its Marylebone target increase the potential for a large new discovery at the Gidji JV Project in WA.
The results from the phase 3 aircore drilling program include:
The company says the results confirm the potential for gold mineralisation similar to the 4-million-ounce Paddington deposit and/or the 125,000-ounce Panglo deposit along the Boorara Shear Zone.
Notably, drill holes GJAC306 and GJAC315, which both intersected +6g/t Au, are about 300m apart along the ‘Paddington contact’.
And the +3g/t gold intersections in GJAC318 and GJAC325 are 200m apart and appear equivalent to the position of the Panglo deposit.
Potential for a large new gold discovery
Miramar Resources (ASX:M2R) executive chairman Allan Kelly said the new results continued to reinforce the significance of the Marylebone target and the potential for a large new gold discovery close to Kalgoorlie.
“The new results include the most significant gold numbers received from Gidji to date and have also helped us identify the structures with the closest similarities to the Paddington and Panglo gold deposits along strike to the northwest,” he said.
“Our aircore drilling is still relatively wide spaced, given the stripped weathering profile present beneath the transported material, and the average hole depth to date at Marylebone is only about 60m, whereas the primary mineralisation at Paddington reportedly starts at about 70m, just below the supergene enriched gold zone.”
The footprint of the Marylebone target now extends for over 1.9km and remains open to the northwest on the recently granted Gidji JV tenements.
“We are very excited about the opportunity for a new discovery at Marylebone and also look forward to testing the newly granted tenements along strike to the northwest, where the same geology seen at Marylebone continues for at least another 1.4km, but is virtually undrilled,” Kelly said.
The company is waiting on assay results from several phase 4 aircore holes testing the western and northwestern boundaries of the Marylebone target.
Planning is also underway for further infill and deeper drilling at Marylebone and along strike to the northwest.
This article was developed in collaboration with Miramar Resources Limited, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.